It’s pretty much gospel that students in England are being taken for a ride when it comes to paying for uni, but a recent report the Organisation for Economic Co-operation and Development (OECD) has just reaffirmed that – revealing that students in England are having to cough up extortionate fees only eclipsed by those in American universities.
The average English student amasses an eye-watering debt of £40,452 by graduation day, with the payback time for these loans being amongst the slowest in the world. Brilliant.
What’s more, the “private net financial returns (PNFRs)” – the difference between the total cost of uni life and the financial gain – is in the pits.
The returns for female graduates is £158,229, compared to the global average of £184,493, whilst for males the PNFRs clocks in at at a slightly higher £198,678 – yet still lower than the OECD average of £239,857.
Andreas Schleicher, director of the OECD and the man who comissioned the report, called on the Government to clamp down on useless and poor quality courses, stating that students should be getting ‘value for money’.
Mr Schleicher also felt that some young people may also ‘be badly advised to go to university and they would have been better off choosing a kind of technical or vocational programme.’
A bit late for that mate.
Cheer up, it’s not all bad news though
Whilst you might’ve begun questioning your life choices and started listening to Mad World on repeat, just remember it’s not all gloom and doom. Although it’s true that we might be paying loans for decades to come, on the flipside the report also highlighted the impressive employment figures boasted by English universities on the world stage.
The average employment rate for British graduates is 5 percentage points higher than for those who have not been to university, a figure which is the highest in the world.
What’s more, the money earned by the average graduate will “greatly exceed” what they spent on fees. I mean at least there’s light at the end of the very long tunnel I suppose.
Either way, whether you’re a Fresher or a graduate, I think we can all agree that – whilst fees might be a royal pain in the backside – there’s no better feeling than SFE rolling into your messages. Ugh, Student Finance, you just know how to tease.