The Current Situation
At the moment in England Standard fees are £9000 for the tuition (With plans to increase) and on top of that you get a loan for accommodation and food, the poorer the back ground the more (So the poor borrow more). My self In total i borrow £15000 a year, so by the time i finish my minimum course of 4 years I will be £60000 in debt.
While studying I will be charged 4.6% interest over the space of 4 years. This will mean I leave with £70,000 debt...
Right so I know a lot of people at this point will be saying "Its the price of education" and as a conservative I agree higher education comes at a cost... However the issue is when my debt is this big, If I follow my profession route which is a engineering, a highly paid career, unless I devote a sum to which goes above and beyond the pay back schemes provided, I will never! Pay it back.
So what we have is a generation of graduates that will be in debt forever or at least untill the government writes it off, and a government lending out millions upon millions to students knowing they can't pay it back... So surely its better to not lend it in the first place, this will decrease the stress and stigma behind universities and help the poor go. Another side effect of this is that if the fees are so so high no one will try that extra bit harder to pay it off. A personal example of this is my parents have money put aside for me and my sister to pay off our loan, my sister is older and there for had a MANAGEABLE amount of debt to pay off so she did, but because the debt is the ocean why would we waste our bucket trying to dry it out?