Value for money is a phrase we hear a lot in reference to Higher Education and it’s an important conversation point for students. A recent report on the Value of University tells us more.
Value for money is a phrase we hear a lot in reference to Higher Education and it’s an important conversation point for students. Value for money should surely not be as crude as looking at graduate earning potential, yet TEF continues to use graduate earnings as a metric to measure student outcomes.
As part of the independent review of TEF earlier this year, SUBU responded to a question on student outcomes noting “the very simplistic measurement of Student Outcomes and the focus on graduate salaries does not foster a healthy approach for provider enhancement. Strategies to support employability such as alumni mentoring and specialist programmes for Widening Participation students to address progression enhance student outcomes for providers and recognise an important aspect for students.” (See SUBU’s full response).
Many voices in the Higher Education sector have shared the same concern and finally the Government has evidence from students themselves that future earning potential is not the first thing that comes to mind when thinking about the value of university. A report on the value of university published this week by ComRes on behalf of Universities UK surveyed students and recent graduates in the last 5-10 years. The report finds that 5 in 6 students or 84% of those surveyed agreed that “my potential future salary wasn’t the only factor I considered when deciding to go to university.” The report further shows that students and recent graduates decided to go to University for a range of different reasons, including 56% saying it was an interest in their chosen degree subject; 48% saying it was because they enjoyed studying and learning; and 50% saying it was the first step in building a career. Furthermore, future earning potential was not the top priority for students when choosing a career; it came second to students wanting a work-life balance.
Back in December 2017 SUBU hosted Nicola Dandridge, the Chief Executive of the Office for Students, for a roundtable discussion with BU students chaired by the Vice President Education (of the time). Nicola asked students who attended why they chose to go to University and many of the students present stated they felt University was an “expected” next step. Nicola further asked students what made their university experience ‘value for money’. The BU students present spoke of the additional opportunities on offer to them alongside studying, such as the opportunities to join a club or society or to take up a leadership position and gain experience. The conversations were around the opportunities available to build a life around their degree, yet they noted this information was not promoted when making decisions between institutions and instead it was something they realised upon going to University.
The ComRes UUK report expands on this. As noted in a summary of the report by Universities UK:
“The poll also reveals the following skills, facilities and other assets which students benefit from at university, including:
- developing skills such as time management, social skills and teamwork
- access to academic tutors and experts and libraries
- improving levels of confidence and becoming more independent
- making new friends and developing beneficial social networks
- awareness of social issues and debates”
Providing students with the information they need to make an informed choice about whether to go to University and which one to pick, is something the Office of Students has taken responsibility for. This month they have launched a new student information website to do just that, called ‘Discover Uni’. This is in line with what students are asking for, with the ComRes UUK report findings suggesting a need for “greater investment in student information” (see UUK). However it was shown that this information should extend to careers advice in schools and colleges as well as clearer financial information and guidance.
Students needing more information and guidance on finances was highlighted in a report on value for money back in 2018, which was commissioned by the Office for Students and led by a consortium of Students’ Unions in partnership with Trendence UK (see ‘Value for money: the student perspective’). A more recent poll by YouGov commissioned by the Office for Students also shows this is not just an issue for prospective students as 82% of parents in England and Wales are not sure how student loans work (see Research Professional).
The cost of living is a significant area of interest for prospective and current students as they might not be aware of all costs involved in being at University until arriving, especially if they are the first generation in their family to go to University. As many of us are aware, students often need to top up their finances by taking up part time work. The latest Government’s Student income and expenditure survey (SIES) 2014-2015 results showed that over half of full-time students did some form of paid work during the academic year to contribute to their income. (On average full time students were working just over 10 hours per week to account for 10% of their average total income). The more recent NUS Poverty Commission Report 2018 found a significant financial shortfall for students after comparing student loans with living costs (see NUS, page 67) showing that students need to find other ways to top up their finances, whether through part time work or borrowing from friends or relatives (which is not an option for all). Money Saving Expert by Martin Lewis remains the most comprehensive source of information for students and parents on this matter (see MSE) and it highlights how much more needs to be done by the Office for Students on providing information to students and parents about financing a University degree.
Despite all these findings, and as David Kernohan of Wonkhe notes, it is unclear if OfS’ new student information platform ‘Discover Uni’ will extend to providing students with information beyond finding a course and University. What we do know is that the Office for Students is commissioning a lot of research and is currently running an online consultation and going out to visit universities and colleges to see how they should be engaging students ahead of publishing an overall student engagement strategy early next year (see OfS).
Hopefully there will be further changes to come on information and support for students going into HE, driven by all these findings. Regardless, it seems difficult to have conversations about the value of University and whether future earning potential should have any part to play in decision-making, when reports are showing time and time again that students care more about immediate issues such as the cost of going to University.
Written by Sophie Bradfield - Policy Adviser
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