Benjamin Franklin said in the 18th century “rather go to bed without dinner than to rise in debt”. Little did he know what the students in the UK will do three centuries later. While it is a bit difficult to assess how many students in the UK go to bed without dinner, it is fairly clear that more than two-thirds of the students take on debts in this country.

According to the ONS, 68% of students are receiving student loans while 90% are reporting an increased cost of living in the last few years. This situation compels us to think whether the degree is really worth the debt that students are accumulating. To answer this, we can look at it from two angles: first, is the value of the degree, and second, is the worthiness of its debt.

For the sake of this article, “degree” refers to a standard three-year undergraduate course at a recognised university in the country. Famous English economist John M Keynes said “the value of an investment depends on the present assessment of future prospects”. When looking at graduate earnings fifteen months after completing a degree, a clear pattern emerges.

Junior doctors and dentists typically earn about £10,000 more than graduates from other streams annually, according to the latest study by HESA. The average salary for these subjects was £37,924, compared to the national average of £28,500. Graduates from these subjects were in high-skilled jobs 97% of the time.

This is compared to 49% for agriculture- and food-related subjects, which had the lowest rate of skilled employment. So, there is a good chance that your degree is worth the time, efforts and money if you are looking at it purely from a financial lens. Additionally, it has been found that graduates from other streams such as STEM and business courses earned £31,000 on an average, while media and literature graduates earned one of the lowest salaries fifteen months after graduating, amounting to just £25,000 per year.

While it is absolutely essential to take up a formal education and training over the years to work in certain life-saving fields such as medicine, surgery, law, modern technology, etc., it could prove to be a better economic decision for graduates in other fields if they could find apprenticeships, work experience, or internships in their desired field of work, instead of taking up student loans. Now, let’s focus on the “worthiness of the debt”. Economists evaluate whether a debt is worth it to the borrower by comparing benefits versus costs over time. In case of student loans, that would be if the degree increases future earnings or that increase is larger than lifetime loan repayments.

There’s also the opportunity cost, which means that not taking the loan could result in a bigger loss, like missing out on better job opportunities or higher future earnings. Beyond these financial calculations, some economists also view student debt as an investment in human capital. It can help build the skills and qualifications that increase a person’s productivity and employability.

Debt, in this sense, is not just a burden but a way to access higher future earnings, much like a business taking a loan to grow. The value of the debt depends on how effectively the degree improves long-term prospects, not just early-career salaries. But the worthiness of student debt shouldn’t be measured only in money.

Many degrees lead to careers with social, cultural, or personal value that wages don’t fully capture. Fields such as arts, education, media, and public service may offer lower financial returns yet provide purpose, creativity, or community impact. Here, the judgement becomes more subjective.

The debt may not maximise income, but it can still be “worth it” if the degree enables a meaningful or otherwise inaccessible career path. In summary, whether to take a student loan depends on your expected earnings and your long-term goals. The important thing is to make a decision that aligns with both your financial situation and the direction you want your career to take.