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If you’re wondering why the government is reluctant to close universities despite obvious covid risks: £17 billion is loaned to 1.3 million students in England each year. The value of outstanding loans at the end of March 2020 reached £140 billion. Average student debt is £40k 1/
Debt increasinly used for ‘maintenance’ as fees remained constant since 2010. Many student no longer ‘slum it’. They are expected to make full use of bars, pubs and clubs and live in ‘luxury’ accommodation 2/
Student debt keeps universities afloat, but it also funds university accommodation, massive private landlords (worth more than £40bn) and the (huge uk) service sector. Reckless spending encouraged by big student loans must then be repaid over a lifetime. https://www.knightfrank.co.uk/research/article/2019-06-18-uk-purposebuilt-student-accommodation-market-valued-at-more-than-ps50bn
Losses to unis through lockdowns under #Covid are the least of the government’s worries. It’s their big landlord pal’s profits and their reliance on service sector to provide jobs that is also at risk. 4/
