This post is sponsored by GSM London.
Is university worth it? The expensive tuition fees and living costs, will they ever return the value? It is something parents will be pondering over as well, is the amount of debt that comes with the university education worth the value?
I think a university degree is still worth it.
Before I go into the detail of why, and I will be sharing my personal experience, I warn you that the article is very pragmatic and focussed on value of the money being spent. And I will only be discussing the value of a bachelor’s degree not a master’s because I have not done post graduate studies.
My annual tuition fees by year
I was a direct second year entry. And here is the breakdown of my annual tuition fees by year:
2nd year (2008/09) – £9,900
Year in industry placement (2009/10) – £4,500
3rd year (2010/11) – £11,000
And then add living cost of about £6000 per year.
So, I took a loan for my education. And the rest was supported by my parents. But when I was looking to take up this expensive education, I did think if university was worth it. My parents did ask if it was worth getting into debt for university.
Ad: GSM London offers masters in oil and gas management courses.For me, it was worth it. Because for me, I knew I wanted to do engineering and always be an engineer. Mechanical engineering was going well and the financial crisis hadn’t hit the Mechanical world hard. Employment was reduced, but there was still graduate employment.
Once I knew what I wanted to be, an Engineer, it was time to invest money to get some good education. On the back of which I could apply for jobs and get a good job to then repay the loan. So, yes, I was getting into debt, but it was good debt (is still is, I am still paying off my tuition fees). That debt opened up various opportunities for me and it is returning value for me.
Think about it this way, if you are sure what you want to do, then invest money it, you are your own business, if you work well you could make yourself profit. It’s the age old tradition of investing.
University education will become / is a necessity
When you think about is university worth it, think about it this way – how many companies want job seekers to have a 2.1 university degree? Majority of them. As Guardian states, more than 75% of companies require minimum of 2.1 degree.
Now, is it a choice or a rule that you need a degree to find a job? It isn’t a choice anymore. Again, you could go through 3 years of university and still be no better than you were when you started, however atleast you will have a certificate that will show you have a 2.1 degree and it will open your doors to employment (much more easily than without a degree).
As my mum used to say, a degree will open the doors for you – to build a career, you still need to roll up your sleeves and show your skill. In this sense, is university worth it? Yes it is.
Is university worth it when you are in debt?
At the end of the day it depends on you. I did a university and picked up some hefty debt. However I have started my loan repayment since 2012. And even though it hurt at the start I slowly managed to work through it and now I am almost used to the repayment.
That loan though, invested in a degree has returned benefit to me with regards to a good job and in that sense was value for money. If you are still wondering is university worth it, think about it as an investment. They are risky, but if you do all the right things you will be better off with a degree rather than without it.
And this is nothing against apprentices or school leaver programmes. This is just me stating that employers look for a degree, so, to make your journey easy in your future career, university might be the best investment you will ever do.
This post is sponsored by GSM London.
Stats:
1. Guardian: 75% of employers require 2.1 degree
2. Telegraph: £26,000 average cost of degree in the UK
3. Telegraph: £500,00 value of a degree over your career
