Unfortunately, a university education does not guarantee that a student will walk away with their job of their dreams – which can often lead to much regret about taking a course in the first place. So, the question is: is expensive university debt really worth it?
Granted, there is no guarantee you’ll walk away with a high-flying job, but a new report by Wells Fargo found that many graduates often recoup the degree expense over their lives and then some. What’s more, they are more likely to earn 56% more than those without a degree.
Also, in today’s competitive job market, it makes financial sense to head off to university over full-time employment. If a student does plan to give university life a miss, they must be both patient and thick-skinned when it comes to finding a job. So students must make an informed decision before they pack in education once and for all.
Remember, student loans won’t result in a backlog of debt that is hard to shift once a person leaves university, as you only pay back what you owe when you earn over £21,000 – or £16,500 if you received your degree before 2012. You’ll only repay an affordable amount, too; as only a small percentage of your wage will be taken each month. Another benefit of student loans is that the debt is wiped after 25 years if you fail to make any repayments – and loved ones won’t be burdened with the debt in the event of your death.
So, is university debt really worth it? We think so. Not only will you enter a debt that won’t dramatically affect your lifestyle, but you’ll broaden your mind, learn new things and improve your employment prospects.