EDM: Student finance system reform

Student finance system reform

Tabled by Munira Wilson (Liberal Democrat) 33 signatures

The motion

That this House regrets that the previous Government broke the student finance system by freezing repayment thresholds for three years, abolishing maintenance grants, lowering repayment thresholds and extending payment lengths for Plan 5 loans; notes that the frozen Plan 2 student loan repayment thresholds are on track to reach parity with the minimum wage by 2031; further notes that this Government’s increase to National Insurance and international student levy will cost the sector nearly £700m annually; calls for urgent reform of student finance, including reintroducing maintenance grants, unfreezing parental income and plan 2 graduate repayment thresholds frozen by both the current and previous Governments, increasing repayment thresholds in line with average income, and writing off a portion of student debt for those working in NHS, education, armed forces, emergency services and social care roles; also notes that a lack of high-quality vocational and apprenticeship pathways have left many young people without the skills, experience or qualifications that employers require; believes that the number of degree apprenticeships in key skill shortage areas should be doubled, with at least 50 per cent reserved for students from low-income households; and further calls on the Government to adopt a joined-up strategy to invest in young people's skills and create quality jobs and to implement a Royal Commission to build a cross-party consensus on a fairer, more stable student finance system, including looking at fairer interest rates, a progressive repayment system, and how to stop constant political interference.

Signatories (33)