The Strategic Implications of Higher UK Student Tuition Fees for the Talent Pool for Global Businesses Recruiting in the UK Julia Buckingham Pro-Rector.

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Presentation transcript:

The Strategic Implications of Higher UK Student Tuition Fees for the Talent Pool for Global Businesses Recruiting in the UK Julia Buckingham Pro-Rector (Education and Academic Affairs) Imperial College London

Under- graduate Master’s Doctoral Early Career Workers 3 year: BSc; BEng 4 year: MSci; MEng 6 year: MBBS/BSc 4 year: MBBS (graduate entry) 1 year: MSc, MRes, MPhil, MBA 2 year: MScRes? 3 year: PhD, EngD, MD(Res) Personal Development Employment Skills Research outputs Our academic programmes Year in industry and/or abroad

New Fees Regime for Home and EU students starting university in The College will charge Home and EU students entering the College in 2012 – 2013 £9,000 per year for all undergraduate courses

Financial support for students starting university in Increased financial aid and support available to the student from Government: All Home and EU students qualify for a full fee loan, hence they don’t need to pay for tuition upfront. Income assessed grants available to Home students from lower income households All Home students qualify for a loan towards the cost of living Limited up-front costs to the student, but significant debt owed by the graduate Interest for loans is based on inflation rate (RPI) plus up to 3% according to income Payback rate is 9% of income over £21,000 Any loan remaining will be written off after 30 years

Impact – the debt burden for graduates Unclear what impact higher UG fees will have on PG recruitment A student arriving at university with a household income of less than £25K pa could expect to finish a four year course at Imperial with: £41K of government debt having received £10K in fee waivers from Imperial, a non- repayable maintenance grant of £13K from the government, and a non-repayable maintenance grant of £14K from Imperial. A student arriving at university with a household income of £60K+ pa could expect to finish a four year course at Imperial with: £56K of government debt & (potentially) £22K of personal debt. Average total cost of a four-year course at Imperial: £78,000 Debt carried by students on graduation Net of interest accrued during studies at RPI + 3% while studying.

Undergraduate applications Change between 2011 and 2012 Overall down 0.2% Home down 7% EU down 10% OS up 12%

Under- graduate Master’s Doctoral Early Career Workers 3 year: BSc; BEng 4 year: MSci; MEng 6 year: MBBS/BSc 4 year: MBBS (graduate entry) 1 year: MSc, MRes, MPhil, MBA 2 year: MScRes? 3 year: PhD, EngD, MD(Res) Personal Development Employment Skills Research outputs Our academic programmes Year in industry and/or abroad

Financial Aid: Industry Provision SponsorEligibilityLevel of support Rolls Royce Scholarship  Faculty of Engineering.  UK-Home undergraduates.  Residual household income of £25,001 - £45,000. £5,000 per year for a maximum of 4 years. Shell  Earth Science & Engineering.  International undergraduates  UK-Home and international PGTs Course fees, living expenses, field trips. The Power Academy, including National Grid and Rolls Royce  Electrical & Electronic Engineering.  UK-Home undergraduates £2,200 per year bursary. Contribution towards tuition fees if employment taken with a sponsor company. BP  Physics; Earth Science & Engineering  UK-Home undergraduates £1,500 per year in exchange for vacation work. AWE  Physics  MSc Shock Physics Fees and bursaries for 5-10 students Some examples of current industry financial aid for Imperial students: