Kate Ogden (with Madeline Thomas) 22 Feb 2024 Higher education

Higher education spending Kate Ogden (with Madeline Thomas) 22 Feb 2024 Higher education @TheIFS spending Introduction Scottish Government has made very different choices to rUK about how higher education should be funded, and the costs shared ~£1.5 billion spent each year on Scottish undergraduates ~ £0.9 billion on teaching for those studying in Scotland ~ £0.6 billion on living cost s. [...] Scottish Budget 2024-25 and options Higher education spending © Institute for Fiscal Studies Living cost support Real-terms support for Young Students with low household income £12,000 Generosity of support eroded £10,000 by inflation (cut of £1,600 per year from 2013-14 to 2022-23) £8,000 £900 uplift this year was first real-terms increase in a decade £6,000 £2,400 increase in loans next £4. [...] Higher education spending © Institute for Fiscal Studies £0 £5,000 £10,000 £15,000 £20,000 £25,000 £30,000 £35,000 £40,000 £45,000 £50,000 £55,000 £60,000 £65,000 Student loan repayments Graduates repay loans at 9% of earnings above an earnings threshold From April 2024, threshold will increase from £27,660 to £31,395 Many will repay £336 less per year (£28 per month) Compares to freeze at. [...] Figure 5.7, ‘Higher education spending’, K Ogden and M Thomas, 2024 Higher education spending © Institute for Fiscal Studies Lowest 2 3 4 5 6 7 8 9 Highest Funding for teaching Real-terms per-student resources for teaching £14,000 £7,610 per-student funding £12,000 for universities this year England £10,000 19% (£1,815) less in real- terms than in 2013-14 £8,000 Scotland 21% (£2,020) less pe. [...] Figures 5.8 and 5.9, ‘Higher education spending’, Kate Ogden and Madeline Thomas, 2024 Higher education spending © Institute for Fiscal Studies Summary Living cost support for Scottish students will increase substantially next academic year Funding for teaching faces a continued squeeze ‘Free tuition’ policy means any increase in university funding requires reallocation away from other areas.