Going to university used to signal a high degree of intelligence and a pride amongst parents like no other as they watched their offspring head off to campus to better their life.
But, just lately, people are wondering whether it would be in their best interests to go to university – with the overall cost being the biggest issue putting people off.
What price an education you may hear some people saying? How does £54,000 sound?! That is the figure a thinktank has come up with for future graduates, this is taking into account interest payable on the loan amount.
That is a staggering amount and is something that cannot be justified by a lot of people.
Over £50,000 for a piece of paper that says you are educated to a high level and are capable of doing a certain job. It’s all a lot of money. Especially when a lot of people are deciding to stick two fingers up to the degree path and are instead going straight into work and learning on the job.
A lot of people go to university for the ‘lifestyle’ with many seeing that point in their life as being the perfect time to gain their independence, enjoy nights out and do a bit of travelling. But looking at it from a realistic point of view, is it really all worth over £50,000. It is an astronomical amount of money and it will all need paying back when a student commences work and starts earning above the repayment threshold.
Something seriously and quickly needs to be done before the whole student loans fiasco really does get out of hand.
First and foremost the universities need to be held to account. How and why are they allowed to get away with this? It is worrying because they could easily be pricing some of the most promising talent out of university and who does that help? No-one. It is believed that the people most likely to be affected are the students from families who are not earning enough money to be able to send their children to university fee free – but equally are too wealthy in order to qualify for any financial help.
The greediness of the universities is also affecting the tax-payer. As it stands, taxpayers pay the loans back with their tax contributions should the loans be unpaid after 30 years. So, what is going to happen if the price of tuition fees keeps going up? That’s right, less and less people are going to be able to pay back their student loans. It’s nonsensical and it all stems from universities being greedy.
Many at the Department for Education believe that rising tuition fees aren’t a problem and have gone on record saying that because graduates tend to earn more and will be on a good wage once they get working, they will be able to afford repayments on their loans. We think they’re sorely mistaken.
University used to be prestigious and something to aspire to and be proud of and we know that this is still the case, but, unfortunately, we think that greed is gradually turning it into something that people have to think long and hard about pursuing. For instance, when people are looking to purchase their own home or their new car, those niggling loan repayments will forever be in their mind and it may not sit well with some people.