University is not cheap. For most of us, it will be one of the largest set of debts we ever take out.
It remains to the Treasury, however, a debt largely left unpaid. By March 2024, outstanding student loan debt to the government stood at an eye-watering £236 billion, and that figure is predicted to double in the next 25 years. This is symptomatic of very active choices from governments, both Tory and Labour, over the last few decades; Blair made a pledge to send over half of young people to university, a pledge which has had untold negative consequences on the country as a whole. His 50% target was finally reached in 2017-18, and what has it gotten us?
The results are disappointing: a nation full of shortages in key industries (plumbing, electricals, etc.) and an incredibly over-saturated graduate market. As with anything, when you increase the supply the item itself becomes significantly less valuable – and so being ‘a graduate’ is no longer the golden ticket it once was. Combined with the domestic fees cap, we now also see a university sector subsidised heavily by international students and the British taxpayer, with many universities struggling to be financially viable.
Encouraging people to go to university seems now to be a compulsion, as opposed to being considered one of the most significant financial decisions of one’s life. My own decision was thought through long and hard – after the Navy rejected me for medical reasons – and to this day I often feel that I may have been better placed diving straight into the real world. Indeed, I often feel that my year of employment before I started at Oxford taught me significantly more about life than this degree ever will.
And there are, of course, plenty of excellent non-university options out there. Someone I know recently took up a Ministry of Defence apprenticeship instead of going to university, and I’m beyond convinced that this was a fantastic decision. He earns an excellent salary, and is learning skills that are actually incredibly valuable to both himself and the nation – and crucially he won’t be saddled with £50,000 of debt. We can, and should, do more to open up new opportunities to people – to show them that in today’s world a piece of paper with the word ‘Bachelor’ written on it doesn’t have to define your ability, skill, or indeed earning potential.
So what’s the solution? In my ideal world, the government would do everything in its power to expand and celebrate non-university options. They would encourage the establishment of more degree and non-degree apprenticeships, and careers that start at 18, not 21. At the same time, they should raise tuition fees and end the repayment threshold, acknowledging finally that higher education is a privilege, not a right, and currently an outsized burden on the taxpayer.
Student Finance is a truly wonderful thing: it has enabled millions of young people to access the world’s best educational institutions. But it comes at a massive cost. Not everyone needs to go to university, and that’s not at all a bad thing.
Importantly though, we must recognise that someone pays for these degrees – either that is the person who chooses willingly to go to university, or it’s the taxpayer. I know which one of those options I prefer.
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