As high school students, the daunting concern of college is constantly invading our thoughts, affecting our decisions and overwhelming us with anxiety when it comes to excelling in our studies. In our economy, attending college and earning a certain degree is the norm for the average American. This is because obtaining a degree most often times ensures one with a stable income and a fundamental lifestyle, as it will increase the likelihood of them attaining a well-paid job. However, the cost of colleges has skyrocketed over the past decade, becoming the main concern for many families. As a result, the question of whether or not a college education is worth it is commonly debated upon. Although some can argue why one does not need a college degree, the benefits of college still outweigh its drawbacks because it results in a higher lifetime income, puts one at an advantage in the economy, and has a high return as an investment.
One of the most compelling reasons as to why one should undergo a college education is because a college degree generally translates into a higher income. According to the Bureau of Labor statistics, those with a four-year college degree have a weekly salary $1,137, compared to the $678 salary of high school graduates. Putting these values into a broader perspective, the difference between the lifetime wages of high school and college graduates is an astonishing amount of $1 million. Some may worry about the “opportunity costs” they forgo during the period of time used to earn a degree, as they would enter the workforce at an older age, but the long-term benefits of that degree definitely exceed its obstacles. Over time, the education-wage gap has also increased. As of 2012, Americans ages 25 to 32 with a college degree make $17,500 more annually than their peers with only a high school degree. In comparison, this value was only $9,690 more in 1979. The future wages that result from a college degree can also heavily depend upon major, as some majors will earn more than others. The difference between the highest and lowest paying majors is $3.4 million, the top paying majors being STEM, health and business, and the lowest being arts and social work. Telling from these statistics, the benefits of a college degree when it comes to lifetimes wages is definitely worthwhile. This is why many Americans will undergo a college education, to ensure a financially stable future so they can fulfill their wants and needs.
Obtaining a college degree also comes with its many advantages in the economy. According to a study done by Georgetown University, it is estimated that “by 2020, 65% of all jobs in the economy will require postsecondary education and training beyond high school.” Therefore, one would most likely benefit from a college degree if they are searching for a job any time soon. Those with a degree are also more likely to have retirement plans and health insurance. In 2015, 52% of full time workers with a degree had retirement benefits, compared to only 43% of those without a degree. When it comes to health insurance, the same idea applies as 38% of degree holders had employer-provided health insurance, and that percentage decreases to 26% for high school graduates. For those with a college degree, there are many more additional benefits, like the fact that they are more likely to be married, less likely to live in their parent’s homes, more satisfied with their jobs, and tend to be able keep their jobs even during recessions. Aside from its statistical significance, a college education also allows for students to grow more and explore themselves as people. Many college students will acquire interpersonal skills as they interact with other students through organizations and clubs, developing a fundamental skill needed in our daily lives. Skills like this that cannot be taught in a classroom will be of great importance, especially in our generation because it is constantly undergoing change and modernization. For that reason, establishing strong human connections can and will be one of the most powerful business tools in the future. College also allows for students to explore career options through things like internships, which gives them experience before entering the workforce. This will allow for them to have more confidence and knowledge when they actually start working, resulting in more productive and efficient citizens, developing a better economy. During their time in college with more exposure to diverse cultures, ideas and personalities they may not have encountered back at home, students are able to broaden their perspective and open their eyes to the reality of the world. Expanding their perspectives will also lead to a deeper understanding of the diversity in our economy, encouraging more open-minded people for the future ahead of us.
College tuition has skyrocketed over the years, leaving 44.3 million Americans in debt, totaling out to our astonishing student debt value of $1.48 trillion. Even when taking inflation into account, the average price for college has more than doubled over the past 40 years. According to data from the College Board, the average cost for a public college, including tuition fees, rooming, and other small factors, for the 2017-2018 year averaged out to be $20,090 a year. Unquestionably, that number is exceedingly higher for private colleges, averaging at $45,370 a year. For the average American, looking at these numbers can be overwhelming and may seem like a pure impossibility to be able to afford such massive amounts. However, these values are often times called the “sticker price” of college tuition, and in reality, the out-of-pocket cost one actually pays can decrease remarkably, based upon their financial situation. Factors that make this possible are things like aid from the federal government, which in 2014, offered about $24 billion dollars in grant aid to college students. Additionally, there is also support from private aid, for example from individual colleges as well as from other scholarship offering organizations. In general, a college degree also has high return as an investment of 15% returns, compared to the returns of the stock market and housing which are at 6.8% and 0.4%, respectively. On top of that, 86% of college graduates have stated that their college education was a good investment, which furthermore encourages the idea that tuition costs aren’t as dismaying as some may think. Although many may defer from going to college because of the daunting costs, most times they are deceived by the sticker price, as there are many available methods to make the advantageous education affordable.
Although there are many stories of highly successful college dropouts such as the famous Bill Gates and Steve Jobs, they are a mere minority of our population and their career path not a feasible possibility for most Americans. This being said, obtaining a college degree greatly benefits an individual in our economy, therefore is a good investment for the average American. Most people who graduate from a 4-year college will have a high enough income to compensate for their college funds by the time they are 34, making it affordable and worthwhile. Though it can be intimidating, a college education is something made very possible—it all depends on the decisions and the path one takes when tackling such a problem.
