Are you still unsure on what is the right route to take to gain your qualifications? This blog will show you the time and cost comparison of two different routes to gain a degree.
We want to help you make the right decision! Uni is no longer the only option. Degree Apprenticeships are becoming more and more common. You can graduate the same as everyone else, and even go onto a Masters level scheme. Getting paid to go to Uni! How does that sound? We have worked out the average costs and time durations to help you make your vital career choices.
So, the cost. It is no secret that going to Uni will leave you with quite some hole in your pocket, possibly some negative figures on your online banking screen, and the prices are on the rise. Just recently, the cost per year of Uni has risen to £9,250! The average person leaves Uni with around £44,000 worth of dept over their three-year course. Some people are lucky to gain a paying Placement year, so you do have the option to gain some money in your third year, should you choose a sandwich course lasting four years. According to The Independent, the average placement is paying around £17,000 a year. But remember this fluctuates massively dependent on the industry you are in, and also your location. Some Placements are actually unpaid.
The Apprenticeship route is very different, not only is there no debt, you will be PAID! There are many different routes to starting your Apprenticeship, such as going to college beforehand, or from a level 2 Apprenticeship, however for the purpose of this blog we are going to focus on an Apprenticeship from school.
Should you enrol on a Level 3 Apprenticeship, during the 14 month course you will learn and get paid on average around £150 p/w. This adds up to £8,400 over the full 14 months. Progressing onto the Level 4 you are likely to earn around £210 a week. Apprentices under current employment law, are paid national minimum wage for their age after being on programme for more than 12 months. This will total, on average, £21,840 over the full two years of the course. This means before starting Uni equivalent qualifications you could have already earnt around £30,240.
Gaining University equivalent qualifications doesn’t have to be a costly process, Degree Apprenticeships often have a minimum starting wage of £18,500. This can also increase by 10% every six months depending on your apprenticeship. Over the course of your three-year Degree Apprenticeship you could earn around £55,500, meaning you could be £99,500 better off than someone who has accumulated the £44,000 worth of debt. This is without including the income you would have gained from your Level 3 and 4 Apprenticeships!
Moving on there is also the length of time to consider. To get to Degree level through the Uni route from school the average duration is around 5 to 6 years. In comparison, through the Apprenticeship route, the average duration to Degree level is around 6 to 7 years. This is illustrated in the graph below:
Hopefully, this will help you in your decision making. However, if you are still unsure, or you have any questions at all, feel free to visit our contact us page.
The whole team at Intequal are happy to help, we look forward to hearing from you!