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The Conservatives are planning to pay off the student loans of the best academic achievers who go on to take up graduate jobs in teaching.
In an attempt to get the most gifted science, mathematics, technology and engineering university students to teach in graduate jobs, the opposition party will make the taxpayer pay the monthly students loan repayments of graduates who obtain a First or a 2:1. The repayments will only be funded by the taxpayer for as long as the person remains in a graduate job in the teaching profession. Should they ever leave the profession they will be responsible for the balance of the debt themselves.
The other proviso to the plan is that only certain universities are considered good enough to qualify applicants for the repayments. It is expected that around 25 leading universities would provide graduates with the necessary qualifications to meet the criteria and be eligible to have their loans paid off.
The Conservative shadow schools secretary, Michael Gove, said the overall effect of this policy would be that better educated people would go into graduate jobs in teaching - particularly in maths and science.
Mr Gove added that: "We will have a new generation of specialist maths and science teachers. We will have a generation of teachers who have made a commitment to the long-term and thus we will diminish the churn that characterises our system now. We will raise the prestige of the profession and this will, as in Finland and Singapore, create a virtuous circle."
The Conservatives estimate that some graduates on four year degrees could save as much as £40,000 under the new proposals. That would be a big extension to the current £5,000 cash incentive given to new starters who teach in subject areas that are undersupplied with applicants.
We currently have over 500 graduate jobs on the e4s website. They cover all job sectors such as education, finance and marketing. Have a look now to see if you can find your future career using our graduate jobs search page.
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