Last year, some two million undergraduates graced the hallowed halls of the UK’s universities. This year, UCAS says the number of 18-year-olds accepted into university has hit a record high. But as incoming freshers ransack the nation’s supply of mattress toppers and glassware, some graduates on the other end are wondering if the pay-off is really worth it.
For many, university is a cultural rite. It’s a time to grow, make new friends and experiences, and traverse teenhood into adult life. For some, there’s the academic pursuit too. But after five years of higher education, Poppy, 26, has found herself with £53,000 of debt and a job taken by AI.
Poppy’s debt is the average for students in England, marking a 10% jump in a year as more students borrow higher loans to meet the increasing cost of living crisis.
In 2023-2024, The Student Loans Company’s figures showed the average individual loan balance in England was £48,270. In 2024-2025, this figure was £5000 higher. This rising cost also means that 68% of full-time students are taking on paid work during term time, for an average of 13 hours per week.
The Institute for Fiscal Studies has calculated that one in five graduates would be better off financially if they had not gone to university.
Is the pay-off really worth it for Poppy so far in her career? “Absolutely not”, she says.
Poppy decided to apply to university at 17, accepting a place at the University of Bristol to study Philosophy and French. She believes she “made the best informed decision” for herself at the time, as she “didn’t know any different”.
I wouldn’t go to university again if I had the chance. It’s such a crippling amount of money for the outcome
With a bachelor's and master's degree under her belt, Poppy went on to find a year’s work as a translator, but this role was soon subsumed by AI. She is yet to find a new permanent gig.
“Would I do it again if I had the chance? Honestly I don't think so. It just seems such a crippling amount of money for the outcome (and don't even get me started on the insane interest).”
Poppy isn’t alone in what feels, for so many, like a fruitless search for employment. UK graduates are facing the fiercest competition for jobs on record, amid a stagnating labour market where the average number of applications for each vacancy has hit a record high of 140 per role. With one million applications submitted for only 17,000 graduate roles in 2024, this marked a 59% year-on-year increase, and was the highest figure recorded since 1991. Experts cite the use of artificial intelligence as a cause, with graduates using AI to apply for more roles, and employers using it to reject them en masse.
The UK-wide slowdown in hiring has been particularly sharp in highly-paid sectors such as IT and consulting, which usually employ swathes of new graduates. In the wider market, graduate jobs have seen a 10% year-on-year drop, and in London, where almost a third of graduate roles are based, this figure reaches 22%.
The Higher Education Statistics Agency (HESA) figures show that less than 45% of new graduates find full-time graduate-level employment within 15 months of completing their degree.
It’s no surprise then that Poppy feels like her years of university haven’t helped her employability, and wishes that she was presented with more options at school.
“My brother decided not to go to a UK uni and go to a hospitality management uni in Switzerland. He graduated with a 4 year degree that included two 6 month internships and a job lined up in a management position in Hong Kong. Seeing his experience has 100% made me wish that I had informed myself of the other options out there.”
Plumber Jess, 28, also felt the pressure to attend university. “After being pushed to do A levels and university, I obtained a paralegal job in a law firm, undertaking a university course to achieve my level 4 and 5 in law.”
I decided to stop studying law at university and undertake a plumbing course to get into a trade. I’ve never been happier at work
Ultimately, Jess felt limited and concerned over the “amount of time and money” she’d have to “spend to progress”. “That’s when I decided to cease doing any further levels in university and undertake a training course to get into a trade.”
Jess now works as a plumber, saying she’s “never been happier at work”.
“The practical skills you learn on the job will last forever so it’s reassuring, especially when everyone is talking about AI.”
“When you’re young I think it’s easy to have tunnel vision for university, without thinking about the costs. For a lot of people, it’s definitely the right option - but not for everyone.”
“I wish I’d gone straight into a trade apprenticeship but, even doing it seven years later, I feel so empowered by the opportunities it gives me. I can work as much as I want and my earnings are based on the effort I put in that month.”
A report from The Sutton Trust shows that earning potential depends on which degree you do, and where. While degrees, particularly from Oxbridge and Russell Group institutions, usually correlate with higher earnings, the report reveals that high-quality apprenticeships can give people higher lifetime earnings potential than those with degrees from less selective universities.
Eben, 25, went to university for 3 years, obtaining a degree in Media Production and £50,000 of debt.
“I try not to think of it purely as debt, it’s more like an extra tax you pay once you earn over a certain salary. I find thinking of it this way makes it feel not so bad.”
While he has ended up in full time employment, Eben believes that it might have been more beneficial to “work his way up through entry level roles” in his industry, without the costly years of study.
It’s easy to have tunnel vision for university, without thinking about the costs. It’s the right option for many people, but not for everyone
“A degree is great for getting your foot in the door, but roles like runners or trainee production assistants allow you to learn on the job, gain practical skills, earn a salary, and build a professional network, which most universities can’t provide. After a few years, employers are far more interested in your professional experience than whether you have a first-class degree.”
Chris, 28, works in banking and started out as an apprentice. He enjoys the fact that his “future pay is not impacted” by student loans.
“I was unsure of what I wanted to do at university and didn’t want to waste money or time.” He explains that “the view that having a degree is a prerequisite to success is fading due to over saturation of graduates without real work experience.”
“If you know what you want to do, like become a doctor, then go to university. If you don’t, try an apprenticeship, as it’s not a full commitment and you get paid for it.”
Many would argue that going to university is still worth it; that it improves social mobility, earning potential and job prospects. HESA maintains that graduates can still expect to earn more than non-graduates.
However, when adjusted for inflation, these graduate wages are declining in real terms. This also depends on what you studied and where; IFS think tank research shows that, on average, women who study creative subjects and language degrees earn the same amount in their lifetime as if they hadn’t gone to university. Men, on average, will earn less.
On the other hand, women studying law, economics or medicine will earn over £250,000 more during their career than if they hadn’t gone to university, and men will earn £500,000 more.
For Poppy, making an informed decision is the best way to avoid regret. If she could go back and speak to her 17-year-old self, she would tell herself to look at all the possibilities, not just what she was told was “best”.
“I think I would be much less likely to regret my choice if I knew that I had made them with complete knowledge of all of my options.”
