Is it "worth" it? There is more possible value to a degree than the pure future earnings/cost projections, hence the quotation marks around worth, but as there has been considerable recent analysis of the changing economics, it is worth a review here.
The cost of university study is clearly rising sharply. This is driven by sharply increasing accommodation costs, the ability of universities to begin charging over £9000 per year for tuition, and the sizeable interest rate charge being levied (about to rise to 4.5% per year). Additionally the Government has reneged on its promise to index the £21000 earnings threshold so a greater proportion of real graduate earnings will incur the 9% repayment levy.
At the same time, there is evidence of a decline in the earnings margin between graduates and non-graduates. Taken together an increasing number of students are likely to find that their degree is not "worth" it. However this year a record number (434,000) have secured places at British universities which suggest that the pure financial figures are either not fully recognised or that students see other aspects of gaining a degree, including greater career flexibility and the student experience, to still be worth "investing" in.
As always it is important to recognise that any figures of this type only have validity as broad averages. Many students will obtain much more value (in all its forms) from going to university than the cost whilst many others will, unfortunately, obtain considerably less.
