Society is different now. To get a job, you need to go to school, to get a job to pay for school. Recent figures show that the average home buyers first deposit has risen to a staggering £34,000. This is almost double the amount since 2007, and the shocking exponential increase in prices has made it very hard for young people to take out a mortgage. Renting has become expensive as well, some people are better off buying the house rather than rent it out. For graduates in the UK they carry an average student loan debt of £44,000, with medical students rising to almost £75,000; the worst thing is that the loans are charged with interest. This makes life very difficult for young students, political leaders such as Jeremy Corbyn are campaigning for the abolishment of tuition fees, following other European countries such as Sweden, Germany and Norway. Despite the impact of making such a decision, it would no doubt allow graduates to settle after graduating university. Many young scholars are reluctant of the financial problems that would be caused as a result of taking out a student loan, on top of that a maintenance loan would also be needed to suffice, in areas such as London. Universities do offer scholarships and bursaries but it is still immensely difficult for poorer working class families to support their child as he/she goes to university.
Some degrees are hard to match to a certain job. Medicine for example will allow you to become a doctor. International Relations would struggle to puts its finger down. A job is the next step. According to the Graduate Labour Statistics Market there has been a 2.2 decrease in graduate employment. Upon adding the costs of living and mortgage, it would be hard to gain a disposable income, rather you would live from hand to mouth. Currently you need to earn £21,000 a year before you start paying back your loan which would be fixed at £26 a month. In a year it would accumulate to £312. Your student loan will be written off in 30 years but only the higher earns would be able to pay it off in that time period. Figures also show that postgraduates loans are fixed at 4.6% interest, most postgraduates students study medicine, and a few of them will be taking out a second loan which is only adding salt to their wounds. Whilst it would be a dream for free education, brexit will block many of the people hoping to study in the EU as we will no longer be a part of it. For the UK to have free universities would require immense reforms and a lot of money to be spent, but it would no doubt put the students at ease. Many students are moving abroad to study, as they do not wish to endure the burden that a UK university would charge them. The tuition fees could also rise from the current £9,250 a year, and that is the fee alone.
The future looks incredibly bleak for the younger generation as it is become harder for graduates to a be able to pay for tuition fees let alone a mortgage. Students are put off going to Universities for this sole reason, they are afraid they will spend most of their life paying off their debt rather than living their life. Money is now the aim for young people, as they see it as the answer to everything and that with it they can do whatever they want.