With steadily rising costs and increasingly competitive job markets, is college really worth it?
The decision to attend college is a significant commitment which will shape the next four years of your education and possibly even shift the trajectory of your life. But what exactly is the case for attending college? Let's take a closer look.
The Costs
The cost of university tuition has been rising steadily for many decades now. Even after adjusting the dollar value over time, there is still a clear increase in tuition fees from year to year. In fact, according to this article from the National Center for Education Statistics, the cost of college has approximately doubled across all post-secondary education options. However, despite the climbing prices of a college education, the statistics show that in nearly all cases, the value of a university degree is unequivocally positive.
Earning and Happiness
"The ideal income point is $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being." - Andrew T. Jebb
While money cannot buy you happiness, the research is clear that earning potential (up to a point) is highly correlated with emotional security and, to a certain extent, life satisfaction. According to this comprehensive report from CollegeBoard (which will be cited repeatedly), a person's projected income potential consistently increases according to the level of post-secondary education she has attained.
Additionally, studies also show that a person's social mobility drastically increases as a product of education. The more educated a person is, the higher the likelihood that they will enter into the middle class. While the individual benefits of this fact are clear, there is also evidence to show that the socioeconomic status of parents will influence the college-going decisions of a child. Therefore, the benefits of going to college may very well extend down through multiple generations.
Health and a College Degree
Surprisingly, having a college degree also correlates with several indicators of long-term health. The higher one's level of education, the less likely one is to smoke and the more likely one is to exercise. Additionally, people who are more educated tend to also work in occupations that offer better health insurance packages. Finally, people who have invested more in post-secondary education often find jobs where employers generally offer better retirement plans.
College Degrees and Society
Finally, CollegeBoard's report also shows that people who have received more education are more likely to engage in activities which benefit society as a whole. From voting more to participating in volunteer activities to even being more involved in a child's education, we clearly see that higher education correlates to behaviours that benefit society.
Is College Worth It?
"The answer is easy: yes. Going to college is one of the best decisions you will ever make." - Drew Faust
In closing, although the individual costs of university may seem quite steep in the short term, the long-term outlook for people who pursue post-secondary education is unequivocally positive. As a result, we can safely say that unless someone has a truly exceptional alternative opportunity, the safest option is likely to attain some sort of post-secondary qualification. In short, yes, college is worth it.
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