This article advocates an option in the USI funding preferendum. To vote in the preferendum, go to www.usi.ie
Daire Collins
The USI has finally heeded the call for a direct democratic vote on the preferred choice for funding of higher education. This is a sign that the majority are tired of the unrealistic free fees policy. The demand that the taxpayer should bear the entire cost of higher education is out-dated, given that this system has already been abolished and is unlikely to return to the government programme. It is time for us students to recognise their duty to preserve the open access to education for all. This can only be realised while we are realistic in our demands. “Learn the wisdom of compromise, for it is better to bend a little than to break”.
Often dismissed at a first glance by students not wanting to bear the brunt of the cost, the student loan scheme, when executed properly, can give greater equal opportunity to those wishing to attend university. A student loan scheme eliminates most upfront costs during your college years, this makes it significantly cheaper than the current system of student contribution, in the short term. For those who have maintenance grants, their situation would also dramatically improve. The government would no longer need to cover the cost of the student contribution, freeing up more resources for increased maintenance grants and raising the threshold to which they’re applicable.
The huge decrease in government spending may open up additional revenue to universities for much needed services. However this may take some time, due to the current state of the economy and the time lapse before students start repaying their loans. What must be realised is that a long term plan is necessary, it is both selfish and foolish to choose the path which seems easiest for you in the short run.
For a student loan scheme to work there are numerous requirements without which the strategy will fail to foster support or work. The most important of these is the need for a low interest rate on these loans. On all sides, including the banks involved in financing the loans, there must be no desire for large profits. Rather the interest rate must only exist to cover the debt of those who are unable to repay their loans. A threshold income, under which graduates will not have to repay their loans, protects students and means no one will suffer under crippling repayments in their post college years. Explaining this feature properly should help to sway the minds of debt-adverse students.
Granting a minimum threshold income for repayments also reinforces the idea of education as an investment. Higher education must be viewed as an investment in your future. It can be seen as an investment both for the state and the individual. In times of crisis, such as the recession we’re in, the burden of the investment must rest on us, the individual. However the statistics show that higher education is one of the most influential investments a person can make. Average wages of university graduates are well above those with only secondary education, for women even more so. The rate of unemployment for graduates is also significantly lower than those without degrees. The returns on education make it foolish not to invest in it.
The time has passed where we can rely on the government to fund our higher education, the mantle must now be taken up by us, the students. The student loan scheme levels the playing field and demolishes almost all barriers to entry. If it is presented properly and all details explained accurately to secondary school students, there is no reason the scheme shouldn’t work smoothly with a little adaptation.
