If you are planning on becoming a doctor, dentist or vet then studying at university for a degree is the only way to reach this job role. There are no degree apprenticeships for these job roles so university is the only way to access them. As a medical or dental practitioner you can expect to earn pretty good money and job prospects are good. We will always need these job roles, so it’s a sensible area to be qualified in.
What about if you want to work in a different area of employment though? The question is, do you need a degree? Should employers be asking for a degree and, will your expected earnings make the cost of going to university worth it?
In the UK in 2021, it costs £9,250 to go to university, if you complete your degree online, it is slightly lower at £6,336. University courses are usually 3 years so if you are completing a face to face course for 3 years, you are looking at £27750 in tuition fees. You don’t ever see this loan, it goes straight from the UK government to the university.
This is without factoring in your maintenance loan, this is the money that comes from the government to you to cover your living costs. In 2021, The average Maintenance Loan is approximately £6,859 a year, based on calculations made using data from the National Student Money Survey and information supplied by the Student Loans Company.
So, with your tuition loan and maintenance loan for 3 years, you are looking at a total cost of £48327. It is important to remember that this is only paid back when you are earning over a certain amount. The current threshold in 2021 is £27,295 per year. You will pay back 9% on all earnings over this amount.
With those calculations in mind, we need to consider if we have become a nation of young people who simply ‘go with the flow’, believing that the obvious route after school or college is into university, regardless of the career that we want to enter?
There are other routes to getting a degree that do not require the same level of borrowing. Degree apprenticeships are a great way to obtain your degree whilst being paid by your employer. You may still need student finance to pay tuition fees or the employer may pay these for you.
In order to come to the best conclusion for you, ask yourself:
The truth is, life is all about being happy. So do your research and pick the best option for you.
