25 November 2013

million+: Loan book sale must be reinvested in higher education

Following the announcement that Erudio Student Loans has agreed to pay government £160 million for a part of the Student Loans book, million+ has drawn attention to how the money raised should be spent, emphasising the importance of re-investment in higher education.

Professor Michael Gunn, Vice-Chancellor of Staffordshire University and Chair of the university think-tank million+ said:

"Ministers have said that terms of the loans to graduates will not change. The big question is how much the Treasury will receive and whether this is a good deal for the taxpayer. Given the problems that BIS is facing in balancing its budget there is a clear case for the proceeds of the sale to be reinvested in higher education to avoid further damaging cuts to the funding of teaching and student support."

Ends

Notes to Editors
1. For further information or to arrange an interview please contact Victoria Robinson, Press and Communications Officer, million+ on 020 7717 1658
2. million+ is a leading university think-tank. More information about million+ can be found at: www.millionplus.ac.uk
3. There will be a written ministerial statement from the Secretary of State for Business, Innovation and Skills today.