postgraduate

"Although long-term finances remain sound, this shortfall has arisen because of inflationary cost pressures and a reduction in international postgraduate numbers, reflected across the sector," Prof Maguire said.

In 2017, aged 32, he undertook a postgraduate degree at the University of Lisbon, where Jose Mourinho - Manchester United's manager at the time - was a coordinator and lecturer on its High Performance Coaching course.

On top of that, there has been a fall in international applications this year after visa restrictions were introduced in January preventing postgraduates bringing their partner or children.

It said student numbers were below budgeted numbers, including a 7% reduction in UK undergraduates compared to last year and a 50% drop in postgraduate international students.

The data show that majors are often more important than institutions — and that community colleges and California State University campuses can deliver attractive postgraduate earnings to low-income students without drowning them in debt.