"the outstanding cost of university tuition loans has added £105bn – around 5 per cent of GDP – to the UK’s debt. By the 2040s, according to Department for Education forecasts, it will have added £460bn, or nearly 12 per cent of GDP. With low interest rates, such a mountain of debt is manageable. When rates rise, that will change.
The tripling of tuition fees had another effect that has scarcely been noticed. Thanks to a fiscal illusion that has only just been corrected, the cost of university has been almost entirely hidden from government spending since 2011.
The UK is, at great future cost, bankrolling a university system that in no way resembles the world it was supposed to expand.
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