Should everyone be heading to Uni?

Should everyone be heading to Uni?
Photo by CC user rootport on Pixabay

Last month UCAS offered a record breaking 424,000 University places to students which was up 3% when compared to the places offer last month. This has left experts suggesting that this year the Universities are going to have to go all out to attract new students as with so many places it is a “buyers’ market.” So an online voucher code and money saving website has investigated to find out if a degree is worth it.

With a record number of places on offer more students than ever are expected to start University in September, however with increased fees, less financial support and more competition for those graduates once University is finished, online voucher code and money saving website ) has looked to see if a degree is really worth it.

Due to high fees and even higher debs being accrued by those who attend University. the, online money saving and voucher code website MyVoucherCodes have taken a look at the British University system to see what are students are getting for this money and how best to approach University so a student can achieve maximum return on their investments.

Earning potential Research carried out by My Voucher Codes shows that the average starting salary for graduates is £25,000. However there are courses that provide a graduate with a significantly higher starting salary. The research showed that the 5 best paying graduate jobs are:

Civil engineering degree – £44,851
Engineering degree – £42,837
Computer science degree – £41.950
Mechanical engineering degree – £39,106
Mathematics degree – £39.019

As well as those courses with a much lower starting salary. The five worst starting salaries are:

Hospitality and Tourism – £19,974
Business Studies – £20.746
Sports Science – £21,406
Photography – £25,109
Health & Social Care – £25,194

Of course, the vast majority of students need to take out a loan in order to afford their time at University. Interest is added to the load as soon as the first payment is made to the student and then for those looking to start Unit this year they will pay back 9% of their income over £21,000. Being money saving experts My Voucher codes crunched the figures and found out that based on based on an annual tuition fees of £9000 and an annual maintenance loan of £4500, studying for three years will land the individual in £46,635.00 of debt. Basing this on the average starting salary of a graduate of £25000 the graduate will pay back 1852.20 each year. (This is calculated by taking 9% of all earnings over the £21,000 threshold) and they will pay this figure for 30 years before the outstanding amount is paid off.

Commenting on the findings Chris Reilly, General Manager of My Voucher Codes said:

“Once upon a time, when attending University was free, there was an awful lot of ‘career students’; people who spent their lives going from one University to another. They never really seemed to graduate and start a “proper job” and so never put back into the system. I believe it was the intention to prevent this that was one of the driving forces behind the Government starting to charge people to attend University. However, when you look at the costs now involved for anyone wanting to learn more and the amount of time it will take them to pay off their debts, you have to worry it is going to become a system where only the wealthy can afford to send their children to higher education.”

He continued:

“Although there is a lot of pressure put on children, by society, that a University degree is the way forwards it is worth remembering there are other options, and some of the world’s most successful people, like Bill Gates, Mark Zuckerberg and Charles Darwin, are all famous University dropouts.”