Are degrees in the UK value for money?

westernpromise

Cakeguts wrote: »

One of the things about doing a useless degree is that it doesn't matter how long it takes to complete because you aren't going to be able to use it for anything. So 6 years at evening class once a week wouldn't make any difference to the end result. Plus a first class useless degree in no more useful than a 2:2.

The other big benefit is that if you're still on £21k a year after getting the useless degree, it's free - other people pay for it. So it's a no-lose choice.

economic

westernpromise wrote: »

The other big benefit is that if you're still on £21k a year after getting the useless degree, it's free - other people pay for it. So it's a no-lose choice.

Yeh perhaps those who know they won’t ever work (they are rich or they have a partner who will be the breadwinner) would do these useless degrees for fun and pass the time.

They would know they would never have to pay back the debt so it’s essentially free. TBH I would do the same so I can’t blame anyone for doing useless degrees whilst knowing they won’t ever have to pay off the debt.

SingleSue

My son did a so called useless degree.....he's currently in a high paying graduate scheme in a related sector.

His 'useless' degree has allowed him to move out of the family home and have his own place. His 'useless' degree is so useless that he is on double the minimum wage for his age.

He graduated this summer from a very very low ranking university.

Arklight

SingleSue wrote: »

My son did a so called useless degree.....he's currently in a high paying graduate scheme in a related sector.

His 'useless' degree has allowed him to move out of the family home and have his own place. His 'useless' degree is so useless that he is on double the minimum wage for his age.

He graduated this summer from a very very low ranking university.

If you go to university and work hard, then get a job and work hard, it'll probably pay off at some point. The people I know who've done well from media degrees desperately wanted to work in media, so doing media studies was one step in making that happen for them.


Yes there are people floating along in media degrees, but there are in engineering and business degrees too.

SingleSue

I agree and my son was one of those that had that hunger.

He actually went into uni with a completely different career in mind (teaching the subject) but changed his mind in his final year due to all the horror stories he heard when he said he wanted to teach.

He may still go down that route in a few years when he has more money behind him (and more day to day experience of the subject over and above his degree) but for now he is absolutely loving his current job and not at all regretting doing a so called useless degree.

bugslet

My position has always been the same, that there is an argument to paying for a percentage of university students, and some of those degrees would include the softer subjects. My personal limit would be lower than it is now.

And good for those who can make a living out of a good degree. I do mean that.

On the other hand when the first search of what percentage of students will pay their loans back comes up with

Most graduates will still be paying off student loans into their 50s, and three-quarters will never clear the debt, a new probe has found.

http://www.independent.co.uk/student/graduates-three-quarters-never-pay-off-debt-loan-maintenance-grant-institute-for-fiscal-studies-a7824016.html

It does rather suggest that a great many won't find work over and above the earning limit for repayments.

And certainly when I was low paid growing up, it did used to annoy me slightly that part of my taxes were going to educate people so that they could enter a profession that would earn them a lot of money. I could get it for things like science and medicine, kind of get it for stuff like architecture and public finance, but my patience ran out for a range of degrees, which included accountantcy type degrees.

You want me, earning <10k a year ( I'm talking back in the 80s here), to pay for your degree so you can go and work for Ernst & Young and earn more than I can earn in 5 years. Never seemed quite fair.

economic

SingleSue wrote: »

I agree and my son was one of those that had that hunger.

He actually went into uni with a completely different career in mind (teaching the subject) but changed his mind in his final year due to all the horror stories he heard when he said he wanted to teach.

He may still go down that route in a few years when he has more money behind him (and more day to day experience of the subject over and above his degree) but for now he is absolutely loving his current job and not at all regretting doing a so called useless degree.

how much does your son get paid?

economic

bugslet wrote: »

My position has always been the same, that there is an argument to paying for a percentage of university students, and some of those degrees would include the softer subjects. My personal limit would be lower than it is now.

And good for those who can make a living out of a good degree. I do mean that.

On the other hand when the first search of what percentage of students will pay their loans back comes up with

Most graduates will still be paying off student loans into their 50s, and three-quarters will never clear the debt, a new probe has found.

http://www.independent.co.uk/student/graduates-three-quarters-never-pay-off-debt-loan-maintenance-grant-institute-for-fiscal-studies-a7824016.html

It does rather suggest that a great many won't find work over and above the earning limit for repayments.

And certainly when I was low paid growing up, it did used to annoy me slightly that part of my taxes were going to educate people so that they could enter a profession that would earn them a lot of money. I could get it for things like science and medicine, kind of get it for stuff like architecture and public finance, but my patience ran out for a range of degrees, which included accountantcy type degrees.

You want me, earning 10k a year ( I'm talking back in the 80s here), to pay for your degree so you can go and work for Ernst & Young and earn more than I can earn in 5 years. Never seemed quite fair.

even as a higher rate taxpayer earning 100k i felt shafted because i know the taxes i have paid have been wasted.

bugslet

economic wrote: »

even as a higher rate taxpayer earning 100k i felt shafted because i know the taxes i have paid have been wasted.

I'm fairly centrist, I do think degrees can add to the common good, just not at the level we have now and not all degrees.

SingleSue

economic wrote: »

how much does your son get paid?

I believe I have already put that in the post but it is safe to say he is one of those who is above the level where you start paying back your student loan.

As I have said previously, this was a very competitive graduate scheme (in part because of the renumeration and further training/qualifications they offer). He had to endure months of interviews, tests, exams, personality profiles etc before he was selected, at one point he thought it was never going to happen as there were graduates from much better universities than he had attended and from better backgrounds.

Despite the wait and the hoop jumping, he was never without a wage as he just continued with his summer job (which he had been doing since he was 16 and was minimum wage) until he started in his 'proper' job.

Maybe his determination to succeed made the difference, maybe it was his tenacity or his mature nature due to being a young carer but whatever it was, it has worked out for him and for that, yes he does believe that he has been extremely lucky.