Big increases in tuition fees have reportedly deterred many would-be students from applying for a university place. This is a tragedy at both a national and personal level because it takes a short-term view of the value of higher education.
The benefits of a well-educated population go way beyond the advantages it gives individual graduates. Although not easily quantifiable, a society with a high proportion of graduates will in general be more confident and progressive, more affluent and adventurous. Specific beneficiaries include businesses and government, universities and of course, students themselves.
Is it right therefore that cost should be a factor in a decision which is such an important investment for both individuals and society?
There's no doubt that average annual fees of £8,507 from 2013 (according to the Office for Fair Access - Offa) will see many graduates saddled with long-term debt. However, this doesn't take into account that graduates in general earn more than non-graduates, and that this is low-interest debt repayable on an affordable sliding scale that is linked to earnings.
Is a degree worth it?
Many young people, especially those from working-class homes, take the view that instead of racking-up debt for three years, they could in fact be out there in the world of work, earning an income and laying the foundations of a future career.
Unfortunately, this doesn't take into account the fact that entry to the best careers is open only to graduates. Even for non-graduate careers, employers will usually favour graduates, given the choice.
Already, the equation looks less favourable for non-graduates who will be cast into what is currently a difficult marketplace for plum jobs. The idea that 'cream will always rise to the top' doesn't always apply. Those with potential AND a degree will always have an unfair advantage.
Having a degree takes you to the next level. It's also a good investment in many other ways:
•Spending three years in full-time education exposes young, impressionable people to a range of social and academic influences
•They will mix with other UK and overseas' students from a variety of economic, social and ethnic backgrounds
•They will also be able to explore their chosen subject of study in an in-depth and leisurely way.
The true value of higher education rests in the confidence it confers on its recipients. Life's value systems are up for debate; political and philosophical ideas can be challenged and analysed in the context of future careers and lifestyles; whilst the opportunities for travel and extra-curricular activities during long summer vacations add another dimension to an individual's personal development.
Is £8,507 per year a good investment in a unique life-changing experience that will have enduring and lifelong benefits? Even at twice the price, many would say that the rewards of higher education are ultimately priceless.