This is (paragraphs and emphasis through the use of block characters apart) a direct copy of a comment which I wrote tonight on LinkedIn.com.
When I went to university in the UK at the age of 19 it
was then still possible to get a grant from the government. It was not that much
and your parents were expected to pay a percentage based upon their earnings,
but you learned a lesson early in life about good "household management".
There
were no luxuries, you lived within your means and if you overspent, your parents
had better be feeling generous (which was not always the case). I always had
enough money left in the final week of term, but not much. In that respect I was
unusual, most of my friends were usually in borrowing mode.
The advantage of
this system was though that people from poorish backgrounds like myself had the
chance to get a high-quality education which could benefit the society as a
whole later on. Get a job during term? Not enough time (working on projects in
the Uni library till late most days). Get a job in the summer vac - if there
were any, demand exceeded supply by some way.
As for the current system of
taking out loans - I would never have done it, as I would have refused to put
myself into debt. At least without a guarantee of a very good job to follow (do
such guarantees exist? No!).
We live though in an era where borrowing money has
become almost a fetish, and the fact that the interest on loans is ridiculously
high (think what you could do with the money if you did not waste it as interest
charges!) does not seem to be the deterrent it should be.
Would I personally
have missed out if I had not gone to university? Definitely. And I think that I
have been good value for money since. But I am absolutely certain that I simply
would have gone into the workplace as an employee at the age of 19 and never
have studied full-time.
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