Miliband has claimed that the tuition cap would be possible by reversing the soon to be introduced cut in corporation tax rates of banks and increasing interest rates on the highest earning graduates on their loans.
Liam Burns, NUS UK President said:
"In the context of current proposals, Labour's announcement is certainly a welcome recognition that the changes that have been made to university funding over the last year have been hugely destructive. Lowering the fee limit and reinstating state funding for teaching would stop much of the damage caused by a market in variable fees, reduce the burden of graduate debt and demonstrate a commitment to investing in young people. But let me be clear, this announcement doesn't go nearly far enough.
"What we need to see now from all parties are bold plans that go even further. Any system of payment based on an identifiable fee will influence the choice of the poorest. We must find a fair balance of funding universities between students, government and employers, always avoiding a 'sticker price' on education."
"Far from the fees debate being done and dusted, politicians have rightly recognised that they need to urgently re-visit the damaging changes proposed for university funding. When parents are actually talking about re-mortgaging to clear their children's debts, political parties are prioritising policy proposals around the issue of tuition fees and students are protesting up and down the country, the issue of how to fund our universities are far from over. This Government is trying to lay the consequence of the economic crisis at the feet of a generation that had nothing to do with causing it."