Why bother going to university and running up thousands of pounds of debt, with no guarantee of your dream job at the end of it? One reason is that the prospects for non-graduates are even less rosy than for those with degrees.

Rates of youth unemployment are expected to remain high even when Britain comes out of recession, with the least qualified being the worst affected. Applicants with degrees — plus teamworking and presentation skills — will be much more appealing to employers.

With 43 per cent of young people going into higher education, competition is tough but not necessarily overwhelming. There has never been a greater choice of subjects, ranging from architecture to zoology, and students no longer have to commit themselves to a three-year, full-time BA or BSc, taken in the flush of youth.

The number of part-time courses is growing to meet demand from mature students, while alternatives to traditional courses include the two-year foundation degree.These often combine academic study with work-based learning. For example, this year’s first graduates of the Tesco retail foundation degree learnt about consumer behaviour, retail law and in-store marketing. The degrees were awarded by Manchester Metropolitan University and the University of the Arts London.

Guide to Clearing: essential information on universities in the clearing system

John O’Leary outlines some of the pros and cons of 40 UK universities likely to be offering the most places through clearing this year

• Act fast to snap up a university place through clearing

• Full universities leave A-level winners unable to trade up

• A degree of control over your future

Related Links

• Act fast to snap up a place

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• Good University Guide

Some universities offer honours degrees in two years rather than three, with students giving up their long summer break to cram in extra work.

However, the traditional picture of a school-leaver preparing to spend the next three years of their life at university remains the norm. As well as expanding the mind and challenging the intellect, university still gives many teenagers their first chance to live away from home. The joys of shared living, cheap beer, new friendships and the chance to join numerous clubs and societies all await this year’s freshers.

So does the chance to manage a budget, a skill that will stand graduates in good stead if they do not immediately land a job. Students who start university this summer are expected to have an average debt of £23,200 by the time they graduate, although they will not have to start repaying it until they earn at least £15,000. Yet this generation can count itself relatively lucky. A review of tuition fees is due to begin this autumn and is expected to recommend that the £3,000 cap on top-up tuition fees is lifted. It is not inconceivable that annual fees could rise to £5,000 or £7,000.

While graduates are predicted to earn a salary premium of more than £100,000 over their lifetime compared to non-graduates, this can vary wildly by course and institution. Research suggests that graduates in disciplines such as accountancy and medicine earn considerably more in their working lives than those who take history, art, French or English literature.

The Times Good University Guide 2010 (published by HarperCollins and available at timesonline.co.uk/gug) has more detailed information about every institution. Tables show how the universities compare in individual subjects.

If you have questions about clearing, e-mail our experts at education@thetimes.co.uk Answers will be posted at timesonline.co.uk/student

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