A brand new study that was published by the Centre of Learning and Life Chances in Knowledge Economics Societies (LLAKES) at UCL has stated that every single person who leaves school in England should be entitled to £10,000.
However the money isn’t just a congratulations for completing education, but actually the state funding to help pay for further education, whether it be university tuition fees or other professional qualifications.
The researchers believe that this would help to increase the number of people taking up higher education across a wider range of courses.
Considering the other recent study that showed less and less UK students are applying to university, this new concept could be on to something.
This type of scheme – which has been referred to as a “national learning entitlement” would cost taxpayers around £8.5 billion per year, according to the study’s authors.
Of course this is just an estimate and the downside would mean that unfortunately the UK taxes would probably increase somewhere to compensate.
The study proposes that every young person in the UK would become eligible to receive the cash on their 18th birthday.
From that point, they’d be given access to a maximum amount of £5,000 per year for two consecutive years in which to spend on further education courses.
The money could fund full-time degree courses, part-time study or the funds could even be spread out over a lifetime, suggest the authors.
While this seems like a great idea, variables such as when they’d be allowed access to the funds straight away, or whether they’re taking a gap year are all still need ironing out and a lot more clarity about actually receiving the lump sum.
Otherwise there could be a chance that this is deemed as a way for young people to get “free money” without having to do anything for it.
Overall it is believed that the scheme has the positive benefits of spreading taxpayers money across the nation to all young people – not just students – who want to make a career through perhaps a non-conventional course. It’ll even encourage adults to return to education.
According to Metro Online, the study says, “[This] proposal takes the debate beyond the current narrow focus on university education and student debt, to a broader and more inclusive system which would encourage learning at all ages by a diverse range of students, at a lower cost than the abolition of university fees.
“By going beyond university students the NLE spreads public subsidy far more equitably and efficiently.”
Since there’s still no talk of reducing the current university fees from £9,250 this might be a newer, realistic way of dealing with the increased student debt overall.