With tuition and room and board, the average annual costs for a public four-year college in the U.S. has shot up to a crushing $20,090. As of 2017, the U.S. student loan debt has risen to a record high $1.44 trillion.
With the crippling student debt load and skyrocketing tuition rates, students and parents, alike, are beginning to question whether college is worth the cost. The definite answer is yes.
Unfortunately, cost rises with demand. Despite increasing tuition prices, the need for a college education is greater than ever before. A 2014 study at the Pew Research Center confirms that Millennials, people currently between ages 25-32, who have a college degree earn on average $45,500 annually, which is $17,500 higher than those in the same age range with only a high school diploma. People who can’t afford higher education have increasing trouble finding jobs, as well. Unemployment rates for those with a bachelor’s degree sit at a low 3.8 percent, while high school graduates wrestle with a 12.2 percent unemployment rate.
The abundance of college graduates has put the U.S. in a period of what economists call “degree inflation.” A bachelor’s degree is becoming the new norm for educated citizens. Jobs that used to require a high school diploma only, such as office work, mechanical work, receptionist/secretarial jobs, and many more, now often require a college degree. From 2010 to 2016, the job market growth consisted of 11.6 million jobs, but 11.5 million of those hired had either associate’s, bachelor’s, or graduate degrees.
Because college degrees now serve as the basis for education standards, employers view those with only a high school diploma as undereducated. When sorting through resumes, employers first toss the applications of those without a college education. This has created a system full of over-qualified employees.
A social atmosphere develops in a workforce of integrated college graduates and non-graduates. Those with a degree are often subject to raises and promotions before their counterparts. Employees are segregated by their levels of education. A single bachelor’s degree can springboard an employee into a promotion, while a lack of a degree will often keep you stuck with a low-end job.
Inflation-adjusted average yearly income for Millenials without college degrees has fallen from $31,384 dollars in 1965 to $28,000 in 2013. It is the reverse for Millenials with college degrees who have seen a rise from $38,833 to $45,500. Even with high tuition rates and the responsibility to pay back student loans, people make and save much more money in the long run if they attend college. In 2008, 12 percent of high school graduates were listed below the poverty line, while only 4 percent of those with a bachelor’s degree were deemed impoverished.
A lack of a college degree limits, while earning a degree can blossom, a career. This extends past financial limitations. College serves as an opportunity for self-exploration. It opens doors to a plethora of career paths. Clubs, internships, and classes offer students a chance to test run a job field without fully committing. In the 1970s, 72 percent of jobs required a high school diploma, compared to only 34 percent of jobs in 2017. By 2018, it is projected that 63 percent of jobs will require a college degree. This poses a real threat for an increasing wage gap in the future, if you consider only 33.4 percent of people older than 25 have college degrees. So, we must continue to attend college and send our children too.
The decision to go to college or not should not be strictly financial. College offers much more than a ticket to a higher salary. College campuses serve as soil for thought and personal development. In an academic environment, there is infinite room for explorations of yourself and your surroundings. There are opportunities to join clubs, organizations, Greek life, and debate teams. You have ready access to a library and academic discussion with your professors. You get to know people from diverse cultural backgrounds, thus developing empathy. It will take you out of your comfort zones and bend the norms of your embedded socialization. College forces people to rapidly adjust into a new style of living without the repercussions of immediately entering the workforce. You learn how to act independently in the safe space between childhood and adulthood.
A high level academic environment fosters growth in critical thought. College gives people a space to learn, explore history, and think intellectually, which results in a considered and pragmatic approach to life. College campuses are built on a foundation of deep reflection and understanding that, in turn, breeds creativity.
The truth is, college does pay off. According to data collected by the Pew Research Center, 89 percent of Millennials with college degrees who have already paid off their tuition believe that it was worth it or will be in the future, while 86 percent of the students who had to borrow money for their education think the same.
There is an increasing need for a college education. Unfortunately, tuition is rising simultaneously with that need. But we are still at a point where the benefits of attending college outweigh the costs. Aside from the educational experience, including cultural exploration and personal growth, college graduates have a distinct advantage when it comes to jobs and earnings.
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SEE ALSO: Where Free Education Stands in the U.S.
