More Than a Third of Recent Graduates Regret Going To University Because of Debt
37% of graduate millenials now say they regret going to university because of the amount of debt it has left them with.
Around 2,000 graduates under the age of 35 were surveyed in research by insurer Aviva. They entitled the report Generation Regret.
Researchers also found that 49% of the graduates surveyed believed they could’ve got to where they are now without doing their degrees.
Those in the 25-35 age bracket were just as likely to regret going to university or feel it hadn’t benefited them as those aged 18-24, despite having longer since graduation to experience the positive effects of having a degree.
This research is contentious; it comes just as this year’s National Student Survey released more positive results.
The NSS, which received over 300,000 responses from final year students, found that the overall satisfaction rating for UK universities was 86% – the same score as last year.
You can see the full league table for universities by student satisfaction rating here.
But Aviva raised concerns about the value of university education, and the length of time it will take millenials to pay off increasingly high student loans.
They found that millenials estimate it will take them 11-12 years to pay off their fees, whilst a third of millenials feel they have to carry more of a financial burden for higher education than the generations before them did.
Louise Colley of Aviva said: “The financial hangover from university has led many in this age group to question whether in hindsight they made the right decision and how much value it has brought to their current position. With relatively low disposable incomes and significant debt to tackle, millenials don’t have it easy when managing their finances.”