The returns to higher education: new evidence from administrative data in the UK

Around 350,000 English students start a university degree each year, and most will leave with debts in excess of £50,000. This imposes significant costs on both students and the taxpayer – latest estimates suggest it costs the government around £9 billion to educate each cohort of undergraduate students, while three quarters of graduates will pay 9% of their income above £25,000 for thirty years after graduation.