Students pose for their official group photograph at the University of Birmingham. Photograph: Getty Images.
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What is the value of university?

With students paying more than ever, richer data is needed for them to accurately know how much their course will enhance their prospects. 

Gulp. Results day. Thousands of young people will find out for certain, on the back of their A-level grades, which university – if any - they should be spending the best days of their lives at.

Today’s school leavers are luckier in that they have more choice about where they can study, with more higher education institutions and places than ever before. This is in part because this government is allowing universities to expand: 30,000 extra places have been granted for 2014/15, and universities can recruit as many students as they want with grades ABB or above. Clearing – where extra places are available in late August – is no longer for those who don’t get the grades for their first choice; top universities now offer additional places, sometimes eagerly hunted by those with the results to upgrade.

In fact, next autumn, there will be no limit on the number of students universities can admit. Universities are having to do much more to compete with other institutions to attract students. Vice-chancellors are offering scholarships and rent rebates. Free ipads, even. When I was a student, the only free deal we were offered was from banks offering young person's rail cards - mine now lapsed too many years ago.

With fees now usually triple what they used to be, students should be asking: is this really worth it? Well, if you look at the return on investment in general, then yes it is. The latest evidence shows, on average, the premium from a person attending university compared to their peer who didn’t attend but had similar prior attainment is nearly £200,000 over a lifetime. This far exceeds the amount of student loans you need to repay during your lifetime.

But this is an average. More important is whether your particular course is worth it. Now, future salaries are not the only indicator of quality, and the value of education is not just instrumental, but typical salaries are increasingly and understandably a prime consideration for students.

Universities now have to publish Key Information Sets (KISs), which includes data on the salaries of graduates from particular courses. Problem is, this data is very limited. It derives from the Destination of Leavers from Higher Education (DLHE) Survey, where the data is collected at six months and just over three years since graduation. Not only are both points of time too early to measure career success - considering further degrees, traveling and career swapping – but the response rate is very low and unrepresentative, especially for the later time point.

New, better data will be available soon, which uses information from HMRC’s PAYE system and the Student Loans Company, matching the majority of students’ salaries at any point in time with their university course and institution. Universities  - in their KISs - should use this richer data on salaries instead.

Nonetheless, even with this more comprehensive information, students will not be able to see what universities are genuinely adding to their future salary prospects. Much of the reported salaries may be to do with factors that are nothing to do with the quality of the student experience offered by an institution. Universities have different entry requirements, so the typical prior attainment of their students varies. Equally, some universities have student cohorts with better job-enhancing networks, or have reputations – possibly dated - that affect employers decision-making. In other words, Oxford University could do very little for their students, but their graduates could still earn a lot in the labour market because they are high ability anyway, are exposed to strong networks, and come from an institution with a tradition of a strong reputation.

That is why the future reporting of average salaries for university courses should be as a premium, measuring against people with similar prior attainment and career destination who did not attend that institution. It would still not show perfectly how institutions are adding to students’ salaries, but it would certainly be a fairer indication than now.

This contextualising of outcomes is also needed for the reporting of degree classifications, usually in league tables, that students obtain. Raw, these results are misleading. The higher proportion of top degrees may be more of a reflection of higher ability students, rather than the quality of teaching at an institution. So, a score is needed which measures how well students progress from A-level to the end of a degree, as the Guardian University guide does. A robust Value-Add score to show how teacher quality affects attainment in different degrees should be in KISs too.

With students paying more than ever, richer data is needed for them to accurately know by just how much their course will enhance their prospects. Then they will be able to assess whether their particular university course really is worth it.

Ryan Shorthouse is the Director of Bright Blue, a think tank for liberal conservativism 

Photo: Getty
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There's just one future for the left: Jeremy Corbyn

Labour's new leader is redefining Labour for the 21st century, argues Liam Young. 

The politics of the resurgent left comes down to one simple maxim: people are sick and tired of establishment politics. When one makes this statement it is usually met with some form of disapproval. But it is important to realise that there are two different types of people that you have this conversation with.

First there are the people I surround myself with in a professional environment: political types. Then there are the people I surround myself with socially: normal people.

Unsurprisingly the second category is larger than the first and it is also more important. We may sit on high horses on Twitter or Facebook and across a multitude of different media outlets saying what we think and how important what we think is, but in reality few outside of the bubble could care less.

People who support Jeremy Corbyn share articles that support Jeremy Corbyn - such as my own. People who want to discredit Jeremy Corbyn share articles that discredit Jeremy Corbyn - like none of my own. It is entirely unsurprising right? But outside of this bubble rests the future of the left. Normal people who talk about politics for perhaps five minutes a day are the people we need to be talking to, and I genuinely believe that Labour is starting to do just that.

People know that our economy is rigged and it is not just the "croissant eating London cosmopolitans" who know this. It is the self-employed tradesman who has zero protection should he have to take time off work if he becomes ill. It is the small business owner who sees multi-national corporations get away with paying a tiny fraction of the tax he or she has to pay. And yes, it is the single mother on benefits who is lambasted in the street without any consideration for the reasons she is in the position she is in. And it is the refugee being forced to work for less than the minimum wage by an exploitative employer who keeps them in line with the fear of deportation. 

The odds are stacked against all normal people, whether on a zero hours contract or working sixty hours a week. Labour has to make the argument from the left that is inclusive of all. It certainly isn’t an easy task. But we start by acknowledging the fact that most people do not want to talk left or right – most people do not even know what this actually means. Real people want to talk about values and principles: they want to see a vision for the future that works for them and their family. People do not want to talk about the politics that we have established today. They do not want personality politics, sharp suits or revelations on the front of newspapers. This may excite the bubble but people with busy lives outside of politics are thoroughly turned off by it. They want solid policy recommendations that they believe will make their lives better.

People have had enough of the same old, of the system working against them and then being told that it is within their interest to simply go along with it.  It is our human nature to seek to improve, to develop. At the last election Labour failed to offer a vision of future to the electorate and there was no blueprint that helped people to understand what they could achieve under a Labour government. In the states, Bernie Sanders is right to say that we need a political revolution. Here at home we've certainly had a small one of our own, embodying the disenchantment with our established political discourse. The same-old will win us nothing and that is why I am firmly behind Jeremy Corbyn’s vision of a new politics – the future of the left rests within it. 

Liam Young is a commentator for the IndependentNew Statesman, Mirror and others.