Lifting the cap on top up fees would risk wiping out the financial benefit of a degree according to the NUS’ new critique of higher education funding in England.

A bullish Wes Streeting, President of the NUS, challenged political leaders: “to give us the debate on higher education we deserve”.

The report, entitled ‘Broke and Broken’, has been released ahead of the Queen’s Speech in December, in which the government is likely to set the timeline for a review into how higher education is funded.

There is wide speculation that any review would result in the lifting of the cap on top up fees, currently set at £3,000.

The NUS fears that, with inflation, fees could rocket to a staggering £7,000 a year by 2010.

According to the report, an increase in top up fees to £7,000 would mean that anyone studying in London for three years would owe an incredible £37,451 upon graduation.

University of London graduates would then have to earn at least £30k a year just to keep up on interest payments, let alone begin paying off the debt.

‘Broke and Broken’ also states that the graduate premium, the amount of money a student can expect to earn in a lifetime compared to a non-graduate, would be all but wiped out by the level of debt incurred, meaning those with a degree ‘would obtain no financial benefit from higher education’.

The document also claims that the current higher education system “acts to reinforce existing social inequality in both opportunity and outcome” pointing out that there is a far lower proportion of state school pupils at the elite Russell Group universities than at the less academic Million+ institutions.

Despite its slick presentation, few students have been impressed by ‘Broke and Broken’.

UCL English undergraduate Peter Puxon said: “They are just saying things we already knew, the NUS deserve little credit for merely stating the bloody obvious.”

Chemistry student Calvin Jenkins launched an equally withering attack: “It’s all very well having pretty charts and diagrams, but the review is not far away. What are they going to do about it? Where are their proposals?”

In a press statement, the NUS sought to allay these fears, stating: “We are consulting with our membership and key stakeholders over the coming months. We will be releasing NUS’ alternative system in the spring of 2009.”

It is nonetheless feared that this will not give the NUS enough time to create a groundswell of student support for any of their potential proposals before the review takes place.

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