College Is Not Worth The Money
As the price of college continues to be on the rise, many are starting to question the benefits of a college education. They wonder if students are receiving relevant education. They wonder if student debts will leave the young adults of America scraping for pennies. They wonder if the stress of colleges will leave the new generation in a mental mess. They wonder: is college even worth it? New surveys and recent studies reveal a resounding yes: college is definitely worth the time and money required to finish it. College graduates make more money than non-graduates. The Labor Department statistics by the Economic Policy Institute in Washington shows that the wage gap between graduates of a four year college versus everyone
…show more content…
else is increasing. In fact, according the the data, “Americans with four-year college degrees made 98 percent more an hour on average”. College graduates make about $32.60 per hour while non-graduates make about $16.50. In addition, college graduates have an advantage in applying for jobs. More and more careers require college degrees as the value of a high school diploma has diminished to a basic standard of living. According to the Bureau of Labor Statistics, as of January 2015, high school graduates with no college whatsoever have an unemployment rate of 5.4%, while college graduates with a Bachelor’s or higher have about half the unemployment rate. Even those who do not graduate from college with their Bachelor’s have a lower unemployment rate than those with only a high school diploma. College provides advantageous knowledge, skills, and experience over the basic high school education. Some sources claim that the mental stresses makes college not worth the money.
On the contrary, colleges provide counseling and tutoring for students in need. For example, during dead week (week before finals), many schools provide puppies for the students to play with in order to relieve stress. Other sources complain that student debt/loans may make a family bankrupt. That is true; however, virtually anything can put anyone into debt if one does not take the time to pay for it. Furthermore, colleges provide financial aid and scholarships. The New York Times reports that in the long run, “the true cost of a college degree is about negative $500,000”. The journal of Science calculated this number by taking into account the cost of tuition and fees, the lifetime gap between the earnings of college and high school graduates, inflation, and the time value of money. Although this is number is not precise for all students, it’s still accurate. The Washington Post cites many studies that show that college is worth the money. For example, economists Orley Ashenfelter and Alan Krueger (he served as President Obama’s chief economist!) discovered that “people with one more year of schooling than their twin, earn, on average, 12 to 16 percent more”. The US Census Bureau shows that people with at least some college make $3,374 more than high school graduates per year; those with an Associate degree $8,194, a Bachelor’s degree $20,989; and a professional degree $58,697 (double!). College, no matter what amount you get, is definitely worth the money. Over a lifetime, this could mean millions of dollars of income that can only be achieved with a college
degree. Besides the financial aspects, college also provides interpersonal skills to young adults. Many people make lifelong friends during college and learn how to live with other people through dormitory and apartment living situations. Colleges also have many club, sports, and internship opportunities that are not available elsewhere. It is very difficult to find such networks and high levels of organizations outside of college. In addition, not only to young adults learn about interpersonal relationships, but they also discover themselves. College is a place where new adults learn what’s important to them as a person and life responsibilities. College is like a mini-town, a baby step towards living on one’s own. Finally, the most important factor in deciding the worthiness of college is the students’ opinions. After all, it is the students who go through all the classes, pay off student loans, and spend the hours studying. A recent survey by Pew Research Center shows that 83% of college graduates feel that college has paid off, considering what they and their family paid for their undergraduate education. In addition, about “seven-in-ten college graduates also say their undergraduate or graduate major is at least somewhat related to their current work”, and 84% of those with a graduate or professional degree say they had “sufficient education and training” for their job or career, and “8% say that it hasn’t paid off yet, but they believe it will in the future”. This leaves less than a tenth of graduates who think otherwise. Clearly, college graduates affirm that college is worth it. And according to the statistics, college education is definitely worth it.
else is increasing. In fact, according the the data, “Americans with four-year college degrees made 98 percent more an hour on average”. College graduates make about $32.60 per hour while non-graduates make about $16.50. In addition, college graduates have an advantage in applying for jobs. More and more careers require college degrees as the value of a high school diploma has diminished to a basic standard of living. According to the Bureau of Labor Statistics, as of January 2015, high school graduates with no college whatsoever have an unemployment rate of 5.4%, while college graduates with a Bachelor’s or higher have about half the unemployment rate. Even those who do not graduate from college with their Bachelor’s have a lower unemployment rate than those with only a high school diploma. College provides advantageous knowledge, skills, and experience over the basic high school education. Some sources claim that the mental stresses makes college not worth the money.
On the contrary, colleges provide counseling and tutoring for students in need. For example, during dead week (week before finals), many schools provide puppies for the students to play with in order to relieve stress. Other sources complain that student debt/loans may make a family bankrupt. That is true; however, virtually anything can put anyone into debt if one does not take the time to pay for it. Furthermore, colleges provide financial aid and scholarships. The New York Times reports that in the long run, “the true cost of a college degree is about negative $500,000”. The journal of Science calculated this number by taking into account the cost of tuition and fees, the lifetime gap between the earnings of college and high school graduates, inflation, and the time value of money. Although this is number is not precise for all students, it’s still accurate. The Washington Post cites many studies that show that college is worth the money. For example, economists Orley Ashenfelter and Alan Krueger (he served as President Obama’s chief economist!) discovered that “people with one more year of schooling than their twin, earn, on average, 12 to 16 percent more”. The US Census Bureau shows that people with at least some college make $3,374 more than high school graduates per year; those with an Associate degree $8,194, a Bachelor’s degree $20,989; and a professional degree $58,697 (double!). College, no matter what amount you get, is definitely worth the money. Over a lifetime, this could mean millions of dollars of income that can only be achieved with a college
degree. Besides the financial aspects, college also provides interpersonal skills to young adults. Many people make lifelong friends during college and learn how to live with other people through dormitory and apartment living situations. Colleges also have many club, sports, and internship opportunities that are not available elsewhere. It is very difficult to find such networks and high levels of organizations outside of college. In addition, not only to young adults learn about interpersonal relationships, but they also discover themselves. College is a place where new adults learn what’s important to them as a person and life responsibilities. College is like a mini-town, a baby step towards living on one’s own. Finally, the most important factor in deciding the worthiness of college is the students’ opinions. After all, it is the students who go through all the classes, pay off student loans, and spend the hours studying. A recent survey by Pew Research Center shows that 83% of college graduates feel that college has paid off, considering what they and their family paid for their undergraduate education. In addition, about “seven-in-ten college graduates also say their undergraduate or graduate major is at least somewhat related to their current work”, and 84% of those with a graduate or professional degree say they had “sufficient education and training” for their job or career, and “8% say that it hasn’t paid off yet, but they believe it will in the future”. This leaves less than a tenth of graduates who think otherwise. Clearly, college graduates affirm that college is worth it. And according to the statistics, college education is definitely worth it.