January 7, 2020
Choosing the right University has never been so important – If needed, it is the right thing to do
January is the month for University applications to be submitted with the deadline now fast approaching. Already this month we have seen two important research documents produced with alarming findings.
Firstly, there has been a rise in the number of University drop outs. Whilst the reasons for this are completely, there are factors contributing to this, including:
- The increase in the number of unconditional offers being made – it’s a competitive market out there with more places than students, don’t be surprised that the sales patter is supported by your experiences when you get there.
- The drive for fees – a University is a business and remember that if you drop out from week 6, they keep your fees for the year and you have to pay them back.
- Too many places chasing too few students which results in those that really shouldn’t be going to University struggling once they have enrolled.
The second report is linked, Natwest have reported on the escalation of student debt, with levels of debt for undergraduates now approaching £75,000 and increasing. This does need to be paid back (with interest) and the report highlights the importance of making an informed choice before going to University.
University is the right choice for many, but not for all, even if you have the necessary grades. The chase to full places will continue during 2020 as Universities are businesses who need to fill their classes to generate fees.
Your choice of University will be one of the biggest decisions of your life, probably more important than buying your first home and certainly more important than buying your first car. The benefits from that decision, and indeed the costs of your decision, will be with you for many years to come. You decision will influence your ability to get credit to support your future mortgage. Remember that elements of student debt count against your credit rating and could impact the level of mortgage you could obtain. Your choices will either support your future career or be of no benefit what so ever.
Over the next 2-3 months it is important that you consider all of the options available to you. Take some impartial advice on the various pathways that exist for your chosen career and then consider which University (if any) can support you the best. Almost all careers now have alternative options to University in supporting you reach your chosen career. Often some of these alternative options are not always made known to you.
Figures suggest that you could be £180,000 worse off at the age of 25 by choosing a University degree route to your career versus an apprenticeship.
University may indeed be the best option, but which University and why is probably the key question that needs answering. They may promise you the best experience in the world but if they don’t, you don’t have much recourse and will still have a significant debt to show for it.
Contact alphascareers to find out more.