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Is university worth it?

Is university worth it?Media coverage of student debt can make the prospect of higher education seem scary, so it’s important to know the facts behind the hype.

How much does it all cost?

The cost of higher education varies – how long your course is, how much government help you’re entitled to, where you study and whether or not you get some paid work during your student years are all factors that will effect how much your degree will cost you.

It’s worth doing some research to find out exactly how much help you can get and what you have to pay. Visit the Student Finance website for up-to-date information on fees, loans, grants and bursaries. The amount of money you’re entitled to from the government will vary according to individual circumstances, so read the information carefully.

Tuition fees sound like a frightening prospect but what most news programmes and newspapers don’t mention is that a lot of students pay reduced fees or no fees at all. In addition to this, the government also offers some financial help, such as grants and Access to Learning Funds for many students who may struggle with money.

Financial benefits of higher education

We hear a lot about student debt and tuition fees, and while it’s true that you probably will leave higher education with some debt, it’s important to bear in mind that in the long-term, graduates tend to earn a lot more than people without degrees.

Here are some points to consider when weighing up the cost of higher education:

Graduates can earn 50% more than non-graduates – the Office For National Statistics estimates that graduates earn  £12,000 more a year on average than people without degrees in the course of their working lives.

  • Graduates are around half as likely to be unemployed as non-graduates
  • Higher education can leads to a more varied choice of careers.

You do need to be realistic about the cost of going to university – so do a bit of research by browsing through using the resources listed below. Try to calculate roughly how much it will cost, but always weigh up the long-term gains and remember that you don’t have to pay any student loans or tuition fees back until you have finished studying and are earning above a certain amount of money.

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