Education loans for college and university students have become very popular among UK students now. There are two reasons for their popularity: 1) there has been an increasing number of full-time students who are not able to find a part-time job for additional income; 2) tuition fees has enlarged significantly; more and more families are simply not able to carry such burden.
Government education regulators are trying to provide new loan systems which would fit all students and make higher education accessible for all students, even those ones from the poorest families. The new loan system should allow students to not worry about payback till they find a job and their earnings reach the value which is good enough for monthly paybacks.
The new systems are aimed to considerably solve the question of education democratization, therefore the new loan system for students has a 20-year mortgage program and it evolves the new access regulator positions. This access regulator will be an official who would regulate the entry process in order provide fair and equal possibilities for all school graduates.
Although the democratization principle looks great it involves government regulator's control under academic schools and universities. Such control would simple cut academic freedom of colleges and universities where their managers and tutors would have to look back at this regulator for his 'yes' or 'no' answer regarding each graduates entering the university.
Another big NO for the new loan system is college and university graduates' dependence on large mortgages which would make them pay government money for 20 years after they have graduate their academic institution. Although such payback term has been calculated in order to reduce monthly payments for the loan, the 20-year interest rate payments make such loan incredible! The government's democratic principle on education accessibility for all students would simply discourage many school graduates and bring in the idea of not entering university or college at all. For many the idea of mandatory employment just after having graduated from university would seem like obligation which dos not leave any freedom in students' choice of their future career and even lifestyles. Many would have to leave university before they graduate from it in order to keep their future on their own.
However, the UK new government loan systems would definitely have an army of advocates who would adhere to some political slogans of democratization of the UK society and education system. Some political parties would use the idea to promote their regulations and programmes.
The new education loan system has definitely many advantages and is worth developing and advancing. However, there is a certain room for evolvement of some other loan systems and government education programs in order to give students the free choice of that one which would fit each student depending on his/her income, future career and lifestyle.
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