Is university worth it?
Luke Mintz asks two experts whether a degree is still a good investment for the future
‘Without that certificate you could find yourself locked out of a top career’
Is university worth it? It’s a question you wouldn’t have dreamt of asking in 1980, when just over one in 10 18-year-olds went to university. Back then, degrees were seen as a golden ticket to an illustrious career. Now, about half of young people enter university; most of them now graduate with about £45,000 of debt, and a small number struggle to find jobs afterwards.
It’s also a question that became more complicated last year when Covid transformed the university experience. Freshers this autumn have no idea how the job market will look when they graduate (it’s currently the worst it has been since 2008). Some think that’s more of a reason you should go to university. Here, two experts offer their views.
Since the early 1990s, the number of young people in the UK going to university has doubled. Because of this dramatic expansion, some youngsters conclude that the value of a degree must have fallen. It’s understandable logic, but it’s wrong. In fact, there’s a broad consensus that as ever more young people enter university, the cost of not having a degree gets higher. Without that all-important certificate, you could find yourself locked out of a top professional career. School leavers report having to push harder for every opportunity.
In the UK, graduates earn about £10,000 more each year than nongraduates, according to Department for Education figures published in 2019. Of course, there’s variation across courses and institutions. Graduates of science and engineering courses tend to earn more than those who studied arts. But even humanities degrees are immensely valuable; they give students confidence and agency, allowing them to flourish in the professional world. Some of the most accomplished figures in UK life studied humanities.
Not everybody likes writing essays or sitting in lectures, of course. But anybody who plans a white-collar career should think carefully before skipping university. Teenagers from wealthy, well-connected backgrounds will probably succeed either way, but for less-advantaged youngsters, including most of the middle classes, a degree can prove transformative.
Some teenagers remain afraid of fees; most universities in England now charge £9,250 per year. It’s an understandable but misplaced concern. The UK’S system means graduates only have to start repaying their loan once they’re earning a sufficient amount.