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Student Finance in England from 2012 to 2020: From fiscal illusion to graduate contribution?

  • 21 January 2021
  • By Alan Roff
  • HEPI number Debate Paper 25

Student funding remains hotly contested. In this HEPI Debate Paper, Alan Roff considers the findings of the Office for Budget Responsibility, which has come to regard the past treatment of student loans in the national accounts as a ‘fiscal illusion’. Roff argues for a different approach to student finance, which is based on his preferred solution of a new graduation contribution scheme. In an accompanying Appendix, also available below, Alan Roff provides his own history of recent student finance reforms.


  1. Albert Wright says:

    Amazing and extremely interesting report which explains the misconceptions involved in the 2012 reforms and the mess they caused.

    It shows what happens when key assumptions were terribly wrong and the objective of reducing “costs” resulted, instead, in massive losses.

    The 2019 “reality check “ has identified an ongoing “black hole “ deficit of £15 billion a year.

    This must be halted and Rolf’s proposals as to how this might be done are practical and financial, morally and socially sensible.

    Wake up Politicians and sort out this unplanned and costly mess.

    Put and end to Financial Fictions Forever.

  2. Albert Wright says:

    Correction Roff’s

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