Is A College Degree Worth It? Why You Should Think Twice…
With the sky-rocketing costs of college tuition, and nothing to help slow it down within the foreseeable future, families and students are now wondering: Is A College Degree Worth it? Studies show that the benefits of having a 4-year college degree versus only a high school diploma can mean earning near or over a million dollars in the course of a lifetime. That’s a staggering number if you think about what things cost in today’s society!
Will Your College Degree Be Worth The Salary You’ll Earn?
A while back we talked about What To Major In College, specifically, finding a cost effective degree so that you aren’t spending hundreds of thousands on tuition only to earn $32,000 per year.
Taking that a step further, below is an infographic that outlines some interesting facts about college and whether or not it’s still an option you should consider after high school.
Take a look below and decide for yourself: Is A College Degree Worth It?…
Let’s take a moment and discuss a few of the highlights from the graphic above…
“75% of Americans Believe Tuition is Unaffordable“
In some cases, this is true. College may not be affordable from an income standpoint, especially if a family has multiple kids in college. However, there are ways to pay for college tuition even if the price tag seems way too high. Here are a few options that students have…
- FAFSA – Federal agency that provides students with grants and/or loans for tuition based on family dynamic and income. Don’t expect to qualify for the entire cost of your tuition w/FAFSA, but this is where you should start. At worst, you will get approved for a college tuition loan, but that will only cover part of your costs. See: FAFSA Application Series
- Work-Study Program – Through FAFSA, you may qualify for the Work-Study Program which basically provides you with a job on campus where you can work off a portion of your student loan. However, this option is not open to everyone. FAFSA will let you know if you qualify.
- Private Student Loans – Once you’ve gotten your “award letter” from FAFSA, you may need to find additional funds to make your college dream a reality. Most families turn to private student loansto cover the remaining costs.A good place to start with this is Simple Tuition, which will will give you multiple options with NO OBLIGATION. Shopping around when searching for other loan options is a must as there are different programs, interest rates etc.
We believe the mindset that “college is too expensive” is inaccurate. No, college isn’t cheap. But if you look at what you are getting in the long run, it actually makes sense to pay the inflated tuition costs in order to provide a better life for yourself in the future. Which brings us to our next point…
“Over a Career, a Bachelors Degree is Worth $821,956 More Than A High School Diploma”
If you’ve read that you’re still asking yourself the question, “Is A College Degree Worth It?”, consider this: Let’s say in a worst case scenario you end up paying $200,000 for a college education. Granted, we are way over estimating with that outrageous number, that’s still well below what you’ll end up making in total salary. How much more?…try over $600,000 more!
I don’t know what part of the country you live in, but around here, that’s the cost of a very, very nice home. Furthermore, if you decide to continue your education with a Masters degree, you are only going to increase that overall salary. $821,956 is only an average figure. You have the potential to top $1,000,000 more than a high school diploma, and it happens often.
Also consider that dollar amounts aren’t everything. Having a college degree generally means you will have a better quality of life, and you cannot put a price tag on happiness.
“86% of College Grads Say That College Was A Good Investment”
Straight from the horses’ mouth! College graduates were polled and asked if they thought college was worth it in the long run and 86% of them said “yes”. That is a huge number when you consider the negative perception of college right now, which is focused only on how much it costs.
On the flip-side of that, 6% of college grads said that college was not a good investment. We thought about that and came up with one recurring theory as to why a college graduate would not think it was a good investment. What we concluded is that it’s possible that this small portion of the poll attended a high priced college, but majored in an area where they were not making a decent wage, or could not find a job right out of college. Majoring in Art, Social Work or Elementary Education are all fine and good to have as a career if that’s your passion. But, those careers will not make you rich, so please be cautious of your major/earning potential if you plan on attending a high priced college.
Also see: The 5 Worst College Majors If You Like Money!
So, Is A College Degree Worth It?…The Verdict!
It’s not difficult to figure out that college is well worth the money you pay for tuition, in the vast majority of cases. However, being wise about the degree program you decide to pursue can make all the difference in the world when it comes to finding a job, earning potential and overall quality of life.
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Is a college degree worth it to you? Let us know, and comment below….