Students left without access to student finance

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 23 January 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tens of thousands of students are being denied access to student funding despite a Government pledge in 2013 to change things. The delay to an 'alternative' student finance scheme would enable thousands of Muslim students to fund their university education every year.

A damning report into how the Financial Conduct Authority has acted on pensions transfers. Many who've taken bad advice may have no recourse to compensation.

Money Box has learnt that since the pandemic started last year thousands of people have been refused Universal Credit because they have over £16k in savings. We hear from someone who claims this rule has put her home deposit back by 10 years.

In the podcast we are joined by Martin Lewis with an update on the fourth slice of the Self Employment Income Support Scheme.

Presenter: Paul Lewis Producer/reporter: Alex Lewis Producers: Darin Graham and Ben Carter Editor: Rosamund Jones

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.5	Steakknife. Listen first on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello and welcome to this Moneybox podcast.
0:40.3	The city regulators being accused of allowing thousands of people to put their retirement at risk
0:45.0	by wrongly transferring out of a good company pension scheme.
0:49.6	We hear from a woman whose dream of owning her own home has been ended by the strict rules for claiming help
0:55.7	from universal credit. And there's some news, and I have to say, some speculation about the fourth
1:01.5	slice of the self-employed income support scheme from Martin Lewis. But first, tens of thousands
1:08.0	of students are being denied access to a student loan
1:11.0	to pay their tuition fees and living expenses.
1:14.5	The students affected are Muslims.
1:16.4	The student loan scheme charges interest on the money borrowed.
1:19.5	But under Islamic law, interest-bearing loans are forbidden,
1:23.7	and so many young Muslims face difficult choices about how to pay for their studies.
1:28.8	A pledge to end this discrimination was made in 2013 by the Prime Minister, then David Cameron, of course.
1:35.1	He was speaking at an Islamic finance conference.
1:38.4	Never again should a Muslim in Britain feel unable to go to university
1:42.5	because they cannot get a student loan simply because of their religion.
1:47.6	Well, more than seven years on, an alternative student loan system is still not in place.
	...

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