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You are undoubtedly familiar with headline stories in the press and on TV about fees, student debt and even student poverty. Yet how much will it cost you to go to university, and will it all be worth the work and the cost?

According to the Government the average amount students owe (their student debt) when they graduate has always been an unserestimate according to the National Union of Students (NUS) and the major banks.  Current estimates of graduation debt put the figure at around £15,000, with some as high as £20,000. Are you still reading? Well keep calm, because those of you intending to enrol next September  may well face a graduation debt as high as £ 20,000 - even though the Government White Paper that introduced the £3,225 tuition fees stated virtually no-one would end up owing this amount of debt.

Graduate Earnings
Before you start doubting whether going to university is still a priority for your future, it worth realising what you will get from becoming a graduate. Whilst you may be sceptical about the latest survey showing just how much more graduates earn, it would be prudent to take into account the findings of all such similar and numerous surveys going back a number of years. In general graduates earn far more than their contemporaries who passed A' levels (not just GCSEs) but who didn't go to university and get a degree. How much more? Most surveys shows a graduate earnings advantage of between 10% and 20%.

However, if you are a female graduate then your earnings will be almost 40% higher than those female friends of yours who enter the labour market after passing A' levels alone. True this is partly because in an unequal world, women generally get paid less than men. However this also means that female to male pay is closer to equality if you are a graduate. In some sectors, female graduates earn more than males.

The higher earning potential for graduates also appears to be a life long phenomenon. The Institute of Fiscal Studies analysis in the late 1990s showed this to be the case for 33 year olds (see www.ifs.org. and go to publications), and Clive Belling's survey of the over forties (University of Birmingham) showed a similar picture of continued higher graduate earnings. Doubtless this may be partially due to graduates getting earlier and more frequent promotions, but that too is a graduate benefit worth having.

Similarly, graduate employment rates are higher (or unemployment lower) than the general population, with graduates getting jobs quicker and more easily. For women, then there is an even greater advantage (over males), with female graduate unemployment being even lower. Only 2% of those women graduating in 2001 were still unemployed by January 2002 (source: Higher Education Statistics Agency). The overall average for graduates before the recession was still just 5%.

So just as regards employment and earnings, the 'price' that student or graduation debt represents appears to be well worth it. If you then also consider the ability for you to choose and study a subject you have a real interest in or passion for, then going to university looks a very good option. Even so, you would be well advised to have a clear understanding as to how your student debt will be paid for and managed.