Deputy Andrew Lewis said the States faced huge bills in the future to bail out families who spent their pensions or remortgaged their homes to fund their children’s education.
He also warned that Jersey would be left with a shortage in its workforce if young Islanders were denied access to higher education because of spiralling costs.
The politician has presented a potential funding model for a loan scheme to the Education and Home Affairs Scrutiny Panel as part of its review into university funding whereby the interest accrued on Jersey’s rainy day fund would cover the interest on a substantial loan to kick-start a student loan scheme. A similar method is being used to fund the building of Jersey’s new hospital.
Jersey currently has a grant system in place. Loans are available but only up to £1,500, which many say is inadequate. The average cost of a three-year degree ranges between £40,000 and £60,000.
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