Studying for a degree - is it really worth it?

Is studying a degree good value for money? Are fees too high? Do graduates get paid more than non-graduates? Questions I’ll think about below then answer at the end of this blog.

I used to co-habit with people like this.
Some are now political campaigners.

I flew through university on a grant was happy living among the rats and vermin which came with the grubby private accommodation I paid as little as possible for. I didn’t have a clue what I wanted to do afterwards; going to university to pursue my chosen subject was an end, joy and privilege in itself. The benefit then, as now, included but was not restricted to being able to earn more money than if I hadn’t been a graduate.

That was the early 1990s and I was, well, a bit dozy. It’s a different world now. It’s certainly not 1990 anymore. Today, when considering whether or not to attend university – and although you’re reading a blog on a university marketing site, higher education really isn’t for everyone - decisions about what to do after BTECS and A levels need are often made strategically, with the head and a focus on future employability more than likely winning out over the heart, where such conflicts arise. The promulgation of sites like UNISTATs suggest that evidence and comparisons are made in choosing between universities which have ever improving facilities and offers, but even before this, there’s the question of whether the benefits of higher education outweigh the barriers – a question even more prescient for more mature learners.

Since the early 1990s, fees have increased and the premium graduates enjoy over non-graduate pay has eroded. The premium is, however,still there, and this, together with unemployment rates lower for graduates than for non-graduates indicates, to me, that a university education is still good value, offering life experiences which would otherwise be denied and helping students build friendships and networks. At least it does for those who are good at that sort of thing.

Results of this year’s student experience research by the Higher Education Policy Institute (hereafter referred to as HEPI) and the Higher Education Academy (HEA) came in just before the unfolding uncertainties following the country’s weird decision to BREXIT. But this was already a time when the Government was considering whether, in certain circumstances, to allow some institutions to increase fees in line with inflation and so put further pressure on the value of degrees. The findings from the research - not surprisingly - was a strong resistance to any fees increases.

Some prospective students will find fee differentiation useful as, rightly or wrongly, judgements are made accordingly. Others will be bemused by increased fees which will mean more of a tough decision for those who are debt averse. Given this and other changes in higher education, the widening participation agenda increasingly looking under threat. Luckily for us at Bedfordshire, we're confident that our portfolio and initiatives designed to get you ready for work and our student experience initiatives including our Go Global scheme significantly enhance our value offer.

And now, as promised, my views on the questions posed at the beginning of the article.

1. Yes, of course studying for a degree is good value for money. And remember you don’t have to start paying back fees until you earn at least £21,000;
2. According to the HEPI and HEA research, fees are too high; but going to university, whether it’s in a far off location or on your doorstep, can be an amazing experience and provide superb opportunities to see the world and the chance – in 2016 compared to 1991 - to stay in wonderful accommodation. So much more, in fact, than just a degree;
3. Yes graduates are paid more than non-graduates, even if there’s been some erosion in the graduate premium over the last few years. Bedfordshire students are also encouraged to develop their employability while studying.

But then again I would say all this wouldn’t I? Any other response would go badly against me from a ‘keeping my job’ point of view.