By Nicholas MairThe Oxford University has found that for a range of students, it will take a higher proportion of their annual earnings to cover the full cost of their degree.
In a new report published today, the university says that for students at the most basic level, they need to earn over £31,000 per year to afford their own education.
The report found that the average student spends an average of £1,717 on their degree over the course of a student’s life.
The university says the average amount of debt for UK students is around £20,000.
In contrast, for students who have the most advanced degrees, the average debt for the year is around €60,000, the report says.
“We need to look at our debt and the amount of money we are spending on debt,” said Oxford’s Dean of the School of Education, Professor Richard Wilkinson.
“The more advanced our degree, the more we need to pay back.”
Students with the least advanced degrees are not getting any help.
“So this is a major burden for the economy.”
Students are also struggling to find affordable tuition fees, and it is a huge burden for families.
In the past two years, the total amount of student loans in the UK has increased by over £1 trillion, according to figures released by the government in May.
According to the report, this is due to the increased number of students being eligible for financial aid and the fact that students are increasingly seeking loans in other ways, including by way of student loan consolidation schemes.
In recent years, many universities have been trying to find a way to pay down their debt in an effort to attract more students.
They have introduced “sustainability fees” to cover this, but Wilkinson said it was too expensive for many universities to do so.
“We are seeing a big push from universities to get more students into the programme,” he said.
“And if we do not make sure that we are funding them in a sustainable way, they may just be going back to where they came from.”
University fees could be the solutionThe report says the government should consider charging tuition fees to ensure that the funding that is being provided is sustainable.
It also calls for an end to the current system of subsidising some universities by charging fees to students who are eligible for free tuition.
“If we were to increase tuition fees it would be a significant step forward, and would help to ensure a more sustainable and more equitable university funding model,” Wilkinson said.
But the government has said it will not increase fees.
Wilkinson says it is up to individual universities to decide how they want to fund their programmes.
He says that in order to fund more students, the government must find more money for universities.
It is estimated that universities spend over £10bn on fees.
In 2018, the UK spent £1.4 billion on fees, a rise of £3.4bn on the previous year.
Wilkinson said the increase in fees could go some way towards helping to tackle the problem of student debt, but that there was no doubt that the issue needed urgent attention.
Some schools have already cut tuition fees in recent years.