UK Students May Face Higher Interest Rates

According to a recent report made by the Russell Group, which consists of 20 British Universities and includes top universities such as Oxford, Cambridge and UCL, students might be urged to repay their student loans earlier and at higher interest rates than previously agreed.

The Russell Group claimed that it could face significant lack of government funding in the next 2-3 years.

This is the major reason why the group said it might require students to "fund" the £1.1 billion hole in the universities' finances.

In the opinion of Mr. Porter, president of the National Union of Students, the young people have already paid the universities huge sums of money and should not be held responsible for the cuts in government funding. He is determined that it is the management of universities that should have anticipated the changes and prepared for it.

The Russell Group, however, is determined that it is the extremely low interest rates on student loans that impose high costs on the UK government. Therefore, they feel that measures the group proposes to take seem fair to the universities.