Sharia-compliant Student Finance

Lord Vaux of Harrowden Excerpts

Wednesday 13th November 2024 Lords Chamber

[Baroness Smith of Malvern (Lab)]

I am not sure whether the noble Lord is arguing for a wholesale reform of the student funding system—it would be legitimate if he were, although this Government have taken a different route at this point. I think it is important, notwithstanding the impact on the national finances, to be clear for individual students that an increase in their tuition fees and the loan they take out to fund them will not increase their repayments, because repayments of this loan are wholly linked to earnings levels, so no student will repay higher levels per month as a result of the most recent decision that the Government have taken to increase tuition fees.

[Lord Vaux of Harrowden (CB)]

My Lords, interest rates are not only a problem for Muslim students. Can the Minister explain why it is appropriate that all students should pay a rate of 7.3%, which is somewhat usurious, for the period in which they are studying?

Schools: Financial Literacy

Lord Vaux of Harrowden Excerpts

Thursday 20th April 2023 Lords Chamber

[Baroness Barran (Con)]

The Government agree with the noble Lord that it is that combination of the fundamental knowledge in relation to mathematics and reading that support financial literacy and that can be taught in schools, having really high quality materials for schools to use. But, beyond that, they should have the experiences that the noble Lord refers to. That is why we are grateful to organisations such as Young Enterprise and the Money and Pensions Service for the work they do outside schools to complement what goes on inside.

[Lord Vaux of Harrowden (CB)]

My Lords, the Fraud Act 2006 and Digital Fraud Committee heard a lot of evidence that young people are particularly susceptible to fraud and also to being conned into becoming money laundering mules. Can the Minister assure us that the financial education will include fraud to enable young people to protect themselves from becoming either victims or unwitting criminals?

[Baroness Barran (Con)]

Certainly, the aspects of the curriculum that relate to how to operate safely online include fraud, which is a growing and terrible problem, as the noble Lord points out.

Universities: Impact of Industrial Action on Students

Lord Vaux of Harrowden Excerpts

Thursday 16th March 2023 Lords Chamber

[Baroness Barran (Con)]

On the noble Lord’s question relating to the role of the Office for Students, obviously it is the regulator of higher education in this country; it does not get involved in industrial disputes. It has a part to play in making sure that universities continue to meet their conditions of registration, which allow them to be eligible for public funding, and their obligations under consumer protection law.

[Lord Vaux of Harrowden (CB)]

My Lords, can I push the Minister on the last part of the noble Lord’s question? I should declare an interest: I have two sons who are at university at the moment, both of whom have lost a lot of days due to strike action. Normally when an organisation provides a service for a fee, it has to refund part of that fee if does not provide the service. Why is that not the case with universities?