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University boss calls for higher student loans
News Article Published:
Monday, 08 October 2007 Category:
Student loans
The head of one of the UK's top universities has called for graduates to pay higher rates of interest on their student loans, the Telegraph reports.
Sir Richard Sykes, rector of Imperial College, London, has argued that increasing interest rates paid by graduates on student loans would deter them from studying "damn silly courses".
Any move to increase the interest rates on student loans could see graduates’ loan repayment plans stretching well into their 30s, but many see it as a necessary measure to ensure a slowdown in the numbers of those graduating with degrees in subjects considered by some as less important, such as golf management.
Sir Richard argued: "The system has to change. It will then make people think twice before they go off and do damn silly courses that are no good to them and won't get them a good job at the end of the day."
However, the calls are likely to be met with consternation by student groups such as the National Union of Students who have claimed that any increase in student loan interest rates will put potential university applicants off.
And while recent figures from the Natwest suggest the average graduate debt fell slightly this year, to £12,363, the same study also showed that a graduate can expect to be burdened by their student debt for an average of 11 years.