A former Conservative minister has stated that, despite criticism from “edu-sceptics” over debt and expenses, a university degree remains the greatest way for young people in the UK to improve their prospects in life.

In response to those who argue that a degree is no longer a prudent investment, David Willetts, the man who established the system of fees and loans that finance higher education in England, has retaliated.

University Degree: Means to Raise Living Standards

According to a research paper written for the policy institute at King's College London, Lord Willetts contends that the “graduate premium” in pay makes a university education unquestionably valuable, with an undergraduate degree having an average lifetime value of £280,000 more for men and £190,000 more for women after student loan repayments.

Ideally, by the age of 31, graduates are making 37% more than non-graduates with two or more A-levels, even when comparing individuals with comparable educational backgrounds, according to Willetts. In contrast to those with occupational skills relevant to certain employment, the graduate premium rises until middle life.

Notably, the last Conservative administration aggressively attacked university education with then-prime minister Rishi Sunak saying that “young people are being ripped off,” burdened with debt, and “sold a false dream” of profitable jobs,

the previous. In England, student loan debt totalled £236 billion last year, with the typical graduate owing £48,470.

Moreover, Willetts characterised the assaults as “virtue signalling” by “graduate edu-sceptics” that may deter underprivileged youth who stand to benefit the most from attending college.

Further, he emphasised the importance of leveraging university opportunities, stating that it is a crucial tool to improve the living standards and life chances of many young people, highlighting the potential benefits of attending university.

Valuing All Stages of Education Equally

Willetts reveals that despite a decline in the graduate premium since the 2008 financial crisis, graduates still have a higher pay ceiling and benefit from improved physical and mental health.

Additionally, Willetts advised his former Conservative party colleagues not to adopt the mindset that all other education stages are good but higher education is bad due to a certain reason.

Politicians argue that there is no political market for advocating for children's education and cutting funding by 25%, and therefore, adopting a different approach to universities is not justified compared to other education stages.

Besides, Willetts underlines the importance of detailed pay figures for graduates, a move used by the previous government to justify closing “Mickey Mouse degrees.” He highlighted the need for prospective students to be informed about their course outcomes.

Eventually, Willetts disagrees with the English model's justification for the end of universities, arguing that

governments should not micromanage them and that Whitehall should not attempt to run them.

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