In the past, most people did not question the value of a college degree. Having a degree was seen as a surefire way of getting a better paying job. But today, many prospective students question the wisdom of a higher education. With the cost of tuition on the rise, student debt increasing at an alarming rate, and lower salaries for college graduates, it is easy to see why many feel that the cost of getting a college degree is not equal with the benefits.
In recent times, college graduates have been struggling to find good jobs and this trend is one of the main factors that has contributed to the belief that getting a college degree is a bad investment. The situation is especially true for prospective students who come from homes with financial difficulties. Let’s delve further into the question of whether a college degree is worth it or not, and hopefully, with some valuable research, we will show the real value of higher education.
What is the economic value of a higher education? There are many benefits that college graduates receive when they attend college and graduate with a degree. One of these benefits is an economic upliftment. A report by the US Census Bureau stated that people with a bachelor’s degree earn as much as $2 million, while associate degree holders earn $1.5 million, and high school graduates almost $1.2 million during their career. So if you break it down, the economic value of a college degree is the extra wages that degree holders expect to earn after obtaining their degree. Another way to assess the economic value of your degree is to use a break even analysis method as some colleges are more expensive than others.
No matter how you choose to calculate the value of your education from an economic standpoint, you will earn more than you would have spent in getting the degree. It might take longer in some cases, but you will break even eventually. And once you break even, you will earn more than those with a high school diploma.
What are the other benefits of a higher education? There are many other benefits associated with a higher education:
• A better social status • Varied work opportunities • Fewer work hours • Higher standard of living and much more As many graduates will agree, there are also some invaluable benefits that you will get from the experience of being an undergrad. You will meet people from different cultures, learn interesting new things, acquire richer ideas, and be a part of groups with like-minded individuals.
Recent studies also show that college graduates are healthier overall with a higher mortality rate. This can be attributed to their lifestyle and as a result, their children are brought up with a healthier mentality about how to live life. The offspring of many college graduates grow up with ingrained training on the importance of good nutrition and exercise. This helps improve the quality of their lives.
What is the social value of a higher education? Just as college educated people bring up their children to be conscious about their nutrition and exercise, research shows that they also Imbibe ethics and morality in their children. College-educated mothers spend time teaching their kids values, morality, and basic etiquette. As you can see, there are actually many invaluable benefits associated with a higher education. These benefits are not only a plus for the degree holder, but help enrich the entire society.
Final thoughts In a recent study, it was noted that about 600,000 students drop out of college and universities. This is a high number of dropouts and increases the number of Americans who do not have a college degree. Those who dropped out of college or any other higher educational institution will earn less than those who complete their college degrees. The wasted expenses like fees and accommodation cannot be refunded in many cases, so for people who do not intend to finish college attending a community college rather than a traditional college or university will make better financial sense. Cognitive skills develop at almost the same rate in all colleges and with the cheaper cost, dropping out will be far less expensive at a community college than from a four-year college or university.