Now, education has a cut-throat competition so skills have become the currency in economies of this era. There is a noteworthy rise in the numbers of graduates in the UK. It has been seen that students pass out from universities with higher education earn over 80% than those have just five in GCSE or an any equivalent vocational qualification. It is not necessary that every university graduate will earn a great salary, but a survey says on average they income an extra £160 000 home over their working life. And it’s even after discounting tuition, forgone earnings, and the higher tax bill, which comes with a handsome salary.
Many people say that these trends are all predictions of the past, and that the job scenario of future graduates may look much shoddier, exactly if fetching in more and more people finally means including fewer qualified applicants. But the record says there is no change or will not be changed in pay of a graduate as per the past predictions.
Now, the question is, who should pay for the tuition fees because now education becomes very expensive and no university offers free education unless there is a scholarship facility.
There are some countries which pay for universities through the public fund and even sponsor the living costs of university students. This system really does make sense for them because contribution is almost universal and they have a sharply progressive tax system so that they can recover the money from graduates who usually end up as the better job holders with handsome incomes.
Some European countries like France, Germany or Spain, say higher education is quite essential, but the governments of these countries are neither contributing to put in the required finances nor allowing universities to make money with tuition fees. As a consequence, they compromise in quality and restricting rights to use, with the outcome that all workers force to pay for the university education of the rich parents’ kids.
Another substitute is to allow universities to charge tuition and interestingly, OECD data confirm complete no cross-country connection between the level of tuition countries charge and the contribution of disadvantaged youth in tertiary education.
But it is not as simple as to get right tuition. If countries give the burden for tuition fees completely on the shoulders of a student, then they jeopardy not attracting the intelligent, but the richest children to take admissions. Eventually, it leads to a problem of the entire nation.
If countries depend essentially on viable loans which students have to reimburse once they complete their studies, then they still jeopardy both the students and families. It is because the guarantee of greater lifetime incomes of graduates is a numerical one, and there is in fact very wide diffusion in incomes. The UK, and some other countries too, have put efforts to flat this situation with an amalgamation of income-contingent loans and means-tested grants. That mainly means risk-free right to use for financing for potential students with governments helps, but they don’t have to pay for the costs.