Finance Globe
Is College Education Still Worth the Investment
In today’s environment with rising education expenses, some are asking the question of if a college education is still worth the investment. Every parent wants to do the most that they can to set their child up for success, but many are beginning to ask the questions. Below I have outlined some benefits and why people are asking the question to give you a better perspective of deciding if a college education is worth it.
Benefits
- According to the National Center for Education Statistics, the typical bachelor degree holder earns $18,500 more per year than those with just a high school diploma. There is an average 7% rate of return for a degree.
- College graduates report being happier and more satisfied with their work. They are less likely to be unemployed, less likely to divorce, and more likely to live longer and healthier lives.
- Many believe that a college education is an enriching experience that allows students the chance to grow, learn, explore and challenge themselves like nothing else.
Complaints
- The rising costs of obtaining a degree. Most college students today incur education debt and the amounts borrowed are significantly rising. A study released last year by the Institute for College Access & Success found that nearly two-thirds of students who earned a bachelor’s degree in 2017 used loans to help pay for college.
- For those graduating with school debt, the average debt load — not including any loans taken out by parents — was $28,650, 23% higher than for students who graduated a decade earlier.
- According to the National Financial Capability Study carried out in 2016, student debt is a rising concern for student. Over half of the respondents said they would take a different course of action when it came to taking out student loans if they had the chance to do it again. Worse yet, nearly 30% of respondents indicated that they did not complete their program for which they took out a student loan.
I still believe college education is worth the investment, but given the higher costs today, I think you need to be more careful in deciding where you go and what degree you get.
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Comments 1
This does open the door to thinking about the future. Some options is to find a two year school (local to reduce costs) for the General Education Courses and stick a toe into subjects that might be of interest. While you loose the flow of four year schools you can also lower your costs and possibly experiment more. Also, many more trade based courses are available through two year programs and that may well be a good fit for somebody that likes tech based work.
Men are at a cross roads in our society today! In my state thirty-two state colleges all have a greater than 50% enrollment of females. What do the men propose to do for a living? The old days of a high school diploma will open the door is unlikely. Employers want to see a person more formally educated in the world. Example, to become a Miner you need a two year Vo-tech diploma or certification in subjects applicable to mining and pass drug screening on a continuous basis (no more sliding along) in exchange you can earn $70,000 to $120,000 a year with overtime and operate equipment you played with as a small child! Most is very technology based now!
As parents we cannot guarantee to support a family and pay the college expenses as living has become to expensive. Resourceful funding is a must. It is too bad we lost the ability to experiment more in life and have fun. Instead we have to drop from high school right into the heart of things and not really be ready or know enough to make huge life commitments.
Enough said but best wishes in forging ahead considering life options and how to best pay for them!
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