Student Loans

    June 11th 2010, 22:20pm - Posted by Administrator

  • Economic downturn and inflationary pressure has affected countless masses around the world. But students who were already struggling with high education fee have hit even harder situation due as a result of global recession. In Northern Ireland, the higher education minister is planning to propose a raise in the financial assistance provided to students to take further education.

    According to the minister, an extra £17 million is required to support students. Economic downturn has stimulated the education market and a larger umber of students are enrolling into college/university, and that has increased the demand for student loans and grants in Northern Ireland.

    On the other hand, Queen's University Belfast is proposing a different method to sate the increased demand of financial support. The university suggests an earlier pay back of loans from students while The Russell Group which is the combined body of 20 leading universities of UK is pushing proposal to increase the interest rates on loans.

    Sir Reg from Reg’s Department for Employment and Learning says that additional £17 million is an avoidable challenge that requires funneling the required money through other departments. Reg’s Department for Employment and Learning bears the partial cost of servicing the loan provided to students by loan companies. Sir Reg believes that without rising the interest rate, the current financial system of UK’s universities may suffer sever slump and hiking up the interest rate on students loans is in the interest of students.

    However, there are many voices opposing such measures. One of them is the University of Ulster that has rebuffed the whole idea on the account that such action will only hurt students at the bottom of the financial ladder.

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