Thursday, 15 September 2011

Student Debt

I’ve just read this shocking article on Student debt: which shows the debts that students are likely to have when they leave University. With a three year course and borrowing £9K each year, this could take that student 23 years to pay back the loan with interest to the tune of £36K. If it’s not paid back within 30 years the debt is written off.

Can we not offer students something better than this? Go to University and get a huge debt like this wrapped round your neck to kick start your adult life! Just the possibility that the debt will not be paid for 30 years is gruesome.

If some students can study for a degree part-time while holding down a full-time job, as many do, surely most (if not all) could finance their place at University while working part-time alongside their studies? Apart from preventing the build-up of a big debt at the start of their adult life, would this not provide a valuable lesson in financial management and responsibility? Perhaps that lesson would prove to be more valuable than anything they learn at University.

Or am I just being old fashioned?

We have students building their own Kleeneze business part-time around their studies just the same as we built our Kleeneze business part-time around a full-time job. If some can do it, I feel a lot more could; given the right guidance.

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