Students have to pay more as graduate tax has been introduced

The Business Secretary Vince Cable has announced that the graduation students will have to pay more fees to the universities after introduction of the graduate tax.

The secretary has asked Mr. Lord Browne to review the idea of graduation tax as a major issue in his current review on higher education funding in UK. This will enable the students to pay for their studies by tax system instead of paying through loans.

According to this new system the graduates from high income group will have to pay more money than the graduates having relatively low earning. The money will be paid through taxes in a limited period of time.

Mr. Cable has told about some changes in the higher education system which includes flexibility, introducing more market forces in to the higher education and short term degree courses. He has announced this at his speech on universities.

At the South Bank University of London, Mr. Cable has said that it was the suitable time to rethink about new ideas of funding the universities.