Is a university degree worth the cost?
Now that UK students are well into the new school year (and no doubt counting down the days until the next half term), we ask the question: Is a university degree worth the cost?
Price Increase
The cost of a university bachelor’s degree has risen dramatically in the last decade. Prior to 2013, the average UK undergraduate university course would set you back around £3,000 a year, with the price capped at a maximum of £3,335 per annum. The price varied slightly depending on where in the UK you were from and where you chose to study for your degree e.g. an English student studying in Scotland.
The proverbial spanner in the works (for hopeful university students, at least) was the imminent review of this price cap….
Those of you old enough to remember the government coalition between the Conservatives and Liberal Democratic parties may also be familiar with the impact this had on degree prices. In the build up towards the 2010 election, parties were revealing their proposed mandates for the country. In an attempt to get the younger demographic onboard, Nick Clegg, leader of the Liberal Democrats, promised that, should his party be elected, he would keep university prices capped at the current £3,225 mark. This was announced after it became public knowledge that there were plans to increase university prices. The suggestions came for many reasons, one of which being that it would reflect inflation prices.
However, with a hung Parliament (“A hung Parliament is when no single political party wins a majority in the House of Commons. It is also known as a situation of no overall control) and a subsequent coalition government forming, things were not as clear cut.
The Review of Higher Education Funding and Student Finance, also known as the Browne review 2010, “was a paradigm shift for higher education funding in England” states Taylor and Francis online. The bill passed and effectively gave universities the discretion to increase their fees up to a new cap of £9,000 a year. This sparked huge student protests in London.
Thousands of people took to the streets to oppose the controversial decision in November of that year. According to a BBC article on the matter, a survey of 2,025 adults was conducted and it indicated that “58% of those with children under the age of 18 believe(d) that MPs who broke their promise over tuition fees should not stand at the next election.” It went on to say that “62% of these parents said they would not vote for an MP who had broken their election pledge on fees.”
Financial Support for Students
Another factor that should be taken into consideration, when deciding whether to embark upon a university course, is the amount of financial support you are entitled to. Student loans make it possible for many individuals to gain a degree, but, depending on your circumstances, you could also be entitled to additional support.
The Guardian outlines this in its article. “Those from households with incomes of £50,020 or less can also apply for non-repayable, means-tested maintenance grants. Those with household incomes of up to £57,708 (living away from their parents’ home, not studying in London) can apply for repayable means-tested maintenance loans. A basic non-means-tested maintenance loan is available to all eligible students.”
But what about those who choose to study at a later stage in life? What about those with families to provide for, children to look after and bills to pay? When you take into account the typical cost of childcare in the UK, a degree can cost an individual far more than just the price of the course itself. Mature students are often faced with catch 22 dilemmas such as these.
Although it is not always straightforward or even feasible for an individual to gain a university qualification, there are some options to ponder. For example, some universities provide flexible or part time degrees and places like The Open University offer at home, remote-learning courses.
On the surface, leaving education with a hefty debt upwards of £27,000 (and that’s without taking into account maintenance and housing costs) seems quite daunting. However, it’s worth noting that Student Finance loans are one of the safest and most protected of their kind.
‘Unbiased’ explains this when it says “Lots of people view student loans in a similar light to a tax, as your payments are worked out based on your income and are taken before they ever reach your pocket.”
The Education Hub goes on to inform us that “With most commercial loans you start repaying your loan immediately or after an interest-free period. With a student loan, you’re only liable to repay from the April after you leave your course, and your repayments will only start if you’re earning more than the repayment threshold of £25,000 a year.”
Additionally, “unlike commercial loans, if you have not repaid your student loan after 40 years, the amount you still owe is automatically cancelled, regardless of how much it is.”
Higher Education Participation Rates
A recent article, written by The Times in August 2022, has discussed the level of merit that a degree holds in today’s society. Data shows that, as of 2022, “Over half of all UK school leavers now go on to university.” This is a significant increase from statistics from 2011/12. “More than a third (38%) of those who were 18 in 2011/12 went into higher education, up from three in 10 (30%) of those who were the same age in 1998/99, according to data published by the Higher Education Funding Council for England (HEFCE).”
However, this does raise the argument that, due to a surge in the amount of graduates, degrees have become too common-place and, therefore, less valued in the workplace.
In fact, in a piece entitled ‘The great university con: how the British degree lost its value’, the journalist comments that “There is little indication that universities are turning students into exceptional, or even competent, graduates.”
On the flip side of the coin, the downfall of not being among those who hold a degree, is that you are now more likely to be competing against someone who does possess a university degree. Although a degree does not guarantee job success, it does hold significant weight and can sometimes be the difference between getting or not getting the job (in some cases).
Is A Degree Worth It For A Job?
That is, in itself, a very loaded question and one that can only be answered on an individual basis. Some things to consider when trying to decide for yourself are as follows:
What kind of career do you see yourself in?
As The Guardian rightly points out, “Having a bachelor’s degree is necessary for some careers, but there are also plenty of alternatives.”
‘Indeed’ has some helpful information regarding jobs that require degrees, e.g. “specific careers in areas like law, healthcare, finance, business development and leadership areas may require that applicants have college degrees.”
Whereas, The Week discusses those careers that are less reliant on a degree…
“Our findings show that people who studied arts, biology and humanities are the most likely to be overeducated,” said Dr Maja Savic, an ONS economist.
Nearly three out of 10 graduates do not progress into highly skilled jobs or further study 15 months after graduating, according to the regulator, the Office for Students (OfS).
Under new government plans, universities could be restricted in recruiting students to courses that “do not have good outcomes”. This includes courses with high drop-out rates, or a low proportion of graduates ending up in professional jobs.”
What do you want to get out of university?
University is not just about what you do afterwards in terms of a job. University is also about growing as a person and provides the opportunity for networking, which could perhaps benefit you later on in life/your career.
The Guardian sums it up when it writes “A degree can equip young people with a broader horizon with more job prospects and instil an appetite for life-long learning. It can even be an opportunity to forge friendships with people from all over the world.”
Do you tend to seek immediate gratification, or are you one to think long-term?
Leaving school at 16 and seeking full-time work has an allure for many youngsters. It means more independence and a regular salary from the get go. Apprenticeships are also an option which allows someone to learn on the job while earning money at the same time.
Areas of work that people tend to go into without feeling the need to acquire a degree first, are usually more hands-on and nurture a “learning through doing” approach. A few examples of these are fields like:
IT, media, manufacturing, painting and decorating etc.
Furthermore, subjects that are inherently more practical and that may require certain skill or talent e.g. one of ‘The Arts’, often draw in people who would perhaps not consider themselves an academic. A prime example of this is that many people who have dyslexia are often very adept at things such as drawing, creating or making. Dyslexia does not hinder their innate talent and ability in their chosen field, but it can create added pressure when it comes to writing essays. Although art degrees are predominantly coursework based, to amass a degree, one is still subject to a written dissertation. If the idea of writing pages of text and scouring books for relevant quotes fills you with dread, it’s important to address this before making a final decision. Although a dissertation is merely one aspect of a degree and only counts towards a portion of your final grade, it can still be the source of a lot of anxiety for some students.
Going to university, without being financially independent or secure, will require you to put the notion of a regular, full time salary on hold, at least until you graduate. Maintaining a part-time job while studying is certainly achievable, but it will inevitably take up a large portion of your spare time and could hinder your studies. The reward for foregoing a steady full-time income while you study, however, is that graduates typically enjoy higher salaries than non-graduates.
“The Department for Education (DfE) said in a recent report that graduates earned £10,000 more a year than those who don’t go to university.
According to the figures, working-age graduates earned a median salary of £34,000 in 2018. That’s a rise of £1,000 from the previous year. By comparison, non-graduates earned £24,000 on average.
But there is a stark discrepancy between graduate salaries.” – The Times.
Again, this does depend on your field of study and the job itself, with roles in banks, law firms and consulting firms earning roughly £50,000 a year on average.
The article goes on to assert that, “It’s certainly possible to get a good job without a university education. In fact, some of the world’s most successful people made it big without degrees, from Mark Zuckerberg, who dropped out of Harvard to found Facebook, to Richard Branson.”
Conclusion
As someone who did make the decision to go to university, I can’t help but have an (albeit biassed) opinion on the matter. It’s hard to say how my life would have panned out without acquiring a degree, but I do know that my stint at University gave me the much-needed time to grow up and prepare for the work environment. Up until my graduation, I had only worked part-time in a popular supermarket. Going into higher education with other like-minded, but also vastly different, adults, afforded me the opportunity to adapt and work outside of my comfort zone. This was a very useful skill and one that has helped me in my working life since.
My degree was in ‘Illustration and Graphic Design’, but I completed a Foundation in Art college course before applying to university. At college, I was in close proximity to lots of artistically talented peers, some of whom carried on to university and some who left college mid-way through because it wasn’t for them. The two individuals in which I refer to went on to have very lucrative careers as tattooists and have achieved great success without a degree under their belt.
All in all, I think it is always a unique and personal decision and there is no blanket answer to the question of ‘whether or not a degree is worth it’. I enjoyed my time at university, but it is not solely responsible for where I am today. Whatever path you choose, enjoy it! After all, life is all about the journey and not the destination!
What Do You Think?
Are you considering enrolling into university? Do you already have a degree? Or did you take a different route to get to where you are today without the need for higher level education. Let us know in the comments below.
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