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In the US, interest on student loans started accruing again on Sept. 1. Soon, more than 40 million borrowers will have to resume their payments. The US is an outlier when it comes to high tuition and the debts that students take on.
In the UK, people from all ethnic minority groups are now more likely to go to university than white British people. But does university education pay off when it comes to their future earnings?
I looked at this question in a recent report, co-authored with Jack Britton at the Institute for Fiscal Studies and Lorraine Dearden at UCL. We found that the financial benefits from university are positive on average for all ethnic groups even after accounting for taxes and student loans. Gains are highest for South Asian students, middling for white students, and mostly lower for black students.
The benefits are especially large for Pakistani students, with an estimated boost to average earnings of more than a third by age 30. Adding up predicted gains over the whole life cycle and taking into account taxes and student loans, we found that doing a degree is worth around £200,000 for Pakistani students – around twice the average return for all students we calculated in previous work.