Yes, university is a waste of money – but you should still go ...Middle East

According to a new breakdown of figures by The Times, the Government is sitting on around £260bn in student loan debt, much of which seems unlikely to ever be paid back.

Frankly, the whole thing makes me roll my eyes, because the debt now being shouldered by the Government was not only predictable but entirely self-inflicted after university fees were raised to £9,000 per year back in 2012. The more you lend, the more you’re owed – that’s hardly degree-level maths. 

An act of grotesque vandalism is taking place in British universities

Do you think the average creative writing grad earns anywhere near as much as the average economics buff? How about a student at Bolton, where 10 per cent of taxpayer funds were paid back, versus someone studying at Imperial, where the proportion was four times higher at 40 per cent? And does it follow, then, that we should only do the degrees that have the best chance of spitting us out as millionaires at the other end, or discourage less academic kids from embarking on the rite of passage that uni has become, if they want to go? Absolutely not.

What’s more, even if university did guarantee improved earning potential, that’s arguably the least it can offer. The experience of being surrounded by people your age, with years to focus on a subject that interests you, all while practising being an adult, can be truly invaluable. Money – and I say this as someone whose degree has roundly not paid off, at least fiscally – schmoney. 

University fees tripled the year after I went, but I don’t know anyone younger who decided not to go because of the hike. Student debts have always felt pretty notional to both me and younger friends, with the interest snaffled off payslips before our earnings reach us, as though it was never there at all.

Financially speaking, university clearly isn’t worth the cost – so if you weren’t keen in the first place, enjoy the vindication. Luckily for those who still fancy the experience, life has other metrics besides money.

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