UK Students to Pay Higher Interest Rates in Upcoming Years
A group of 20 British Universities, called Russell Group, said in a report that student might be urged to repay their loans earlier and at higher interest rates.
Russell Groups, included top universities like Oxford, Cambridge and UCL, claimed that it could face significant lack of govt funding in next 2-3 years.
In the opinion of Mr. Porter, president of the National Union of Students, the young people have already paid the universities huge sums of money and should not be held responsible for the cuts in government funding. He is determined that it is the management of universities that should have anticipated the changes and prepared for it.
The Russell Group, however, is determined that it is the extremely low interest rates on student loans that impose high costs on the UK government. Therefore, they feel that measures the group proposes to take seem fair to the universities.