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 underestimate 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 do 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:

• Oppurtunity cost of spending elsewhere.

• Tuition fees make students value education more.
• Graduates gain higher income so it is only fair to pay for their tuitions.
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.