Graduate Endowments
I look forward to seeing the end of the Graduate Endowment as an element of education policy.
As a tool to encourage the young into Higher and Further Education by increasing available funding, it was pointless. As a way of reducing Government spending, it worked wonderfully.
The investment in graduates by the country, indeed the entire investment in education, is an apparently alturistic decision of the people. Of course, it is nothing of the sort; it is the means of investing in our future by allowing those with skills to develop and expand their abilities, and to then create jobs and wealth for the community as a whole.
Graduates (and here I declare an interest) on average earn more and pay more tax than non-graudates, and consequently the entire economy benefits. Allied to a progressive and redistributive tax system, this is THE example of "From each according to his ability, to each according to his need", and this is why Student Loans need to be removed also.
Plaudits are due to the Government for taking this forward, even if they have backtracked on the immediate removal of Student Loans.
As a tool to encourage the young into Higher and Further Education by increasing available funding, it was pointless. As a way of reducing Government spending, it worked wonderfully.
The investment in graduates by the country, indeed the entire investment in education, is an apparently alturistic decision of the people. Of course, it is nothing of the sort; it is the means of investing in our future by allowing those with skills to develop and expand their abilities, and to then create jobs and wealth for the community as a whole.
Graduates (and here I declare an interest) on average earn more and pay more tax than non-graudates, and consequently the entire economy benefits. Allied to a progressive and redistributive tax system, this is THE example of "From each according to his ability, to each according to his need", and this is why Student Loans need to be removed also.
Plaudits are due to the Government for taking this forward, even if they have backtracked on the immediate removal of Student Loans.
2 comments:
It is interesting to review the government's performance against their document ‘It’s time to look Forward – the first 100 days of an SNP government’.
Their list of objectives were:
- introduction of Local Healthcare Bill to give direct election to Scottish Health Boards
- reverse decision to close A&Es at Ayr and Monklands
- Council Tax freeze
- reduced rates for small businesses
- introduction of Criminal Justice Bill
- proposals to increase police presence on Scottish streets
- abolition of tolls on Forth & Tay bridges
- 50% funding increase for free nursery provision
- £98m investment in renewable power
- abolition of graduate endowment fee
I think that most (if not all) of these pledges have been met.
Of course, since the SNP do not have a majority in the parliament, the other parties who have helped to make the above happen must also take credit.
Not a single student will be a penny better off.
It won't make any difference until they have graduated and are earning at least £15,000.
Even then, they won't actually have to pay back any faster.
The rate is 9% of what they earn over £15,000.
So if they earn £25,000 they pay back £900 a year.
If their degree has not increased their earnings potential by more than that, what were they doing at University?
The money from the endowment was used to fund bursaries for poorer students.
Was it such a bad thing for those who have gained the benefit of education to help those who are struggling to do so?
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