Is Traditional University Still Worth The Cost?
On the other side of the Atlantic, Joe Biden recently announced a programme of student debt forgiveness. It has been controversial in the USA and the subject of debate in the UK.
Realistically, there seems little prospect of any sort of student debt forgiveness in the UK right now. Quite simply, it’s hard to see how any government could afford it at this point. The costs of getting a traditional degree are high. It’s therefore vital that prospective students accurately weigh up the advantages and disadvantages of this educational route.
What are the main benefits of a traditional degree?
Arguably the main benefit of a traditional degree is that it is a relatively quick way to get a respected qualification. Three or four years may seem like a long time at the start. Most young adults find, however, that it flies by.
Traditional degrees can also offer valuable networking opportunities. Some universities have strong links with businesses. These may even arrange for students to do work experience as part of their course. Even if they don’t, they will almost certainly participate in the “milk round”, more formally known as graduate recruitment schemes.
On top of all that, traditional universities offer an attractive lifestyle. At a minimum, they are places where students can make connections with their peers. Many of them offer a huge array of social activities. Quite a few are based in very attractive locations. Going to a traditional university really can be a rite of passage that equips young people for adult life.
What are the main drawbacks of a traditional degree?
The main drawback of a traditional degree is its cost. Some parts of the UK subsidise tuition costs partly (Wales) or completely (Scotland). For living costs, however, students either have to be supported by their parents, work or get loans.
Of course, not all students can be supported by their parents. What’s more, even those who are, to begin with, can find themselves losing that support if their parents’ circumstances change. Many students do work but work has to be fitted around classes and that can be challenging.
Most traditional universities work 9-5, Monday to Friday. In other words, they work when offices work. What’s more, timetables change from one year to another. They may even change from one semester or term to another. This makes it very difficult for students to get and keep administrative and/or knowledge-based jobs.
Generally, therefore, students have to work evenings and/or weekends at low-skilled and hence low-paid jobs. They are relatively likely to be on zero-hours contracts and will have no access to benefits, not even in the holidays.
This means that, overall, students at traditional universities are likely to be heavily reliant on loans. Unfortunately, these may not be enough for them to survive. University towns and cities are notoriously expensive, even at the best of times. Right now, living costs are higher than ever. What’s more, loan repayments can go on to take a significant bite out of graduates’ incomes.
Alternatives to traditional degrees
For people wanting to study STEM, there are relatively few options outside traditional universities. Some people may find they can get the resources they need via apprenticeships or the Open University. Many, however, will need access to the research facilities provided by universities.
On the plus side, the high demand for STEM graduates means that post-graduate employment rates tend to be very high. Starting salaries also tend to be attractive. Students in STEM may also qualify for additional help while they are at university.
For people wanting to study in other areas, routes such as apprenticeships and distance learning (e.g. the Open University) can be a more viable option. These routes can usually take young adults to the same end as traditional universities. It will generally just take a bit longer. The reduced costs and lack of debt can, however, more than justify this.
