Public misjudge graduate regret and undervalue unis, study finds

The public significantly overestimate how many graduates regret university and underestimate the economic contribution of higher education, according to a new study by the Policy Institute at King’s College London and the Higher Education Policy Institute (HEPI).

Findings point to widespread misunderstandings around tuition fees, student loans and the financial return of degrees.

The research, based on a representative survey of 2,082 UK adults, reveals that people guess 40% of graduates would not attend university again if given the choice. In reality, only 8% say this. Similarly, 49% of the public believe university debt negatively affects graduates’ lives, compared with just 16% of graduates who agree.

The study also found that the public underestimate universities’ economic impact. Only 6% correctly identified the University of Oxford as having the highest revenue on a list including Greggs and two major football clubs, despite the university’s income exceeding £2.9bn in 2022/23.

Few recognise that higher education is the UK’s largest export sector among five surveyed, with revenues of £24.6bn in 2023. Nearly a quarter (23%) wrongly placed it at the bottom.

The public are also largely unaware of how student loans and fees operate. Just 17% correctly said that tuition fees have not risen in line with inflation since 2012. Median estimates of graduate debt were about £10k lower than actual figures.

Young graduates themselves were among the most misinformed. Some 58% of graduates aged 18 to 34 wrongly believe loan repayments begin with any paid job, rather than above an income threshold.

Professor Bobby Duffy, director of the Policy Institute at King’s College London, said: “The standout finding for me is the huge overestimation of the sense of regret about going to university among graduates. Only 8% of graduates say they wouldn’t go if they could choose again, but the average public guess is 40%.

“This will be driven by vivid, individual stories of graduate regret and the generally negative background noise about the declining value of a degree.”

Nick Hillman, director of HEPI, added: “People who work in higher education often complain that the role UK universities play is misunderstood. These results reveal for the first time just how poor an understanding many members of the public have about higher education institutions today.

“Universities are bigger in terms of income and employment and more successful in terms of student outcomes than the public often recognise.”