The pros and cons of going to university

Thousands of A-level students have missed out on their first-choice university after this year’s grades reverted to pre-pandemic boundaries, sparking a rush for “clearing” places.

According to Ucas, only 205,000 school leavers made their offers for their first- or second-choice university, “nearly 10,000 fewer than in 2022”, said The Guardian, thanks to a “steep fall” in the number of top A-level grades. Universities UK said only 79% of 18-year-olds were accepted on to their first-choice course.

Nearly 50,000 teenagers were left “scrambling” to find a course after the results were published last week, said The Times, with a record 10,400 gaining places through the Ucas clearing service – up from 6,000 last year.

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Some universities were “bending over backwards” to admit would-be students, wrote education editor Sian Griffiths, due to their “urgent need” for the students’ tuition fees of £9,250 a year.

With intense competition for places and evermore focus on the cost benefit of going to university, The Week weighs up the pros and cons of getting a degree.

1. Pro: greater earning potential

Graduates can reasonably expect to earn more on average than non-graduates over the course of their careers. According to Statista, graduates in England earned an average of £38,500 last year, which is £11,500 higher than non-graduates.

However, this fabled “graduate premium” has fallen over time, according to data from the Higher Education Statistics Agency, thanks partly to more people gaining degrees and demand outstripping supply of places.

“How much graduates earn also depends on the subject studied and university attended,” said BBC News.

On average, women who study creative arts and languages degrees earn about the same in their lifetime as they would have done without a degree, according to research by the Institute for Fiscal Studies think tank. Men who study creative arts on average earn less across their lifetime than those who didn’t attend university.

However, students who chose law, economics or medicine earned significantly more than those without a degree.

2. Con: added student debt

While tuition fees vary, cost is a huge factor – especially since they tripled a decade ago. Many will pay £9,250 a year, and take out a student loan to pay for it.

Factor in living costs and the average debt for those who started their course in 2022/23 will be £45,600 by the time they graduate, according to data from the Commons Library.

Although students do not start paying back their loans until their earnings exceed a certain threshold (currently £27,660 a year, according to government data), they are charged interest on their total loan from the day they take it out.

When repayments begin, they can be substantial (currently 9% of their income above the repayment threshold). It had been the case that the balance will be written off after 30 years, or when you turn 65 (whichever came first).

But a “big change this year”, for students starting their courses on or after 1 August 2023, will now see the balance lasting for 40 years rather than 30, said The Times – “until close to retirement for many” – and a lower salary repayment threshold.

Universities have said that “effectively freezing tuition fees” since 2012 is “threatening to have an impact on the quality” of what they can offer as their income has been reduced dramatically in real terms.

3. Pro: greater job choice

A degree offers greater opportunities and choice in the job market. It will also “improve your chances of securing a job role in specialised fields”, said Career Addict. A degree “is essential for certain skilled roles and careers”.

A university education “allows you to target a broader range of careers than you can through an apprenticeship”, said Prospects, “but both will stand you in good stead when it comes to getting a job”.

4. Con: ‘worthless’ degrees

According to data published in 2019 by the Office for National Statistics, almost a third of graduates were overqualified for their job.

“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.

5. Pro: life experience

“Of course going to university is about so much more than money,” said The Times. While hard to quantify, many graduates benefit enormously from the university experience, and the life lessons learned.

These include making new friends from different backgrounds, expanding your network of contacts that can help you in later life, broadening your range of interests through extracurricular societies and clubs, studying abroad, learning skills like budgeting – all of which will serve you well after you graduate.

6. Con: vocational courses

The focus has begun to shift towards vocational courses and on-the-job training, which offers many of the skills needed to succeed in the workplace – without the accompanying student debt. From 2024, candidates will be able to apply to do apprenticeships through Ucas.

A 2021 report by the Chartered Institute of Personnel and Development found that the majority of graduates (52%) would have considered doing an apprenticeship instead of a degree.

By doing an apprenticeship, “you’ll immediately enter the world of work and gain valuable on-the-job experience while earning money as you study”, said Prospects. “You won’t pay tuition fees and you’ll make industry contacts from day one.”