More than 40% of UK students who graduated in 2024 remained without full-time work 15 months later. A quarter face financial outcomes worse than if they had not attended university at all. Rising student debt, increasing living costs, and rapid changes in the job market have made the value of higher education uncertain.
Debt without the payoff
The financial strain is clear. For many, this represents a long-term setback rather than a stepping stone. Amy Lawrence, managing director of a PR agency, believes the system is flawed. She built her career through an apprenticeship and now leads a team without student loans.
Schools continue to present university as the primary path, often ignoring alternatives like apprenticeships or immediate employment. This approach leaves students who choose non-traditional routes feeling undervalued. Lawrence states that curiosity, determination, and real-world learning hold as much weight as academic qualifications. Different career paths deserve equal recognition.
Degrees still matter in fields like medicine, law, and engineering. For other professions, the benefits are less certain. The assumption that a degree guarantees better pay and job security no longer holds true.
More than a line on a résumé
Not all perspectives align with this view. Pegram Harrison, head of the undergraduate Economics and Management program at Oxford’s Saïd Business School, argues that reducing university to a financial decision overlooks its broader purpose. He compares it to spending money on life experiences rather than waste.
The real value of a degree, he explains, lies in personal growth, resilience, and the chance to develop beyond a mere economic role. A degree in Byzantine theology or modern languages may not lead to a high salary, but that does not make it meaningless. Harrison emphasizes that people are more than economic assets. Their worth cannot be measured solely in numbers.
Even in an era dominated by AI, skills like critical thinking, self-discipline, and focus—developed through years of study—remain difficult to replicate. The issue, he suggests, is not university itself but the limited ways society evaluates its success.
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Apprenticeships and vocational training exist but are often viewed as inferior options. Students face a narrow choice: take on debt for a degree with uncertain returns or skip higher education entirely. Neither option feels satisfactory.
The traditional path—earn a degree, secure a good job—no longer applies. The challenge now is whether the system can evolve before more students bear the consequences.
Opinions remain divided. Some see a system that fails its students. Others view it as an investment in something beyond measurable outcomes.