There’s a growing debate if the cost of college tuition is worth it. Many argue that college has become too expensive and that most people can’t afford it without getting buried in debt.
Sure, you get an added “edge” when you enter (or re-enter) the job market. But then again, skeptics argue that a degree doesn’t guarantee that you’ll get a good job. Moreover, they also argue that many jobs don’t require a degree. So why spend all that money?
While some of the arguments against college do point out some truths (student debt is a growing problem), there is overwhelming evidence to suggest why going to college is still a worthy investment.
The cost issue
Currently, the average student debt for college graduates is over $22,000. Recent statistics suggest that the trend could go higher.
So are the skeptics right? Is college really too expensive?
The answer is a resounding “no.” Many factors contribute to growing student debt aside from tuition costs. For instance, did you know that according to a survey made by Key Bank, only 12% of students selected a school based on affordability?
This is staggering statistic sheds light on the spending habits of students. Because very few consider cost, many students are at risk of entering schools that they couldn’t afford to begin with. Hence, it shouldn’t come as a surprise why many end up in debt.
But does this mean that all colleges are expensive? Of course not. When student financial aid is taken into account, statistics show that the average cost of public four-year colleges last year was just at $2,000.
If you are diligent in securing financial aid for yourself and for as long as you are wise with the school you choose, college can be affordable.
Return on investment
Many people do not realize how important having a degree is. Three decades ago, people with at least a bachelor’s degree made an average of 40% more than those who finished only high school. Now, bachelor’s degree holders earn an average of 83% more.
There is a reason why the gap is enormous. It’s because more employers these days value education and they are willing to pay top dollar for college graduates.
The study conducted by Anthony Carnevale and Stephen J. Rose of Georgetown reflects this. According to their findings, college degrees have big benefits even in fields where a degree isn’t required. For instance, they found that construction workers, police officers, plumbers, retail salespeople and secretaries with college degrees made significantly more than those without.
So while it’s true that there are still many jobs don’t require a degree, foregoing college means that you are already limiting your earning potential. Employers are more likely to hire someone with a degree. Are you willing to risk your chances for employment?
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