Cost of Britain’s top degrees ‘to hit £120,000 within a decade,’ university chief predicts
A leading academic has predicted that the cost of Britain’s top degrees will soar to £120,000 within the next ten years.
Sir Anthony Seldon, vice-chancellor at Buckingham University, has said he expects elite universities to hike fees to £40,000 a year in order to compete globally.
He told the The Times that the leading institutions would charge would “charge what they can afford to charge,” adding that some wealthy families already pay £40,000 in school fees.
The intervention comes amid a major government review of higher education funding.
Theresa May launched the year-long review last month, which could see the cost of arts and social science courses reduced, and a cut in interest rates on student loans.
Speaking at the launch in Derby, the Prime Minister said British students faced "one of the most expensive systems of university tuition in the world" and "the level of fees charged do not relate to the cost or quality of the course".
Education Secretary Damian Hinds said: “Our post-18 education system has many strengths. It has a fantastic global reputation, we have record rates of disadvantaged students going to university and we are transforming technical education so employers have access to the skills they need.
“However, with a system where almost all institutions are charging the same price for courses – when some clearly cost more than others and some have higher returns to the student than others – it is right that we ask questions about choice and value for money.
“We also need to look at the balance between academic study and technical education to ensure there is genuine choice for young people and that we are giving employers access to a highly skilled workforce.”
However, shadow education secretary Angela Rayner said: "Theresa May has finally admitted that her government got it wrong. They trebled tuition fees, abolished maintenance grants and left students graduating with debts of up to £57,000.
"This long-winded review is an unnecessary waste of time. Labour will abolish tuition fees, bring back maintenance grants and provide free, lifelong education in further education colleges."