Tuition fees will not be scrapped, Theresa May has confirmed at the launch of The Government’s major review of post-18 education and funding. The move which is supported by the Labour Party could, she said, push up taxes and limit the number of university places. Instead, the year-long review will look at charging variable tuition fees depending on the course and the future earning potential the degree brings to graduates.
Two-year degrees, more emphasis on working while studying and commuter courses where student live at home to cut costs, will also be considered. Students can of course already choose to live at home and study at a university or college close to where they live.
Almost all degrees now cost the maximum £9,250 per year in tuition fees which have been temporarily frozen with possible extension until 2019 when the review will be published. There was no mention of any cuts to fees or the interest rate paid after graduation which is based on the Retail Price Index (RPI) where your income is £21,000 or less, rising on a sliding scale up to RPI plus 3% where your income is £41,000 or more. There is talk of the threshold at which loans begin to be repaid being raised to £25,000 from £21,000 from April this year.