Should University Education be free of cost and funded by the government?

Education has a
good impact on society as a whole. If university education is left to market pressures, there may
be a shortage of qualified graduates, and the economy may suffer as a result. Furthermore,
higher education would become the exclusive domain of wealthy families who can afford to
send their children to university in a free market. As a result, the government has a solid case to
make.

Regardless of race, cost or color every human being has the right to education. As the proverb
says “Education is the backbone of a nation”. Others, on the other hand, claim that higher
education's positive externalities are limited, and that the primary benefactors of a university
diploma are graduates who can command a higher-paying job. If the external advantages of
many degrees are low, government spending on relatively expensive university education may
be misallocated. Governments may be able to receive a greater return on investment by
spending money on basic education and vocational training - training that is more relevant to the
requirements of the economy rather than 3-4 year university degrees. Education is a
meritocracy benefit. People may miscalculate the benefits of studying and undervalue higher
education, which is one of the characteristics of a merit good. People may be encouraged to
study if the government provides incentives . Thus, University education free of cost may
provide
• Equality- everyone can gain access.
• Enables more high tech economy
• Avoids young people with high debts.

The cost of a missed opportunity. There is an opportunity cost of increased taxes or less
spending elsewhere if we spend billions on free university education. Providing vocational
training — for example, so people may become plumbers, electricians, and so on – may have a
bigger societal value. In many economies, these skills are in short supply. The number of
graduates has increased dramatically in recent decades. However, many university graduates
are now leaving to pursue employment that does not require a degree. According to the ONS,
nearly half of those who have left university in the last five years are working in positions that do
not require a degree. The Cons of free education are listed below:
• Opportunity cost of spending elsewhere.
• Tuition fees make students value education more.
• Graduates gain higher income so it is only fair to pay for their tuition.

Thus, education has a good impact on society as a whole. If university education is left to
market pressures, there may be a shortage of qualified graduates, and the economy may suffer
as a result. Furthermore, higher education would become the exclusive domain of wealthy
families who can afford to send their children to university in a free market. As a result, the
government has a solid case to make. Others, on the other hand, claim that higher education's
positive externalities are limited, and that the primary benefactors of a university diploma are
graduates who can command a higher-paying job