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We need to talk about money: Are universities actually worth it?
This week, two significant and interesting reports hit the world of higher education.
The first is Are universities worth it? A review of the evidence and policy options by David Willetts. The second is the 2025 Student Money and Wellbeing Report by Blackbullion.
One is an intelligent, articulate and well-researched piece, which provides a compelling analysis of the current state of higher education. It concludes that all is fine; media and political hype around the problems with degrees and university funding have got it all wrong, and university and the way it is currently funded is undeniably a good thing.
The other is a report that is barely more sophisticated than a master's dissertation, but manages to press exactly the right buttons, needling its way into finding precisely the financial problems that students face in their daily lives, and how it impacts their studies.
Setting and managing your budget
Last week we looked at the basics of student finance; tuition fees, student loans, and other sources of funding. This week we look at the other side of finance; what will you be spending your money on, and how to manage it.
Just like last week, this is not an exciting subject, but few matters are as important as finance when it comes to your studies and your wellbeing. You’ll know from my previous writing, that I don’t believe that money in itself can bring you happiness. However, a lack of money, or the mismanagement of money, can definitely bring misery. And with the amount of money that you are likely to be living on as a student, this is a major risk.
So… today we talk about financial planning. Firstly, how to work out what you need, how much funding you will receive, and how you will make up the shortfall. And secondly, how to manage your money over the course of the year.
Fees, loans and grants
So… you are nearly there! You are making your final decisions about where to go to university this year, and at the back of your mind is that nagging feeling that there is something still to do.
And it’s something important.
Yep, finance and funding: tuition fees, loans, scholarships, grants and budgets. The stuff that no-one really wants to deal with, but which underpins everything.
So this week and next, we’ll look at financing your time at university.
How to avoid becoming a drop-out statistic
OK, so I really don’t like the term ‘drop-out’, but I wanted to get your attention, and ‘non-completion rates’ or ‘students leaving their degrees’ just didn’t cut it as a headline. I promise I won’t use it again.
But here’s the thing… recent data released by the Student Loans Company has revealed that the number of students who are not completing their degrees is on the rise, up around 28% over the last five years. (See this BBC article).
This is not good.
In human terms, that’s nearly 42,000 young people who left their degrees last year uncompleted, carrying with them their student debts, and doubtless a whole load of other unwanted baggage.