Universities require an enormous amount of time and money from their students. The outcome is debatable as to whether it is worth the debt that most students fall into.
According to the Financial Times, two-thirds of the university students in the UK will never pay off their debts.
As well as this, student loans have risen by £12.6 billion to £86.2 billion in the past year. This a 17 percent increase since last year.
This already leaves the students in debt and makes it makes it difficult for them to get onto the housing ladder.
Despite the expense, universities can set someone up for life.
If the student has studied a specific profession that is in demand, they will be more likely to be able to get a job quickly.
This is particularly true for high paying jobs, such as a vascular surgeons. They would most likely be able to pay the debt off quickly and move on with their life, however that is not always the case.
Most people will study what they enjoy regardless of the demand for that job. For people seeking worse-paid jobs it will be harder for the person to recover from this debt.
Apprenticeships are more viable for some people.
According to the NCFE (Northern Council for Further Education) only 15% of the people who finish their apprenticeship after 6 months are unemployed, compared to 20% of university graduates.
In addition to this, they also say that 64% of apprentices will be employed full time at the same company they apprenticed with. This means that over half the people who take an apprenticeship will have a secure job with the company they trained with.
As well as this, depending on the company, they may pay for your education.
In addition to this, the fact that they get paid for their work puts them in a stable position for the future. It also helps more generally in keeping control of their money spent.
Another big factor is the fact that apprentices don’t normally go into debt.
University is not just higher education, it is a lifestyle choice, as it is the first time that many people leave their homes and start living away.
As well as this, qualified employees are paid more than people who do not have qualifications and are most likely to get jobs that require specific skills.
Universities give people the means to become an expert at a subject. It allows them to master the subject which is not just beneficial in terms of jobs, but generally beneficial as you get to become a master at something you love.
It is helpful that University students don’t have to pay their fee until they earn over £15,795, according to employmentking.
The IFS (Institute for Fiscal Studies) stated in a report that graduates earn 35% more than school leavers. This is an average meaning some graduates may earn more or less than that figure.
Overall the answer to the question depends on the individual.
If they want to get a taste of a different lifestyle and are set on a specific profession, university could be more beneficial for you, but if you want to get straight in and have a less stressful time, perhaps an apprenticeship would be better .
By Adil and Matteo