Is university still worth it? Student loan debt is piling up for millions - here's why I don't regret a thing

I can’t imagine what my life might have looked like without university - even with the begrudging student loan payments that keep on coming as the years since graduation tick by.

New data obtained by the BBC this week has shown that nearly 1.8 million Britons owe at least £50 thousand on their student loan, with more than 60,000 owing over £100 thousand. This no doubt leaves many current and prospective students with a bitter taste in their mouths - and perhaps dire fears about whether they’ll actually be able to pay them back. 

And they’ve got good reason to be concerned. Maximum tuition fees in the UK tripled over a decade ago, meaning students can end up owing sometimes exorbitant amounts. Experts fear students from working class backgrounds are among those racking up the most debt, as they can claim more funding - but typically repay their debt more slowly but accumulating more interest as they go.

So realistically, is there any advantage in getting a university degree anymore? Especially when you can study a more practical course and get an often lucrative career in the trades, owing less and earning more from the get go. Well, there’s a few reasons (as someone who accumulated about $50 thousand in student loan debt back in New Zealand, or £24,000 here) I think university’s still a worthwhile venture. 

First of all, while it could be a fantastic choice for a lot of people, a trade college might not be the right fit for everyone. In my experience, most young people straight out of secondary school have never even lived outside the family home before - let alone have any idea what they want to do for the rest of their lives. Although there’s a price tag, university can be the perfect playground. You can pad out your degree of choice with all sorts of different papers until you discover something that feels right, that captures your interest enough that one day you could imagine yourself doing it as a career.

Next, those figures are a little steeper than what most students who earn a bachelor’s degree will realistically have to contend with, even with the prospect of interest being added to your balance each month - certainly a daunting concept. Students who began their tertiary studies from September 2012 onwards paying back 9% of all their earnings over £27,295, and students who began last year will end up paying 9% of all their earnings over £25,000. 

If you’re not earning enough yet you don’t need to worry, and if you are it usually comes out of your paycheck before you even see it - just like another tax, this one an investment into your future. Although none of the major parties were particularly ambitious about it this time around, there’s also the chance of student loan reform in the future which might one day help ease that financial burden, and help make an affordable tertiary education an accessible choice for everyone - as it should be.

My family was certainly not well off, and I relied on government assistance as I studied. The financial situation is even tougher for many students and families these days as we’re all squeezed by the cost of living crisis, and the debt you can collect just trying to get by can feel like a lot. But experts generally agree that most people who go to university end up better off financially in the long run, and degrees act as a sort of insurance policy against unemployment while giving you more choice in the labour market, one told the Guardian. 

For me, I not only discovered my calling though my university extracurriculars, but I was able to specialise later on. I met and networked with key industry players, and built relationships with fellow students who are colleagues to this day. My university studies showed me what I was really capable of (more than I had ever thought!) and helped open doors to incredible opportunities I had never even considered, while launching me down a career path that has allowed me to pay back nearly half of my loan within just five years of working.

This is not to say that the sector doesn’t need a shake up, from a chronic undervaluing of the arts and humanities, to some positively predatory fees. At the end of the day any prospective student has to choose what feels right for them, but from one (semi) recent graduate to another - I doubt you’ll end up regretting it.

What do you think about student loans, and whether university degrees are still worthwhile? Join the conversation and let us know in the comments section below.