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The BBC's Mike Baker wrote about the fortunes of recent graduates, and asked how universities could continue to prove a degree was worth the increasing costs.
Here is a selection of the responses we received.
The government aspires to send 50% of young people to university
Whilst it is accepted that studying for a degree trains and encourages students to read more widely, to conduct greater research and investigate the results of the efforts of others in a related field, many university courses do not seem to prepare people for careers outside academia.
And, it must be recognized that a degree does not confer on anyone the right to a job and certainly not at management level. That is why the present concentration on working to achieve a target of 50% or more of children going to university simply does not compute. Rather, there is a need to provide greater access to programmes of vocational training so that children without high academic ability can be trained with the skills necessary to meet the demand, for example, for electricians, mechanics, carpenters and plumbers.
Kenneth Armitage, Suffolk, England
My husband received his MA two years ago, yet he was unable to get a place on any graduate scheme as his undergraduate degree was only a 2:2 and, with the excess of graduates in the workplace, anything less than a 2:1 was immediately rejected. Instead he is working in a call centre (which is almost entirely staffed by university graduates) for less than £13,000 per annum, far less than the £18,000 which the government is touting as the average starting wage of a graduate. He is also not repaying his student loans, which are instead incurring interest at a rate of 3.2% APR.
Rachel, West Yorkshire
Traditional graduates (i.e. those from an affluent background with educated parents) have always done very well out of the old system. Now that competition has been imposed from the less well off and overseas students are competing for jobs there is an outcry at "the value" of education. The agenda is to undermine the egalitarian moves undertaken by government and the recruitment of migrants from overseas.
The egalitarian point also applies to A-levels. The truth is that in these globalised times you will have to make a case for immigration controls and/or class restrictions to the national labour market. This would guarantee skill shortages for traditional graduates to fill and raise their earning potential. Business wont stand for that, and by proxy neither will any government - Liberal, Tory or New Labour.
Dr Alexander Peach, Leicester
The laws of supply and demand apply to graduates as well as any other commodity; excess of supply will reduce the market price. When I graduated in 1977 with a science degree, graduates were rarer and good salaries and good progression was common. That is not the case now - one of my children has decided not to go to university this year because he cannot see the benefits.
John , Isleworth, UK
A brilliantly written article, but I think that I'll still opt to go to university next year! Disappointing to know that the "graduate earnings premium" is depreciating though!
Sagar Amlani, London
I've worked in higher education all my life on the supply side, and I feel the country will now be very lucky to get dedicated potential academics to work under the new regime you mention. The quality of life for academics has plummeted, and the salary has dropped compared to peer groups.
David Jefferies, Guildford, Surrey
I finished a PhD in an area of IT about three years ago, and prior to that an MSc and degree. It seems that once you become qualified above degree level in Britain nobody wants to hire you or there are no "quality" jobs. In Scotland the major employment options seem to be working in a call centre, care of the elderly or tourism, while they are good jobs most of them do not require degree or even post graduate skills. I ended up having to apply for jobs in the US and Europe.
Fortunately I found one in Europe, however, I suspect anyone with more ties in the UK may end up in jobs far beneath their level of qualification.
Rod, Luxembourg
The government's fees policy is based on a highly questionable piece of logic: that we must get 50% of under-30s into higher education. Nonsense. The result of pursuing this meaningless target has been an unsustainable over-stretch of university resources, the considerable dilution of the value of getting a degree, the burdening of a whole generation with enormous debts, and thousands of people who would have benefited from learning a trade or gaining work experience instead brandishing a virtually worthless film studies degree from a former polytechnic. The policy is totally irresponsible and predicated on this 50% figure, which increasingly feels like an Alastair Campbell headline-grabbing target promise that has had terrible consequences.
Christopher Price, London, UK
I am currently at Lancaster University and it is a definite truism that there is a great worry amongst students about finding graduate employment. Lancaster had a careers fair last week and many students left frustrated as they feel that there is little opportunity for them post graduation. Whilst the students of the management school are satisfied with the opportunities for them, students of classic subjects like English and history have left careers events feeling isolated. The focus at careers fairs is very much on the "Big Four" accountancy firms and large blue chip companies, and I think many graduates are put off graduate type employment by these companies.
Universities need to ensure that their careers services are inclusive of all students and that their events take as many students into account as possible or we will face a situation where graduates will feel that there are no opportunities for them.
Tim Perkins, Lancaster, England
I'm going to university next year because I really want the experience and the degree, regardless of what it does to my prospects. But I think a lot of people aren't interested in their degree subject at all, and they shouldn't be at university - it's a total waste of their time, and they're just going to get into debt.
Rasheed Jones, Manchester
A university education should not just be about boosting your future earnings. Nevertheless, there is also a common theme between the decline in salaries graduates can expect and the growth of "mickey mouse" courses such as media studies and film studies. Employers are unlikely to want to employ these graduates, therefore is it any wonder that graduate pay levels are in decline?
Michael, Bristol
I am in the age group that would be starting uni next year, and am currently doing my A-levels. I hope to get three Bs, and with this I hope to study in America as the courses there are better taught and more suited to what I want. In America graduates tend to get paid more than British graduates. A friend of mine, who is predicted to get 3 As (in physics, biology and maths), did want to do engineering at university, but has decided not to, as it would cost him too much, and has instead decided to go on a management training scheme to work in retailing.
However, at the same time, the Chinese and many other developing nations are giving their best students great financial packages for them to go to uni, provided they study something that is useful for the country. At the present rate it won't be long before we end up with very few students in this country with degrees that greatly enhance this country economically and politically on the world stage.
Matthew, Bristol
This study confirms what I have seen over my four years at my university. I am glad I have stayed to complete a masters, as well as two thin sandwich placements to help stand out from the graduating masses. I guess just like competition for the best university places, our lives will be judged more and more on what else we have to offer.
James, Bath, UK
It would be interesting to know how the graduate earnings premium varies according to degree subject. I'd bet that degrees in traditional subjects such as mathematics, science, history and languages still hold their value, and it's the glut of graduates in "trendy" areas like media studies and surfing studies who are finding that the old joke still holds true: "How do you address a sociology graduate? Big Mac and fries, please."
Dr David Harper, Cambridge, England
I hope that the young people look at the benefits of university education beyond the financial aspects. Secondly, I do not see how the UK will be able to have an edge in the globalised market with fewer higher education students, when the likes of India and other Asian countries have a rising number of student admissions year on year. I think the deciding factor for education is the job market. People tend to mould their aspirations to what would guarantee a rewarding career.
Ahmad, Tunbridge Wells, UK
I'm thinking of going to university in 2006 but I am worried that it's going to cost more to go there than I will make in my chosen career. I'm from a low income family and I have had to take a year out to earn some money, but even then I don't know whether I can afford to go and it seems such a pity since I plan on studying physics. The government plans to have 50% of young people in higher education by 2010 but where will all the graduate jobs come from?
Sara Bouhafs, Crawley, England
A university degree might now be less of a valued commodity than once it was. But the thing missed is the added value and life experience gained! A lot of people don't use their degree precisely in their career, but only the way of thinking it encourages. Then I don't believe anything at university will beat the social experiences had. It is often where you find yourself - that's worth 10k!
Tom Robison, Southampton, UK
I am not sorry I went to university as it helped me become independent and broadened my horizons at a young age. However, I have found that being educated to degree and even postgraduate level does not always guarantee you excessive earnings. I am 37 years of age and the maximum I have ever earned is £22,500 and that includes times when I have had managerial responsibilities.
L Protheroe, Bristol, UK
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