When Theresa May announced her plans to review university tuition fees, I think most of us breathed a sigh of relief. In her own words ‘the system has failed to deliver sufficient competition on price’.
Almost all courses are charged at the maximum £9,250 per year and interest rates on student loans are up to 6.1%. The prime minister said students in England faced “one of the most expensive systems of university tuition in the world” and “the level of fees charged do not relate to the cost or quality of the course”.
The average student debt at graduation is £50,800 and this has doubled in four years. Similarly, independent school fees have risen annually by 21% in the last five years. When you combine the two, it is clear just how high the cost of a good education has become. Is it any wonder that there are an estimated 1 ½ million children who could reasonably access independent education but don’t?
At MTM we feel strongly that we need to bring school fees back into the category of ‘affordable’ for a wider sector of society.
It is time for schools to be more imaginative and innovative in controlling and reducing costs. Schools need to adopt a more collaborative and inclusive approach. It is extremely difficult, when juggling the demands of a busy school, to step back and take a long, hard, objective look at the financial structure of a complex organisation – and schools are complex. Our advice is to take advice. A trusted, professional advisor can be invaluable at unlocking new ideas and new ways of thinking.
To find out more about our Business Support Services for schools, contact James on 01502 722787 or email firstname.lastname@example.org