Tuition Fees at some universities could reach £10,000 a year by 2020.
A new study, by the Independent Commission on Fees, warns that the Government should be “extremely wary” of major increases or lifting the fee cap entirely, citing concerns about the impact on students and the taxpayer.
Tuition fees were trebled to a maximum of £9,000 a year in 2012, with students starting to repay government loans once they are earning £21,000.
In his budget earlier this month, Chancellor George Osborne announced further reforms to the system, including allowing universities offering high quality teaching to increase their fees in line with inflation from 2017/18.
The Commission calculates that, based on compound interest at 3% from 2017/18, this move could mean that fees at some institutions reach £10,000 in five years time (by 2020/21)
The new poll published by the panel suggests that many teenagers are worried about how much they will have to pay to gain a degree. More than 1,000 UK sixth-formers were surveyed for the poll. 78% say they are very or fairly concerned about living costs as a student, 68% concerned about tuition fees and 58% worried about repaying loans after graduation.
The research published by the Independent Commission on Fees raises serious concerns about the current student loans system. While, the planned changes to fees and to student financial support are likely to have far-reaching negative effects on students from disadvantaged backgrounds.