A-Level Results: Is University Worth the Debt?

Summary

In the UK, students are receiving their A-level results, a pivotal moment for university admission. The debate on the value of a degree, considering the debt many graduates face, is highlighted. With tuition fees varying by region and average graduate earnings higher than non-graduates, the discussion explores alternatives like apprenticeships. The conversation underscores the importance of considering life skills, work experience, and personal happiness over just academic success and financial gain.

Takeaways

• 📚 A-level results are crucial for students in England, Wales, and Northern Ireland to secure university placements.
• 💼 The value of a university degree is debated in relation to the debt graduates incur, with differing opinions on whether it's a worthwhile investment.
• 🏛️ Tuition fees vary by region: £9,250 per year in England and Wales, free in Scotland for qualifying residents, and £4,750 in Northern Ireland.
• 💼 The average graduate earns £38,500 compared to £27,000 for non-graduates, indicating a potential earning advantage.
• 💰 England has the highest average student debt at nearly £45,000, with Wales at £35,000 and Northern Ireland at £24,500.
• 📈 There's a significant concern about the long-term impact of student debt, with some graduates facing financial struggles.
• 🔄 The discussion highlights the need for a shift in perspective, viewing education as an investment rather than debt.
• 🎓 Some argue that apprenticeships offer a viable alternative to university, allowing students to earn while learning and gain practical experience.
• 🌍 University education is not just about employment; it also provides personal development, cultural exposure, and a structured environment for growth.
• 🔄 The conversation underscores the importance of flexibility in education and career paths, with the acknowledgment that interests and goals can change over time.

Q & A

What are the tuition fees for an undergraduate degree in England?

The tuition fees for an undergraduate degree in England are £9,250 per year.

Is tuition free for Scottish residents attending university in Scotland?

Yes, tuition fees are free for Scottish residents who have lived in the UK for three years or more.

What is the maximum tuition fee a student in Northern Ireland has to pay?

The maximum tuition fee a student in Northern Ireland has to pay is £4,750 per year.

How much does the Department for Education say an average graduate earns compared to non-graduates?

The Department for Education states that an average graduate earns £38,500 compared to £27,000 for those who haven't gone to University.

What is the average overall debt for University students in England?

The average overall debt for University students in England is nearly £45,000.

What is the position of the business owner, Onin, on the value of university education despite the debt?

Onin believes that university is worth the debt as it offers the opportunity to develop invaluable life skills.

What is Holly Hobbs' view on alternatives to university for school leavers?

Holly Hobbs suggests that there are better options than university for school leavers, such as apprenticeships where they can earn as they learn.

How does the script suggest the perception of university education has changed over time?

The script implies that the perception of university education has changed, with more focus on the financial burden and less on the traditional benefits like personal development and career opportunities.

What is the script's stance on the pressure of student debt on graduates?

The script suggests that there is a significant amount of pressure from student debt, but it also emphasizes that the debt should be viewed as an investment rather than a burden.

What is the script's view on the importance of passion in choosing a university subject?

The script highlights the importance of choosing a university subject based on passion rather than solely focusing on financial gain.

How does the script address the flexibility of career paths after university?

The script acknowledges that career paths after university can be flexible and that it's possible to change directions, emphasizing the importance of personal happiness and fulfillment.

What is the script's perspective on the role of apprenticeships in comparison to university degrees?

The script presents apprenticeships as a viable alternative to university degrees, offering practical experience, networking opportunities, and the chance to earn while learning.

Outlines

00:00

🎓 University Education Costs and Benefits

The paragraph discusses the tuition fees for undergraduate degrees across different regions of the UK and the potential earnings of graduates compared to non-graduates. In England and Wales, tuition fees are £9,250 per year, while in Scotland, they are free for residents who have lived in the UK for over three years. Northern Ireland has a maximum fee of £4,750 per year. The Department for Education states that the average graduate earns £38,500 compared to £27,000 for non-graduates. However, the average debt for university students in England is nearly £45,000, with Wales at £35,000 and Northern Ireland at £24,500. The paragraph raises the question of whether university education is worth the debt, especially considering the high cost of living and the potential for graduates to struggle to break into their chosen industries.

05:00

💼 Alternatives to University: Apprenticeships and Skill Development

This paragraph explores the value of university education beyond financial returns, emphasizing the development of life skills and personal growth. It contrasts traditional university education with apprenticeship programs, which offer on-the-job training and potential for immediate employment. The discussion includes the importance of networking, work experience, and the flexibility to change career paths. It also touches on the structured support provided by apprenticeship programs and the opportunity to travel and experience different cultures, similar to university. The paragraph concludes with the idea that university should not be the sole measure of success and that personal happiness and fulfillment are important factors in choosing an educational path.

10:02

📊 Public Opinion on University Value in 2024

The final paragraph summarizes the public's opinion on the value of a university education in 2024, as gauged by a show's audience poll. Only 20% of respondents believe university is worth the investment, while 80% do not. This reflects a significant shift in perception compared to 30 years prior, suggesting a growing skepticism about the return on investment for university education. The paragraph implies that societal views on the necessity and value of a university degree are evolving, with more people questioning the traditional path of higher education.

Keywords

💡A Level Results

A Level Results refer to the outcomes of the Advanced Level examinations, a significant milestone for students in England, Wales, and Northern Ireland. These results often determine university admissions and are a key focus of the video's discussion on the value of higher education. In the script, it's mentioned as 'getting their A Level results today', highlighting the importance of these results for students' future paths.

💡University Admission

University Admission is the process of gaining entry into a university to pursue higher education. The script discusses the anticipation of students receiving their A Level results, which are crucial for university admission. The debate centers on whether the potential debt from university is worth the investment, given the financial and non-financial benefits of attending university.

💡Tuition Fees

Tuition Fees are the charges for educational instruction at universities. The script provides a detailed breakdown of tuition fees across different regions in the UK, emphasizing the financial burden on students. For instance, it mentions fees of £9,250 per year in England and Wales, contrasting with free tuition for Scottish residents, which is central to the debate on the cost of education.

💡Student Debt

Student Debt refers to the loans and financial obligations incurred by students to finance their education. The script discusses the high levels of debt that graduates leave with, particularly in England, where the average debt is nearly £45,000. This concept is central to the debate on whether a university education is worth the financial burden it places on students.

💡Graduate Earnings

Graduate Earnings are the income levels that university graduates typically earn compared to non-graduates. The script cites the Department for Education's figures, stating that the average graduate earns £38,500 compared to £27,000 for non-graduates. This information is used to argue the potential financial benefits of a university degree.

💡Degree Apprenticeships

Degree Apprenticeships are structured programs that combine paid work with academic study, often leading to a degree qualification. The script features an expert advocating for these as an alternative to traditional university education, highlighting the benefits of earning while learning and gaining practical experience.

💡Investment in Self

Investment in Self refers to the personal and professional development one undertakes to enhance their future prospects. The script includes a viewpoint that student loans should be seen as an investment in oneself rather than a debt. This perspective is used to argue that the potential for higher future earnings justifies the initial financial outlay for education.

💡Career Opportunities

Career Opportunities are the job prospects and professional paths available to individuals. The script discusses how a university degree can open up career opportunities, but also acknowledges the challenges some graduates face in entering their desired industry, such as the example of a graduate with an Aeronautics degree who struggles to find work in the field.

💡Educational Value

Educational Value encompasses the worth of an education beyond financial gains, including personal growth, critical thinking, and the acquisition of knowledge. The script touches on this by discussing the non-monetary benefits of university, such as the opportunity to study abroad and explore different subjects, which contribute to a well-rounded education.

💡Career Flexibility

Career Flexibility refers to the ability to change or adapt one's career path. The script includes a discussion on how university provides opportunities to explore different fields, which can be valuable for personal development and career changes. It contrasts this with the potential rigidity of degree apprenticeships, suggesting that universities offer more room for exploration.

💡Educational Investment

Educational Investment is the concept of viewing education as a long-term investment that may yield personal and financial returns. The script debates this notion, with some arguing that the potential debt is an acceptable cost for the lifelong benefits of a university education, while others question whether the high costs are justified given the financial and practical challenges some graduates face.

Highlights

Hundreds of thousands of students in England, Wales, and Northern Ireland receive their A-level results, which are crucial for university admission.

The debate on whether a university degree is worth the debt it incurs is ongoing.

Tuition fees vary by location, with England and Wales at £9,250 per year, Scotland free for residents, and Northern Ireland at £4,750 maximum.

On average, graduates earn £38,500 compared to £27,000 for non-graduates, according to the Department for Education.

The average debt for university students is highest in England at nearly £45,000.

Patricia's email highlights the struggle of grandchildren with over £100,000 in student debt, impacting their monthly finances.

Business owner Onin Odoro argues that university is an investment in life skills and opportunities.

Apprenticeship expert Holly Hobbs suggests alternatives to university, such as earning while learning.

The discussion points out the shift from grants to loans and the psychological impact of student debt.

The importance of understanding the student loan system and the fact that it's not a debt if not paid back is emphasized.

Holly Hobbs shares her experience of gaining valuable skills and a network through a degree apprenticeship.

The argument that university should not be the sole measure of success or financial gain is presented.

The flexibility of apprenticeship schemes and the opportunity to change career paths is discussed.

The value of university experiences, such as studying abroad and personal development, is highlighted.

The importance of happiness and personal fulfillment over academic success is emphasized by a parent's perspective.

A poll result shows that 80% of respondents do not think university is worth the debt in 2024.

Transcripts

hundreds of thousands of students across

England and Wales and Northern Ireland

it's the big morning for them they're

getting their a level results today and

other examination results and obviously

many are counting on getting reasonably

good results to get them into University

well we're debating whether or not

getting a degree is still worth the debt

that graduates leave with uh but first

here's sha with the facts and figures

Shan tra thank you very much indeed the

price you pay for tuition fees depends

on where you live and study an

undergraduate degree in England and

Wales cost £9,250 a year in Scotland

truition fees are free if you're a

Scottish resident and have lived in the

UK for three years or more and in

Northern Ireland students pay a maximum

of

4,750 a year when it comes to the

benefits of having a degree the

department for Education says an average

graduate earns

38,500 compared to

£27,000 for those who haven't gone to

University univ however the average

overall debt for University students is

highest in England at nearly £45,000

followed by Wales at £35,000 and

Northern Ireland at

£24,500

thanks Sean so the big question is is

University still worth the debt in 2024

already I've got a message on this

Patricia on email says I have two

grandchildren with unid debts of over

£100,000 trebling with with interest

they rent at huge cost too and there's

nothing left each month and the family

can't help well joining us now to

discuss this is business owner Onin

odoro who thinks that University is

worth the debt and offers the

opportunity uh of developing invaluable

life skills also with us we have

apprenticeship expert Holly Hobbs who

says that there are better options than

University for school leevers who can

earn as they learn I have to say that

when you hear the figures that Sean just

read out there I mean and and this one

on the email and that one on that email

that that you just read out TR um it

does give you pause for thought I mean

back in the day um when I was growing up

I and my contempories if we were going

to University we got a student grant uh

and depending on what our parents earn

the parents chipped in but there was no

question of leaving University with a a

mountain of debt which must be very

depressing to a lot of kids is this

really the right system I do think we

need to change the ways in which we're

talking about going to University so

it's definitely an investment in oneself

as opposed to a debt I did two degrees

so I'm sure my student loan payback is

around the £100,000 figure if not more

however I have been able to create a

career and a life for myself that means

I'll be able to earn so much more than

that and there's no guarantee of that is

there another message we had was from a

woman who soned an Aeronautics degree um

he got a first uh he's 30 now he's not

been able to break into the industry

despite that degree and now he's

basically getting too old to break in he

doesn't have the experience and he's got

£45,000 of debt for what but it's not a

debt if you don't pay it back nothing

happens you've got to take a chance on

yourself it's not like you're penalized

um Martin Lewis describes it in a really

good way it's essentially an additional

graduate tax so it shouldn't stop you

from going to University I think the

numbers are important you do need to

weigh up those options but there are

loads of fear-mongering statistic ICS

particularly around going to University

can you just explain what you mean about

you don't have to pay you mean you can

well if you're not earning it's only up

to what after you start earning I think

over was his 25,000 so there's a

qualification to that yeah if you're

earning you have to pay it back but if

you're not then you don't need to feel

this pressure to pay it back and I think

we start we need to start looking hang

sorry I'm sorry you will feel that

pressure though all right this

30-year-old who can't break into the

aeronautic at some point he'll get a job

somewhere else his earnings will start

coming in and it is going to come and

bite him but you will fill that pressure

because the wrong information is being

fed about how the loan works that's why

I'm here today yes I I understand that's

why I'm asking the follow yeah so that

the most important thing is for people

to understand that it's not this crazy

debt that you have to pay back and

you're not penalized if you don't pay it

back in fact you reach a certain age and

it gets written off so you need to start

thinking about it as an investment in

oneself as opposed to a debt that you

have to pay back I'm I'm interested now

Holly you didn't go to university what

did you do so I was on a degree appren

ship at a Global Tech firm is that like

a te is it something along the lines of

one of these tea sort of you know where

you do an an apprenticeship basically

yeah see I would have liked to have done

that you did that as well what is your

feeling would you have been better off

do you think you would have been better

set up if you had gone to University and

got a degree definitely not no I think I

gained invaluable skills working

alongside my degree and at the end of

the day I think that you are in charge

of your own your own skills that you're

learning um and University shouldn't be

a measure of success for that I think

and measure of success financially is we

heard from the figures there you are I

mean on average you are going to more if

you have a degree but it's everything

about money I think that's one of the

problems that's a because then now they

you know I can't remember who came out

and said do a degree um about a subject

you're passionate about don't just focus

on money and we're seeing more people

get getting involved and doing degrees

in stem subjects because they're

thinking purely about the money so you

what what area did you study so I was in

business management business management

so what did you gain actually being in

situ so to speak you might not have got

at Uni the biggest thing I gain was my

network um and that's helped me to start

a business now because actually I've

been able to leverage those people that

I met and they've helped me within my

business to grow how do you think we

should be funding University

degrees um that's a great question if

you you don't have to answer if you

don't have an answer no I mean I think

they should be funded through the degree

apprenticeship route and people should

be working with an employer and getting

their employer to fund it for them so

they don't have to pay all that debt and

they're getting the work experience at

like bit like the National Health

Service one of my kids one of their

degrees with with the National Health

Service yeah but then then and and with

the military but then you have to

actually stay with in that service to do

that so why is that not a better

alternative you're actually when you uh

start work you've got an actual

knowledge of how it works because you

can many people would say you can learn

everything with within a lecture hall

and what have you but it's very very

different when you're actually having to

communicate with colleagues and

negotiate all of the sort of things that

one does really hands on in the

workplace so far this conversation has

centered all around work and University

isn't just about that so in my

experience I traveled abroad I studied

in China I read my first degree is in

religion politics and society and my

postgraduate degree is in education

policy and Society so these are subjects

that I'm very passionate about they are

quite academic first degrees is in arts

and humanities faculty postgraduate is

in public policy and social science and

did you select them not just because you

found them stimulating but also because

they would steer you into the career

that you chosen yes but on top of that

it's about developing oneself University

gives you the opportunity to create

yourself in a controlled and structured

environment at 19 years old how on Earth

would I have picked myself up and moved

to China to study without the

infrastructure that University gave me

does the workplace or do Apprentice

schemes currently offer that opportunity

so far I haven't seen that well do they

do but I would argue yes they do um a

lot of employers will have structured on

boarding programs that will teach teach

the young people exactly how to set up

the success throughout their

apprenticeship so they won't just be

chucked in the deep end um and also

about your point about studying abroad

Etc appren ships do still give you that

opportunity because you're working there

might be an opportunity for a business

trip and you're also earning a salary

which means you can afford a lot of the

time to go on these holidays and

experience these new cultures and

apprentices do often go and move out um

and move out with other apprentices or

go to share accommodation or whatever so

you're still building up those same

skills but what happens when what

happens if you decide you don't want to

go down that career route I wanted to be

a doctor then a lawyer then I thought I

was going to work in the Professional

Services industry in the city and I am

none of those things because as a young

person you change your mind a lot and

University gave me the opportunity to

explore lots of different options I

think that's a really good point

possibly to finish on here it's so

important for for kids watching this now

one not to worry too much about the

results they get because you can move on

everything's possible but two you can

always change your mind I mean all all

of my fa kids ended up going to UNI but

one of them uh she'd only been there for

two terms basically for about six months

um she found home one day and said Dad

I'm just not enjoying it here and I

don't think it's serving me right I want

to come back and get and get a job I

said well then do it and so she left and

it was the best thing she ever did so

you can always change your mind mind

exactly yeah I would argue appr

friendships are actually more flexible

in that respect because you can be on a

scheme but actually you don't have to

work in that specific department for the

whole friendship scheme you've got more

fluidity you can move around the

business you can try different things

whereas if you're at University and

you're signing on a course halfway

through you're less likely to change

courses because then you're going to

have to pay all the money again that's a

good point it's an interesting one isn't

it I I actually think as as parents uh

and lots and lots of parents watching as

well as the kids waiting for their

results I think we'd all probably agree

the most important thing is for our kids

just to be happy I mean I I we didn't

put pressure on our kids to do

incredibly well academically they did

okay but they didn't they didn't do they

didn't shine I didn't care because they

were happy they were happy at school and

they were happy in the toy and that is

what I I think that's important that and

that they don't bring their laundry back

to you well look we asked we we set a

little question for you uh at the top of

the show we asked you is University

worth it in your view in

2024 20% of you just 20% one5 of you

said yes 80% of you said no you don't

think it is is that's telling isn't it

that's telling about how Val Chang we

wouldn't have got that result 30 years

ago no way no no most fasc we wouldn't

have known what university was 30 years