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Sally Hunt, general secretary of the University and College Union, said Osborne's "main funding solution appears to be extending loans and loading more debt onto students.
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The fund consists of a $900 million main fund and a $600 million parallel fund.
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Its main fund made a remarkable 80% return.
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It is part of the wider range of funding solutions that are now available to organisations.
NHS Providers said "sustainable" funding solutions were needed.
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