In a time of mass graduate unemployment and worry about considerable student debt, university students' prospects in terms of paying off such debts quickly on graduation are not looking bright. A further blow came at the end of last year when the government announced the significant increase to tuition fees they were looking to implement from 2012, which have come to dominate student politics in the last few months. With future university students now being able to expect to graduate with debts of ??27,000 for a three-year degree, the recent groundbreaking announcement by pharmaceutical giant GlaxoSmithKline has come at an opportune moment and presents perhaps a beacon of light at the end of the dark tunnel of debt for students.
GlaxoSmithKline have announced a new scheme for graduates which they plan to bring in for 2012, in line with the proposed time frame of the government introducing the raised fees in September of that year, if parliamentary approval is gained. The company will offer to fully reimburse their future graduate intake's university tuition fees, which could amount up to ??36,000 for those students paying the full annual ??9,000 and studying on a four-year degree. This would cost the firm ??3 million a year and signifies their investment in the future of the industry, recognising the youth's talent as essential in the long-term success of their business.
Andrew Witty, GlaxoSmithKline's CEO, affirmed that "the biggest reason we are doing this is that we want to get the absolute best possible graduates we can to work for GSK. This is a great way for us to try and ensure we get that next brilliant scientist."
This announcement has been received with great applaud from experts and students alike. Jeff Randall, of The Telegraph, noted that "if replicated by its peer group, (it) could help transform the funding of degrees and ease the burden of student debt that comes with university fees of up to ??9,000 a year". Undergraduates of today and tomorrow will certainly agree, and recognise that if this became a widespread practice, this could have significant effects on their graduate financial prospects as well as, for those uncertain of whether to attend university or not following the government's proposals, possibly offering them a nudge in the direction of further education. As students, we will be crossing our fingers in the hope that similar schemes across the board of graduate recruiters become the status quo as opposed to the anomaly.
Louise, GRB Journalist
