Students’ Unions led by the University of Sheffield and London School of Economics are demanding an immediate £2,700 discount on tuition fees in exchange for higher interest rates on loans.
A letter to education secretary, Gavin Williamson and universities minister, Michelle Donelan was signed by 17 students’ unions across the country, among which high ranking Russell Group institutions such as King’s College, UCL, Edinburgh, Durham and Bristol were included.
Students in Scotland, Wales and Northern Ireland have also signed in solidarity with students’ unions across England.
The letter demands: “immediate financial justice for covid-affected cohorts of university students” and states that “immediate action needs to be taken to minimise the long term effects of the pandemic on students”.
The offer is based on models from the London Economics consultancy and ensures that this rebate would not be taken from taxpayers or low-middle income graduates, but rather graduates who are earning the most.
In the letter, student leaders have offered to accept an increase in interest rates on loans from 3% to 6.2% in return for a government funded 30% rebate on tuition fees.
The letter assures that: “this fiscally neutral recommendation does not affect the government’s budget, and ensures any funding to the sector can equitably support students throughout the UK”.
Government guidance on covid restrictions meant that most students weren’t able to return to campus until 17th May, which is when most university terms end. Many students feel as though they have been neglected throughout the pandemic and have voiced this through rent strikes and protests.
University of Sheffield SU president, Beth Eyre and LSE general secretary David Gordon were the driving force behind this letter.
Eyre said on twitter that “SUs have been consistently asking for student compensation and being ignored. We urgently need to be having the conversation about solving this problem and giving students back the money they deserve”.
In response to backlash regarding the higher interest rate, Eyre said that “students will notice an upfront rebate right now, those high earners won’t notice the repayments”. There has yet to be any response to the letter.
Image credit: Lee Haywood