ABSTRACT
The publication of the Browne Report in October 2010 (https://hereview.independent.gov.uk/here view/report/) on higher education funding in England in the United Kingdom led to much debate and political activism. Its broad acceptance by the UK Conservative/Liberal Democrat Coalition Government, coupled with a period of substantial spending cuts in terms of block teaching grants, has effectively ended state support for higher education, except for some limited funding for science, technology engineering, and mathematical (STEM) subjects. However, the report points out that only the top 40% of earners will pay back all charges paid out by the government upfront; that the 20% lowest earners will pay less that the current system; and that the return for graduates will be, on average, 400%. Therefore, in cost-benet terms, it would appear that in the words of the report, study will be a “risk-free activity.”
