With the University of Nottingham on our doorstep, I regularly hear from students and graduates across Broxtowe, and I understand the issues graduate have with the current system. The student finance system we have today, including Plan 2 student loans, was inherited from the previous Government. Not only has it not worked for students and graduates, but it has also not worked for the taxpayer or universities. The Government is also managing the difficult economic situation left by the previous administration, who not only overspent the Government’s finances, but left high inflation and public services decimated in need of serious investment.
I do not believe that students should end up in a position where their monthly repayments are less than the interest they accrue. I recently spoken about this in a Westminster Hall debate in parliament, sharing the experiences of some of my constituents. You can watch my contribution below.
I hope that the Government will consider making some reforms to the student loan system to ensure it is fair to both graduates and taxpayers. I will monitor this matter closely and will do my utmost to continue to raise this matter in Parliament.
There needs to be further arrangements to supports to learn practical skills straight out of school. I am pleased that the Government are prioritising an overhaul to the skills system to ensure that apprenticeships are put on a level footing with university degrees. This includes setting up an online platform for young people to explore apprenticeships, and a pilot a university clearance-style system where ‘near miss’ applicants who don’t secure their top choice apprenticeship will be re-directed to similar opportunities in their area.
Backed by the Growth and Skills Levy, these measures will help deliver 50,000 more apprenticeships for young people, forming a key step toward the Government’s ambition for two thirds of young people to reach higher-level learning or take up a high-quality apprenticeship.
The government has already made progress in getting more people into apprenticeships with 353,500 apprenticeship starts in the 2024/25 – 13,920 more than the year before (2023/24).