..unless you can find a way of funding HE more effectively ( that doesn't disadvantage lower income families) this is what we have
Blaa
The key is endowments and institutional financial aid/write-offs. This is what allows leading US universities to offer a free ride to students whose families are in the lowest income brackets. Offering a world class third level education at potentially almost zero cost means these leading universities attract the absolute best candidates for admission from all over the world. Everyone wins.
www.suttontrust.com/wp-content/uploads/2003/05/endowments_report-1.pdf
The differences between the UK and the US could not be more stark. Only Oxford and Cambridge can be compared with the best endowed US universities: either Oxford or Cambridge (with endowments of £2 billion each) would come 15th in the US list, while no other UK university would come in the top 150. Only 5 UK universities have endowments worth at least £100 million, compared with 207 US universities. The average top 500 US university has about fifteen times the endowment of the average top 100 UK university.
About one month after my DCs graduated from their US universities each of them started getting mail from the fundraising offices seeking donations. Even while they were all students I used to get phone calls soliciting donations twice or three times a year. I get the annual appeal letter from three universities. Donations can be offset against income for tax purposes. My DCs are happy to donate, and so am I. American university fundraising is a well-oiled and essential part of what keeps them ticking over.
There is also the model of higher taxation prevalent in Scandinavia and iirc in Germany, which imo is even better.
A more accurate description is a graduate tax. If you earn more due to university you pay more back. If you don't then it doesn't get paid back.
So maximising your earning potential is penalised, with ever-mounting interest accruing and those earning over £25k struggling to keep up, as MaisyPops described.
The average graduate is actually better off cocking a snook at the taxpayers. Unless you are able to make a quick leap from about threshold level to about twice that amount in income you will experience problems.
This is completely bonkers.
I can't help but think people would maybe spend more time thinking about what they will going gain from university if they knew they were going to have to pay it back.
MaisyPops
You are absolutely correct. This is what American students do - those who don't get into the highly selective universities with the massive endowments which guarantee to meet all demonstrated financial need of admitted students. There is a tier of excellent-to-very-good universities that will cost even the least well off families $30K per year, leaving either the student or the family with a debt of $120k after the four year 'student experience'.
Some families borrow that money - they refinance a house with low mortgage interest rates, or they use college savings accounts, or the return on investments. Many families ask the students themselves to borrow the money. That money must be paid back by whoever borrowed it, beginning 6 months after graduation and it makes no difference whether you take mat leave or extended sick leave or lose your job. You can get a grace period but interest keeps on piling up.
There is no writeoff, and student debt (including loans taken out by parents) is not included in chapter 11 bankruptcy protection. As you can imagine, this causes families to examine university offerings very closely before applying, and it motivates students to get a job nailed down as soon as possible upon graduation, and to pay off as much as they can before they are faced with decisions like whether to have a baby, buy a home, buy a car.
Some families ask their student to apply to a university and then defer entry if accepted, while taking required first and second year core coursework to 200/250 level in a community college (aka junior college) in the broad areas US universities require on a transcript - stats, calc III, psychology, economics, English composition/rhetoric, history, chemistry, physics, biology, and even in some cases fine arts. Then the student heads off to study the courses they are majoring in for their final two years. So much for the priceless extended adolescence/university experience...