The student loan system has come under fire from peers after figures showed nurses must repay thousands of pounds more than highly-paid bankers and lawyers during their careers.
High interest rates on student loans should be cut from 6 per cent to 1.5 per cent to prevent middle-earning graduates from paying back more, the House of Lords economic affairs committee said.
The student loan repayment system in England is less expensive for highly-paid legal professionals and financiers who are able to pay off debts earlier on in their life and accumulate less interest.
Male nurses and midwives will repay a total of £133,000 over their working lives – which is thousands of pounds more than male financiers (£127,000) and legal professionals (£114,000).
The figures, which were published last year, have prompted fresh criticism from the cross-party committee, which has called for “immediate reform” to a “deeply unfair” system of fees and loans.
“The student loan system does not appear as progressive as its advocates have suggested – graduates who only just pay off the loan within the 30 years will pay far more in real terms than higher-earning graduates who pay the loan off sooner,” the report says.
The report from the committee argued that the higher education system offers poor value for money to students and the taxpayer, and that funding is “too heavily skewed” towards degrees.
Lord Forsyth of Drumlean, chairman of the committee, said: “The way we expect students to access higher and further education is deeply unfair. We must create a single system, including apprenticeships, that offers more choice and better value for money.”
He added: “The accounting trickery attempted by the government in 2012, in which the high rate of interest on student loans created the fiscal illusion that government borrowing is lower than it actually is, has had a devastating effect on the treatment of students in England.
“It is unacceptable to expect future taxpayers to bear the brunt of funding today’s students.“
Emily Chapman, vice president for further education at the National Union of Students, said: “[The report] confirms what many of us working in the sector have known for some time – the current student funding model is simply not fit for purpose.”
Sally Hunt, general secretary of the Universities and Colleges Union, said the report should be fed into the government’s post-18 education review, which is being undertaken by Philip Augar.
She said: “Now, more than ever, we must be able to offer decent opportunities for people to improve their skills, and to learn new ones.
“Part-time study and further education colleges will be central to that mission if it is to succeed.”
A Department for Education spokeswoman said: “We are undertaking a major review of post-18 education and funding, to make sure students are getting value for money and genuine choice between technical, vocational and academic routes.
“We will consider the report and will respond in full in due course.”
Most Popular GMAT Business Schools | Rankings
First things first. This isn’t an MBA ranking. It’s a top business school ranking for popularity.
There are many excellent GMAT MBA college rankings (for full-time MBA, executive MBA, part-time MBA, specialty MBA rankings) published by the leading MBA related publications like Financial Times, Businessweek, The Economist, Poets & Quants.
We weren’t interested in presenting old wine in a new bottle. Instead, we have tried to create new wine and present it in a familiar looking bottle (i.e. the rankings format).
The MBA Crystal Ball Business School Ranking is not about the biggest or the best business schools in the world (based on quality of teaching or diversity of the class profile). It’s also not about the highest post-MBA salaries, the average GMAT scores or for that matter anything related to the specific degrees (MBA, MPhil, MFE, PhD) they award.
Those questions have already been addressed by others. At MBA Crystal Ball we are interested in finding out the answer to another question – Which are the Most Popular Business Schools across the world?
GMAT MBA Business School Rankings
Methodology for the MBA Crystal Ball Bschool Rankings
For the scope of this GMAT college ranking, we restrict the definition of ‘Popularity’ to the interest shown by prospective students, employers, professors, other stakeholders in the online ‘properties’ of the bschool – primarily its website and its social media presence (limited for now to Facebook, Twitter and LinkedIn).
The bschool rankings methodology we follow is quite simple. Like in a democratic election, we’ve assumed that people have already voted for the most popular bschools schools. We’ve just tapped into the publicly available data to form a perception about the level of popular interest in these business schools.
Which means – no surveys, no questionnaires, no subjective or philosophical questions to answer and no sample size constraints. Instead of limiting ourselves to a few thousand participants, we are relying upon the collective wisdom and interest of hundreds of thousands of folks who have voted with their mouse clicks.
We consider aspects such as the overall website traffic and multiple parameters (followers, likes, interactions, online activity) that are relevant for the individual social media sites. We then use a little magic formula (consisting of weights, adjustments and penalties) to arrive at the overall bschool ranks. We have written many articles related to these schools. Click on the school names (first column) that have links, to learn more about each.
Most Popular Business Schools in the World
|Rank||Business School Name||Country||Website
|1||Harvard Business School||USA||25||1||3||2|
|2||Stanford Univ GSB||USA||2||7||1||14|
|4||Hong Kong UST (HKUST)||China||30||2||44||22|
|5||IE Business School||Spain||29||6||4||4|
|6||Univ of Virginia – Darden||USA||18||3||8||7|
|7||Univ of Pennsylvania – Wharton||USA||8||8||2||9|
|8||London Business School||UK||36||5||53||5|
|9||MIT Sloan School of Management||USA||1||12||5||12|
|10||Univ of California at Berkeley – Haas||USA||3||11||6||23|
|11||Vanderbilt Univ – Owen||USA||26||49||39||3|
|12||City Univ – Cass London||UK||38||10||10||25|
|13||Columbia Business School||USA||7||16||22||21|
|14||Univ of Texas at Austin – McCombs||USA||4||33||7||36|
|15||Northwestern Univ – Kellogg||USA||21||13||25||15|
|16||INSEAD France / Singapore||France||34||39||23||6|
|17||Cornell Univ – Johnson||USA||5||35||25||13|
|18||Rotterdam School of Management||Netherlands||48||9||21||24|
|19||New York Univ – Stern||USA||11||29||14||19|
|20||Duke Univ – Fuqua||USA||22||14||12||41|
|21||Univ of Michigan – Ross||USA||6||23||24||29|
|22||Yale School of Management||USA||12||19||13||40|
|23||Indian School of Business (ISB)||India||32||20||16||16|
|25||IESE Business School||Spain||33||34||30||8|
|26||Wisconsin School of Business||USA||8||52||49||10|
|27||Univ of Cambridge – Judge||UK||14||18||28||32|
|28||Univ of Southern California – Marshall||USA||17||17||37||28|
|29||Univ of Oxford – Said||UK||16||31||11||39|
|30||Warwick Business School||UK||44||15||20||31|
|31||Univ of Chicago – Booth||USA||37||37||17||18|
|32||UCLA – Anderson||USA||10||38||46||27|
|33||York Univ – Schulich||Canada||24||32||15||35|
|34||ESADE Business School||Spain||35||40||45||11|
|35||Indiana Univ – Kelley||USA||20||42||27||30|
|36||Manchester Business School||UK||46||21||38||26|
|37||Univ of North Carolina – Kenan-Flagler||USA||19||25||51||42|
|39||Univ of Toronto – Rotman||Canada||13||46||35||33|
|40||Carnegie Mellon – Tepper||USA||15||36||36||44|
|42||Emory Univ – Goizueta||USA||27||30||32||49|
|43||Univ of Cape Town GSB||South Africa||31||44||18||52|
|44||Dartmouth College – Tuck||USA||28||41||33||47|
|45||Univ of W. Ontario – Ivey||Canada||51||48||29||34|
|46||NUS School of Business||Singapore||23||44||48||37|
|47||Georgetown Univ – McDonough||USA||50||22||50||50|
Bschool Rankings FAQ
1. How accurate & useful are these rankings?
Accuracy: Rankings, in general, are inherently flawed as they often consider aspects that can be measured. Subjective aspects are either ignored completely or forcibly converted into numbers. The same applies to our bschool ranking. There is no such thing as an accurate bschool ranking.
Usefulness: This is an equally subjective aspect. For the naysayers, this is largely a statistical exercise with no real world relevance. For those who like rankings (and data analysis in general), there are enough insights that can be derived from slicing & dicing the data that’s available. Though we have to admit that the insights would be more useful for bschools than for MBA aspirants. Check out some of them here – B-School Rankings Insights.
2. What do you mean by ‘adjustments’ and ‘penalties’ in the methodology?
All parameters aren’t equally important or relevant. As an example, the number of Facebook ‘Likes’ would have no meaning if there was zero interaction with the ‘Likers’. Another example, there are tactics such as mass following that are frequently adopted on Twitter to gain followers. Yet another one, related to websites. Most bschool sites are hosted within a bigger university domain. So it’s tough to segregate the traffic between the parent site and the sub-domain.
We’ve tried to consider several such situations and cross-dependencies while assigning weights and penalties.
3. Can you share your GMAT MBA college ranking formula and all the parameters?
This is the first time we’ve created this ranking and we realise there’s scope for improvement. Trying to chase a perfect formula (that doesn’t exist in the first place) will convert this into a pure mathematical exercise. Instead, we’d be more keen to hear whether the output of the process looks intuitive or if you see red flags that need an explanation.
We’ve shared some ideas in the previous question to give you a flavour of what we do. Over time when we’ve tried this out a few times, we might be more transparent about the specific parameters, weights and adjustments.
Bschool Rankings Analysis
Find out more about what the MBA Crystal Ball Bschool Rankings mean (for students & bschools) and share your views here –> B-School Rankings | Analysis & Insights
– Also check the MBA rankings in USA, Canada, UK, Europe, India and other regions.
– Top MBA Colleges in USA without work experience for freshers
– Fee payback time for Top MBA colleges in the world