Jersey student loan scheme would be 'too expensive'
Introducing a full student loan scheme for Jersey students would be too expensive, the island's education minister has said.
A report by the education department, commissioned by the chief minister, found a loan scheme could see the States lend up to £700m.
Deputy Rod Bryans said it was "not possible" to provide funding.
The Jersey student loan support group criticised the report for not presenting a solution.
There is currently no system in Jersey to help higher and middle income families pay for a degree, unlike the UK which offers of up to £9,000 - the current cost of yearly tuition fees.
A spokesman for the support group said: "We really should not be stopping students from access to higher education because of their parents wealth it is out of their control."
Key points from the report
- Student loans: Top-level political delegation to open discussions with, if possible, minister for Business, Innovation and Skills in the UK
- Parents' saving scheme: Further discussions involving potential commercial providers
- Redistribution of current funds: Minor changes possible to improve fairness - assets, second child, local tuition fees and grants to be explored further
- Expansion of Campus Jersey: Quality-focussed opportunities to be progressed, particularly in conjunction with the business sector - degrees, higher apprenticeships and JICAS
- Universities in Europe: Further detailed work with potential partner universities and ongoing promotion to students
Source: Higher Education Funding Report
Jersey offers a limited student loan of £1,500 but it has to be paid back within five years of graduation.
Mr Bryans said the amount of existing student debt would make a scheme unworkable.
He said: "We have at the moment a £2.5m debt for the £1,500 we already give to students."
The report made five recommendations including lobbying the UK government for Jersey students to be added to the UK scheme.