University
prices have soared, is university still the right way to go with an
uncertain economic climate
looming
According to recent statistics, the average
graduate leaves university with over £5,000 worth of debt per year
of study. This figure is set to soar once the tuition fee increases
come into play, with around 70% of universities planning to charge
the full £9,000. This could mean that graduates could leave
university with a debt of at least £25,000, and in severe cases
around £40-60,000.
Obviously because of this students are
starting to ask whether a degree is worth it, with so many
graduate
schemes still frozen, and fears of a double dip recession still
looming. The survey conducted by edge, found nearly 60% of parents
think that a degree is of a lesser value than it was 10 years ago.
The recent headlines have stated that 1-10 graduates can expect to
face unemployment after graduating, the worse figures in about 17
years which emphasize the need for universities to show value for
money.
Impact the University of Nottingham’s
official student magazine, spoke to Kate, who is starting at
university this year. She explains, “I’ve started to look into all
the costs and they just keep building. Tuition fees are one thing,
but now I’m look at paying £98 a week on accommodation before even
considering the price of food, books and socialising.” She
continues, “With no promise of a job at the end, I have found
myself asking — is it worth it?”
With fewer graduate opportunities and an
uncertain economic climate, many students are trying to gauge
whether a degree is worth the huge debt and whether the benefits
are still in place.
Yet many graduate employers still stipulate that gaining
a degree is integral to attaining the necessary skills for a
graduate job. Dave Andrews of Accenture says students gain problem
solving, general knowledge and the ability to learn more
independently. They also develop skills in communication, teamwork,
and emotional maturity. University is a great way to develop
academically, professionally and personally.”
Giovanna Miceli of Mercer also comments that
“Graduates can be at an advantage as they may be on the way to
obtaining professional qualifications through exemptions from their
degree.” University still provides skills that may otherwise be
unobtainable; a degree can also provide a graduate with quicker
career progression than those without.
Martin Wynne-Jones, the Director of Finance at
University of Nottingham, was asked if he thought the university
offers good value for money. He replied, “The University, I think,
offers a high quality teaching and learning experience with a
highly regarded degree awarded at the end – the campuses offer
excellent facilities as well as an outstanding environment to live
in. The quality of the facilities rivals any other university
across the country.”
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