The UK government has announced that tuition fees for the academic years 2023–2024 and 2024–2025 will remain at a maximum of £9,250 for the sixth year in a row.
The move has been taken in an effort to improve value for students at UK universities and lower student debt levels, according to a press release published by the government. It was confirmed that the maximum interest rate for Plan 2 and Postgraduate Loans will be 6.5% from December 1, 2022, until February 28, 2023.
According to the same, beginning with the academic year 2023–2024, the government would lower interest rates for new students to RPI so they won’t have to pay back more than they borrowed after accounting for inflation.
Higher Education Minister Robert Halfon said that the government has increased scholarships and loans to assist students with living expenses and other fees for an additional year because it is aware of their financial challenges.
Halfon stated that they have frozen tuition costs for a full-time undergraduate study at a maximum of £9,250 for the sixth consecutive year, which will lessen the initial amount of debt students will take on.
He expressed happiness that many colleges in the UK were stepping up their efforts to provide financial aid to their students through various programs and urged any student who was having trouble to get in touch with their school.
In response to the decision, Vivienne Stern, Chief Executive of Universities UK, stated that although the frozen tuition fees will lower initial student debt, the £9,250 fee is currently only worth £6,600 to universities, and that value will further decline due to the high rate of inflation, necessitating a national discussion on future university funding.