is a college degree worth it argumentative essay

Is a College Education Worth It?

• History of College Education

The American debate over whether a  college education  is worth it began when the colonists arrived from Europe and founded “New College” (later renamed  Harvard University ) in 1636. In spring 2023, there were over 17 million college students in the United States, and over 43 million borrowers owe a collective $1.75 trillion in total student debt. 

Colonial America produced nine colleges that still operate: Harvard University (1636), the College of William & Mary (1693),  Yale University  (1701),  Princeton University  (1746),  Columbia University  (1754),  Brown University  (1764),  Dartmouth College  (1769),  Rutgers University  (1766), and the  University of Pennsylvania  (1740 or 1749). These universities were funded by the colony or England and usually catered to a specific religious denomination such as Congregational or Presbyterian (Puritan). Primary and secondary school systems were not yet established so “college students” were sometimes boys as young as fourteen or fifteen years old and were admitted to receive preparatory education with the assumption that they would matriculate to college-level courses

Pro & Con Arguments

Pro 1 Jobs increasingly require college degrees and college allows students to explore careers and earn better job placements. Only 34% of American jobs required a high school diploma or less in 2017, compared to 72% in the 1970s. During the recession between Dec. 2007 and Jan. 2010, jobs requiring college degrees grew by 187,000, while jobs requiring some college or an associate’s degree fell by 1.75 million and jobs requiring a high school degree or less fell by 5.6 million. According to researchers at Georgetown University, 99% of job growth (or 11.5 million of 11.6 million jobs) between 2010 and 2016 went to workers with associate’s degrees, bachelor’s degrees or graduate degrees. [ 13 ] [ 104 ] [ 105 ] Colleges offer career services, internships, job shadowing, job fairs, and volunteer opportunities in addition to a wide variety of courses that may provide a career direction. Over 80% of college students complete internships before graduation, giving them valuable employment experience before entering the job market. Colleges provide networking value. [ 27 ] Harvard Business School estimates that 65 to 85% of jobs are acquired through networking. College students can join fraternities and sororities, clubs, and teams as well as participate in a variety of social functions to meet new people and network with possible business connections. Internships offered through colleges often lead to mentors or useful contacts within a student’s preferred field. Many colleges offer social media workshops, networking tips, career-related consultation, and alumni networks. [ 30 ] [ 31 ] Meanwhile, college graduates have more and better employment opportunities. 85.2% of college freshmen said they attended college to “be able to get a better job.” The unemployment rate for Americans over 25 with a bachelor’s degree was 1.9% in Dec. 2019, compared to 2.7% for those with some college or associate’s degrees, 3.7% for high school graduates, and 5.2% for high school drop-outs. Underemployment, meaning insufficient work, is lower for college grads (6.2%) as compared to high school-only graduates (12.9%) and people without a high school diploma (18.7%). 58% of college graduates and people with some college or associate’s degrees reported being “very satisfied” with their jobs compared to 50% of high school graduates and 40% of people without a high school diploma. [ 11 ] [ 101 ] [ 106 ] [ 116 ] Thus, college graduates make more money. The average college graduate makes $570,000 more than the average high school graduate over a lifetime. Career earnings for college graduates are 71% to 136% higher than those of high school graduates. The Federal Reserve Bank of New York calculated a 14% rate of return on a bachelor’s degree, which constitutes a good investment. College graduates earn an average of $78,000, a 75% wage premium over the average $45,000 annual earnings for workers with only a high school diploma. 85% of Forbes’ America’s 400 Richest People list were college grads. [ 12 ] [ 122 ] [ 126 ] [ 128 ] And, because college graduates are more likely to have better jobs with better salaries, they are also more likely to have health insurance and retirement plans. 70% of college graduates had access to employer-provided health insurance compared to 50% of high school graduates in 2008. 70% of college graduates 25 years old and older had access to retirement plans in 2008 compared to 65% of associate’s degree holders, 55% of high school graduates, and 30% of people who did not complete high school. [ 11 ] [ 15 ] All of that means a college education has a high return as an investment. Return on investment (ROI) is calculated by dividing the gain from an investment (here the money earned as a result of a college degree) by the cost of the investment (the money spent on a college degree). A college degree has a return of 15% per year as an investment, larger than the stock market (6.8%) and housing (0.4%). Completing some college, but not earning a degree, resulted in a 9.1% return on investment. If a student spent $17,860 (the average cost of tuition and room and board in 2012-2013 for four years at a public university), that student could expect a 15% return of $2,679 each year. According to a 2011 Pew Research survey, 86% of college graduates believed college was a good personal investment. [ 8 ] [ 25 ] [ 32 ] [ 33 ] Read More

Pro 2 Because they learn interpersonal and other skills in college, graduates are more productive as members of society. Students have the opportunity to interact with other students and faculty, to join student organizations and clubs, and to take part in discussions and debates. According to Arthur Chickering’s “Seven Vectors” student development theory, “developing mature interpersonal relationships” is one of the seven stages students progress through as they attend college. Students ranked “interpersonal skills” as the most important skill used in their daily lives in a survey of 11,000 college students. Vivek Wadhwa, technology entrepreneur and scholar, states, “American children party [in college]. But you know something, by partying, they learn social skills. They learn how to interact with each other…They develop skills which make them innovative. Americans are the most innovative people in the world because of the education system.” [ 7 ] [ 16 ] [ 18 ] Students live, go to classes, and socialize with other students from around the world and learn from professors with a variety of expertise. The community of people on a college campus means students are likely to make diverse friends and business connections, and, potentially, find a spouse or mate. Access to a variety of people allows college students to learn about different cultures, religions, and personalities they may have not been exposed to in their hometowns, which broadens their knowledge and perspective. 70.7% of college freshmen in 2015 said they expected to socialize with someone of another racial or ethnic group while in college, while 59.1% said college would help improve their understanding of other countries and cultures. [ 106 ] Henry Bienan, President Emeritus of Northwestern University, argues that a college education results in “greater productivity, lower crime, better health, [and] better citizenship for more educated people.” A 2009 study found 16 to 24 year old high school drop-outs were 63% more likely to be incarcerated than those with a bachelor’s degree or higher. According to the Bureau of Labor Statistics, from Sep. 2008 to Sep. 2009, 43% of college graduates did volunteer work compared to 19% of high school graduates and 27% of adults in general. [11] In 2005, college graduates were more likely to have donated blood in the past year (9%) than people with some college (6%), high school graduates (4%), and people who did not complete high school (2%). [ 21 ] [ 22 ] [ 23 ] College graduates attract higher-paying employers to their communities. A 1% increase in college graduates in a community increases the wages of workers without a high school diploma by 1.9% and the wages of high school graduates by 1.6%. [ 21 ] Finally, people who do not go to college are more likely to be unemployed and, therefore, place undue financial strain on society, making a college degree worth it to taxpayers. Young people “not engaged in employment/education or training,” AKA NEET, are more likely to receive welfare than youth in general, they are more likely to commit crimes, and they are more likely to receive public health care, all costing the government extra money. In total, each NEET youth between the ages of 16 and 25 impose a $51,350 financial burden on society per year, and after the person is 25 he or she will impose a financial burden of $699,770. The total cost of 6.7% of the US population being NEET youth is $4.75 trillion, which is comparable to half of the US public debt. [ 28 ] [ 29 ] College graduates have lower poverty rates due to their lower unemployment rates. The 2008 poverty rate for bachelor’s degree holders was 4%, compared to a 12% poverty rate for high school graduates. In 2005, married couples with bachelor’s degrees were least likely to be below the poverty line (1.8%) compared to 2.7% of associate’s degree holders, 4.6% of couples with some college, and 7.1% of high school graduates. According to the US Census Bureau, 1% of college graduates participated in social support programs like Medicaid, National School Lunch Program, and food stamps compared to 8% of high school graduates in 2008. [ 11 ] [ 21 ] Read More

Pro 3 College graduates and their children are healthier and live longer. 83% of college graduates reported being in excellent health, while 73% of high school graduates reported the same. A University of Southern California study found that adults over 65 with college degrees spent more years with “good cognition” and fewer years suffering from dementia than adults who did not complete high school. In 2008, 20% of all adults were smokers, while 9% of college graduates were smokers. 63% of 25 to 34 year old college graduates reported exercising vigorously at least once a week compared to 37% of high school graduates. College degrees were linked to lower blood pressure in a 30-year peer-reviewed study and lower levels of cortisol (the stress hormone) by a Carnegie Mellon Psychology department study. In 2008, 23% of college graduates aged 35 to 44 years old were obese compared to 37% of high school graduates. College graduates, on average, live six years longer than high school graduates. [ 11 ] [ 15 ] [ 19 ] [ 20 ] [ 120 ] A medical journal study from 1970 to 2009 shows college graduates had lower infant mortality rates than high school graduates. Mothers with only a high school education are 31% more likely to give birth to a low-birth-weight baby than a woman with a college degree. Children aged 2 to 5 years old in households headed by college graduates have a 6% obesity rate compared to 14% for children in households headed by high school graduates. 18% more children aged 3 to 5 years old with mothers who have a bachelor’s degree could recognize all letters compared to children of high school graduates. In 2010, 59% of children in elementary and middle school with at least one college graduate for a parent participated in after-school activities like sports, arts, and scouting compared to 27% for high school graduate parents. [ 11 ] [ 15 ] [ 21 ] Read More

Con 1 College is not a guarantee of a job or better life. Many college graduates are employed in jobs that do not require college degrees. According to the Department of Labor, as many as 17 million college graduates work in positions that do not require a college education. 1 in 3 college graduates had a job that required a high school diploma or less in 2012. More than 16,000 parking lot attendants, 83,000 bartenders, 115,000 janitors and 15% of taxi drivers have bachelor’s degrees. College graduates with jobs that do not require college degrees earn 30-40% less per week than those who work in jobs requiring college degrees. [ 5 ] [ 6 ] [ 40 ] Too many students earning degrees has diluted the value of a bachelor’s degree. Rita McGrath, Associate Professor at Columbia Business School, stated “Having a bachelor’s used to be more rare and candidates with the degree could therefore be more choosy and were more expensive to hire. Today, that is no longer the case.” A high unemployment rate shifts the supply and demand to the employers’ favor and has made master’s degrees the “new bachelor’s degrees.” According to James Altucher, venture capitalist and finance writer, “college graduates hire only college graduates, creating a closed system that permits schools to charge exorbitant prices and forces students to take on crippling debt.” [ 68 ] [ 69 ] College degrees also do not guarantee learning or job preparation. Many students graduate from college with little understanding of math, reading, civics, or economics. In 2011, 35% of students enrolled in college reported they studied 5 hours or less per week and there was a 50% decline in the number of hours a student studied and prepared for classes compared to a few decades ago. 36% of students demonstrated no significant improvement on Collegiate Learning Assessments after 4 years of college. In 2013 56% of employers thought half or fewer of college graduates had the skills and knowledge to advance within their companies. 30% of college graduates felt college did not prepare them well for employment, specifically in terms of technical and quantitative reasoning skills. A Pew Research survey found that 57% of Americans felt higher education did not provide students with good value compared to the money spent. [ 25 ] [ 56 ] [ 57 ] [ 58 ] [ 59 ] [ 60 ] The market glut and lack of job preparation, means many recent college graduates are un- or underemployed. The unemployment rate for recent college graduates (4.0%) exceeded the average for all workers, including those without a degree (3.6%) in 2019. The underemployment rate was 34% for all college graduates and 41.1% for recent grads. The underemployment (insufficient work) rate for college graduates in 2015 was 6.2% overall: 5.2% for white graduates, 8.4% for Hispanic graduates, and 9.7% for black graduates. According to the Federal Reserve Bank of New York, 44% of recent college graduates were underemployed in 2012. [ 42 ] [ 101 ] [ 129 ] Under- or un-employement also translates into fewer workplace benefits. In 2013, 68.9% of employed new college graduates did not receive health insurance through their employers and, in 2011, 27.2% received retirement coverage (down from 41.5% in 2000). [ 41 ] The total cost of going to college means more than tuition, fees, and books; it also includes an opportunity cost which equals at least four years of missed wages and advancements from a full-time job–about $49,000 for a 4-year degree and $20,000 for a 2-year degree. [ 8 ] Read More

Con 2 Student loan debt is crippling for college graduates, their families, and society. Tuition has risen quicker than income, making college unaffordable for many and forcing students to take out loans. A Mar. 2017 study found that 14% of community college students were homeless and 51% had housing insecurity issues (inability to pay rent or utilities, for example), while 33% experienced food insecurity (lack of access to or ability to pay for “nutritionally adequate and safe foods”), though 58% of the students were employed and 42% received federal Pell Grants. From the 1986-1987 school year to the 2016-2017 school year, the average cost of one year of college (including room and board) increased for 4-year private schools (109.6%) and 4-year public schools (125.7%), while median family income only increased 10.0% between 1986 and 2015. From the 1976-1977 school year to the 2016-2017 school year, annual tuition rates rose for community colleges (173.1%), 4-year public colleges (271.2%), and private 4-year colleges (213.5%). [ 111 ] [ 112 ] [ 113 ] In spring 2023, there were over 17 million college students in the United States, and over 43 million borrowers owe a collective $1.75 trillion in total student debt. 45% of people with student loan debt say college was not worth it. 10% of students graduate with over $40,000 in debt and about 1% have $100,000 in debt. In Feb. 2018, undergraduate college graduates had an average of $37,172 in loan debt. According to the US Congress Joint Economic Committee, approximately 60% of college graduates have student loan debt balances equal to 60% of their annual income. Missing late for loan payments leads to lower credit scores and additional fees, worsening the debt problem. [ 36 ] [ 37 ] [ 107 ] [ 123 ] [ 133 ] [ 134 ] Further, student loan debt often forces college graduates to live with their parents and delay marriage, financial independence, and other adult milestones. 20% of millennials are homeowners, and most millennials say their student debt has delayed home ownership by seven years on average. Student loan borrowers delayed saving for retirement (41%), car purchases (40%), home purchases (29%), and marriage (15%). Fewer than 50% of women and 30% of men had passed the “transition to adulthood” milestones by age 30 (finishing school, moving out of their parents’ homes, being financially independent, marrying, and having children); in 1960, 77% of women and 65% of men had completed these milestones by age 30. [ 38 ] [ 39 ] [ 121 ] Student debt also overwhelms many seniors. Whether they co-signed for a child or grandchild’s education, or took out loans for their own educations, in 2012 there were 6.9 million student loan borrowers aged 50 and over who collectively owed $155 billion with individual average balances between $19,521 and $23,820. Of the 6.9 million borrowers, 24.7% were more than 90 days delinquent in payments. Almost 119,000 of older borrowers in default were having a portion of their Social Security payments garnished by the US government in 2012. [ 51 ] [ 52 ] Student loan debt may not be forgiven in bankruptcy and may not have the same borrower protections as other consumer debt. A study found 60% of people attempting to discharge student loan debt in bankruptcy were unsuccessful. Medical, legal, credit card, loan, and even gambling debt can immediately be discharged in bankruptcy, but getting student loan debt discharged is much more difficult and rare. Private student loans often do not have the same protections as federal loans like income-based repayments, discharges upon death, or military deferments. [ 61 ] [ 70 ] [ 71 ] College graduates aren’t the only ones overwhelmed by debt. Many students do not graduate and waste their own and their government’s money. About 19% of students who enroll in college do not return for the second year. Students who drop out during the first year of college cost states $1.3 billion and the federal government $300 million per year in wasted student grant programs and government appropriations for colleges. Overall, 41% of students at four-year colleges and universities did not graduate within six years: 41% at public schools, 34% at private non-profits, and 77% at private for-profits. Students who did not graduate within six years accounted for $3.8 billion in lost income, $566 million in lost federal income taxes, and $164 million in lost state income taxes in one year. [ 50 ] [ 117 ] Finally, student debt could cause another financial crisis. As of 2012 student loan debt was over $1 trillion dollars, and more than 850,000 student loans were in default. According to the National Association of Consumer Bankruptcy Attorneys, student loans are “beginning to have the same effect” on the economy that the housing bubble and crash created. Former Secretary of Education William Bennett, PhD, agrees that the student loan debt crisis “is a vicious cycle of bad lending policies eerily similar to the causes of the subprime mortgage crisis.” On Feb. 3, 2012, an advisory council to the Federal Reserve also warned that the growth in student debt “has parallels to the housing crisis.” As of Jan. 2013, the rate of default on student loans hit 15.1%–a nearly 22% increase since 2007. [ 61 ] [ 62 ] [ 63 ] [ 64 ] [ 65 ] Read More

Con 3 Many people would be better served learning a trade or pursuing work right out of high school. Trade professions are necessary for society to function, require less than four years of training, and often pay above average wages. The high number of young adults choosing college over learning a trade has created a ‘skills gap’ in the US and there is now a shortage of ‘middle-skill’ trade workers like machinists, electricians, plumbers, and construction workers. One survey of US manufacturers found that 67% reported a “moderate to severe shortage of talent.” “Middle-skill” jobs represent half of all jobs in the US that pay middle-class wages. According to the Bureau of Labor Statistics, “middle-skill” jobs will make up 45% of projected job openings through 2014, but as of 2012 only 25% of the workforce had the skills to fill those jobs. [ 53 ] [ 54 ] [ 55 ] Many people succeed without college degrees. According to the Bureau of Labor Statistics, of the 30 projected fastest growing jobs between 2010 and 2020, five do not require a high school diploma, nine require a high school diploma, four require an associate’s degree, six require a bachelor’s degree, and six require graduate degrees. The following successful people either never enrolled in college or never completed their college degrees: Richard Branson, founder and chairman of the Virgin Group; Charles Culpepper, owner and CEO of Coca Cola; Ellen Degeneres, comedian and actress; Michael Dell, founder of Dell, Inc.; Walt Disney, Disney Corporation founder; Bill Gates, Microsoft founder; Steve Jobs, co-founder of Apple; Wolfgang Puck, chef and restaurateur; Steve Wozniak, co-founder of Apple; Mark Zuckerberg, founder of Facebook. [ 43 ] [ 44 ] Read More

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Is College Really Worth It? Expert Cost-Benefit Analysis

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With tuition rising every year, more and more students are asking themselves, "Is college worth it?" Many people believe that getting a college education is an important part of becoming a successful adult. Others, however, find it difficult to justify the increasing investment necessary to earn a degree. There’s no one path that’s right for everyone, and it can be difficult to think critically about the decision to go to college when you’re feeling pressured one way or another.

There’s no simple answer to this question, but  there is a rational way to think about whether college is the right path for you . Just as with any investment, you want to think about the relationship between what you put into it (like money, time, and effort) and what you get out of it (like education, networking, and career opportunities). The more you get out of it as compared to how much you put in, the better the investment.

In this post, I'll go through all the potential benefits and drawbacks of pursuing a four-year bachelor's degree so you have all the information to decide for yourself whether college is worth it. 

A Bit of Background on the Value of a College Degree

Before we get started, I want to fill you in on the how the worth of a college degree has changed over time. This way, you'll have a better framework for understanding whether a degree may (or may not) be worth it for you. 

Since the mid-20th century, the US population has become increasingly educated - simply put, more people are getting bachelor's degrees. In this graph from the US Census Bureau, you can see how the percentage of people with BA degrees has increased from 4.6% in 1940 to 32% in 2015 :

There are many reasons why we've seen these educational attainment changes over time, including:

• The decline of manufacturing jobs , especially for unskilled workers.
• Employers seeking college graduates for positions that didn't previously require a bachelor's degree.
• Government subsidies in higher education, making college more affordable (until costs rose to meet demand, thereby making college more expensive ).

Overall, there are a lot of financial and political factors that have influenced this significant and prolonged shift in how people view college degrees: now, it's often considered difficult to get a well-paying job (or any job, really) without a college education . 

That doesn't mean, however, that going to college is always the smart thing to do. It's a big decision, and it's one that warrants some critical thought. To help you think about whether college is worth it for you specifically, let's jump right into the good stuff: the possible investments you have to make to get a college education and the possible benefits you reap as a result. 

What You Put In: The Costs of College

If you're thinking about pursuing a college degree, you'll have to make some sacrifices. The following factors are what I consider to be investments in a post-secondary education. The extent to which these investments affect you depends on your own unique situation , so I'll explain how to think critically about these issues in each section. 

Overall, the major investments you would have to make in a college education are money, time, and effort. Let's see exactly how these might affect whether college is a worthy investment. 

The amount of money that you invest in your education depends on so many factors: your specific school, your financial need, your academic strength, potential scholarship winnings, etc. 

In general, the less money you have to pay for school, the better an investment your education will be . However, even an expensive degree may be well worth it if it pays out in the long run (I'll talk more about that in a bit). 

Tuition is the most obvious cost associated with attending college, but you also have to worry about room, board, books, personal expenses, and transportation. For more information on all the nitty gritty details of educational expenses, check out our college costs guide . 

The financial investment you'll make in pursuing a bachelor's degree is perhaps the most important investment to consider . The average US college grad leaves school with a pretty significant amount of debt - debt that's sometimes very difficult to overcome. There are ways to make your college education more affordable , but sometimes it's tough (or even impossible) to get those expenses down to a comfortable amount. 

Most people take four years to complete a BA degree. Depending on your career goals, this may represent an opportunity cost - basically, you might be losing out on other valuable opportunities (to gain job experience, make money, or both) because you're spending these four years in school and out of the work force.  

A college education is definitely valuable to many employers, and it's correlated with higher earnings later on in life (I'll talk more about this soon). But building work experience in a particular field, in addition to building wealth, is also valuable - giving up on those opportunities is an investment (or a sacrifice) that you make in order to get a degree. 

It’s easy to sleep in and skip classes once you have the freedom and independence of a college student. But you’re already investing time and money into your education, so it’s important to make the most of it while you’re there.

Building a strong educational background and making professional and personal connections (important benefits of getting a degree) doesn’t just happen - it takes work, and it can sometimes be stressful . It also may involve doing things you don't necessarily want to do, like taking required courses or completing uninteresting assignments. It's important to honestly consider these challenges (and whether you're up to them) before committing yourself to school, especially if it comes with a hefty price tag. 

What You Get in Return: The Benefits of College

You might be feeling a bit iffy about pursuing a degree at this point, but don't stop reading just yet. There are so many potential benefits that come with a college education.

The major benefits I see that come with a BA degree (although there can be many more) are increased employment opportunities, higher income, networking opportunities, personal development, and learning experiences. 

Employment Opportunities

Colleges and universities are recruiting hubs for many industries. When you study at a college or university, especially one that's well ranked, there are often opportunities to  meet with corporate employers who come directly to your school to hire students. There are also  internship opportunities during summers for that could lead directly to full-time employment post-graduation. 

Employment opportunities offered through colleges and universities extend beyond the corporate world and into academia and professional fields.  Any profession that requires a graduate degree ( e.g. law, medicine, sometimes business) or is centered around research (basically any job in academia) requires a BA degree first and foremost . 

Higher Income

On average, people with college degrees make more than people without college degrees . E ven though you may sacrifice income opportunities in the short term by seeking a degree, you’ll likely end up making more in the long run. T his is especially true for people who go into STEM fields . 

Employers may also assume you’re better qualified for higher-paying jobs if you have a degree. Some jobs may require a BA even if your degree isn’t related to what you’d be doing on the job.

Networking Opportunities

In a college or university setting, you’ll build a network of friends, but you’ll also develop a network of acquaintances, instructors, staff, and alumni. With these networks, it’s a lot easier to get personal and professional help.

These connections can serve you in many different ways, especially after you graduate. Here are some ways that a college or university network may come in handy: 

• You move to a new city and need to find a roommate.
• You’re exploring a career change and want to chat with someone in a particular field.
• You need some professional guidance or a letter of reference. 
• You’re looking for a new job.

Harvard Business School estimates that 65-85% of jobs are obtained through networking  - if nothing else, it's a huge help when it comes to getting your foot in the door. 

You don't even have to know very many people personally to benefit from a college or university network - alumni networks are a great example of this. 

Personal Development

This benefit is a bit more subjective than some of the other ones I've mentioned so far, but I think it's just as important. People's experiences will definitely vary based on where they go to school and the extent to which they participate in student life - in general, though, here are the ways you can expect to grow and develop on a personal level with a college education: 

• Get exposure to diverse people and ideas . Meeting people with different backgrounds and perspectives results in greater open-mindedness and a more flexible worldview. One study showed that when people have BA degrees, they're more likely to believe that it's  “very important to try to understand the reasoning behind others’ opinions."
• Meet long-term friends . You, of course, don’t have to be at college to make good friends. What’s special about a college environment, though, is that you’re living and working with hundreds or even thousands of people who are around your age, probably for the first and only time in your life. It’s sometimes more difficult to make friends as you get older - a college is a pretty golden opportunity to meet people.
• Develop personal and professional interests. Many  students head off to school with no idea what they want to do with their lives. College gives you a chance to try out different fields, especially if you attend a school with a flexible curriculum.

Many schools (especially liberal arts colleges and universities) work to produce global citizens: well-rounded students who can be thoughtful and active participants in an increasingly globalized society. You can, of course, learn about things on your own, but college is really an ideal environment to do this - you have a structured learning environment, you're surrounded by intellectually curious peers, and you have access to experts in many fields. 

There’s a lot to learn out there besides what you’ve studied in high school, and  colleges offer courses on topics that you wouldn’t otherwise have access to . For example, you might want to explore world languages, niche humanities subjects, or specific and advanced STEM fields - all things that are difficult to study outside of a college campus. 

The thing I see as the biggest educational benefit to attending college is the access to professors, people who have dedicated their lives to research and teaching in a very specific field.  Access to these faculty members is especially helpful for students who are considering an advanced degree. 

When College May Not Be Worth It

If you have any desire to go to college, I strongly encourage you to consider it. Overall, I believe that a college degree comes with more benefits than drawbacks. Of course, there will be many exceptions and individual differences - here, I'll go over some situations where getting a college degree may not be worth it. 

I t's OK (important, even) to consider whether college makes sense for you, even if you've always assumed that you would go to college no matter what.

If a Degree Won't Lead to Professional Success

College offers a lot of professional, personal, and intellectual benefits. Even if you’re not sure what you want to do after college, a degree will afford you some flexibility. But you don’t have to go to college in order to be successful - depending, of course, on what career options you’re considering ( budding entrepreneurs , for example, may benefit more from real-world experience than from a college education). Some people argue that you can be just as successful with self-directed learning as you can be with a college degree. 

If you know you can graduate from high school and immediately start working towards your chosen career path, college might not be the best choice for you. Alternatively,  if you’re interested in a career that requires trade or vocational school, it might be smarter to apply to those programs instead of applying to a four-year program . This way, you can work toward building professional experience earlier rather than later.

If You Can't Afford It

The total Cost of Attendance at private colleges can come to over $200,000. If you’re responsible for that entire cost and you’re not sure if you can recoup the investment post-graduation, a degree may not be worth it.

If the expense is preventing you from looking into a college education, however, there are some options you should consider before making a decision:

• Not all schools charge $200,00 for a four-year degree. Many institutions are much less expensive (for example, public schools tend to offer subsidized tuition to state residents).
• There are many federal financial aid programs available for students attending almost any college or university in the US, and you only need to submit one (free) application . Learn more about the Pell Grant program and Perkins loans .
• If you're a high-achieving student, you might qualify for generous merit aid if you apply to particular schools. Learn more about colleges and universities that give great merit aid .
• If you think you might qualify for need-based financial aid , you can seek out schools that provide generous funding for lower-income students. Read more about schools with top need-based financial aid  programs. 
• You can apply for scholarship awards , which are great sources of education funding for many students. Learn more about finding and winning local awards , and check out the top scholarship programs for high school juniors and seniors . 

If money is the only thing holding you back from getting a degree, I urge you to check out these other funding options. You don’t have to be rich to go to college, and a degree doesn’t have to mean crippling expenses. To read more about paying for college, check out these guides: 

• The four different kinds of financial aid 
• How to pay for college: complete guide  
• How to pay for college without your parents' help
• How to pay for college without loans

If There Are Other Things You Want to Do First (or If You're Unsure)

College is a big commitment - if you want to pursue a degree full-time, you’ll be hitting the books for nine months out of the year. Y ou may want to do other things with your time after you graduate from high school before heading off to college,  like get professional experience, travel, or volunteer. 

The bottom line is that you can always postpone the college application process if you have other priorities or even if you want to take time to decide whether college is right for you. You don’t have to go to college right out of high school . 

Keep in mind that many schools allow you to defer acceptance . It might be easier to work through college applications when you have the support of a guidance counselor and when it's easy to ask teachers for letters of reference. Even if you decide to apply while you're in high school, it's possible to postpone attending the school of your choice for a year or two (or even forever, if you decide it's not right for you). 

Conclusion: Is College Worth It?

Overall, college is a pretty good investment - many students who pursue a bachelor's degree end up reaping the benefits, whether they're financial, professional, or personal. But many others pursue a degree without spending some serious time thinking about whether it's a smart choice. 

You may feel that you should go to college if you want to be successful. As I mentioned earlier in this post, there are many circumstances where a college degree doesn't exactly make professional, financial, or personal sense (at least not at this very moment). It's important that you know it's okay to postpone such a big decision if you remain unsure.

If you do decide to take time to pursue an alternative path, remember that it's important to use your time wisely (else you're subject to the same types of opportunity costs that I mentioned earlier in the post). Building professional experience or engaging in self-directed learning are definitely not easy alternatives to a college education - they're just different. 

Whatever you decide to do - good luck! 

What's Next?

One big part of the college application process is standardized testing. If you're researching whether college is a good choice for you, it may be helpful to learn more about whether these tests in any way predict future income . Some people even think that the ACT and the SAT have the power to predict success more broadly. 

If you're worried more about what the whole college application process will look like and you hope to plan around that, we've got you covered - check out our complete timeline for applying to college .

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Francesca graduated magna cum laude from Harvard and scored in the 99th percentile on the SATs. She's worked with many students on SAT prep and college counseling, and loves helping students capitalize on their strengths.

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Is college worth it? 3 reasons it is (and 3 reasons it isn’t)

• A bachelor’s degree is widely considered a golden ticket to social mobility, yet ballooning tuition costs place it out of reach for many.
• Prescribing college as the default path simply won’t work for many people.
• Is college worth it? There are three major factors for you to consider. 

Is college worth it? For many, the answer is a no-brainer: Of course it is! 

The college degree has become the totem of the middle class and a prerequisite for social mobility . To not earn one, the common knowledge goes, is to throw your life away. Even asking the question aloud is enough to send starchy parents and career coaches into fits of worry.

But as with any prescription, treating college as a universal cure-all has its dangers. College isn’t for everyone, and discovering that it isn’t for you can be an expensive and time-consuming lesson. Thirty-six million Americans have some college education but no degree, and those that borrowed money to attend, as many do, must still pay back their loans. Universities do not come with a satisfaction guarantee, let alone a money-back one. In fact, the opposite is true . 

That makes college a sort of gamble — especially for low-income students who lack the familial safety net of their upper-class peers. Given that a quarter of low-income students leave by the end of their second year, it’s also not a bet one wants to make haphazardly.

So, it’s not contrarian to wonder if college is worth it for you. Answering that question can be a difficult task, one that requires you to carefully consider your present situation and future goals.

To help you start that discussion — either for yourself or with your parents or a loved one — here are three reasons why college is absolutely worth it: the money, the investment, and the education. And, incidentally, those are the same three reasons you may want to avoid college.

College is (not) worth it for the money

Let’s start with the stressor supreme of college life: the price tag. Rising tuition costs have been outpacing the median income for decades. The reasons for this are numerous but include state funding cuts, a massive increase in demand, the bankrolling of new student services, and bloating administrative compensation. The outcome is that today’s students are making up the difference. And they are doing so by taking on debt.

Outstanding student loan debt in the U.S. stands at $1.7 trillion spread across 43.4 million borrowers . Those large numbers have generated frightening headlines in the vein of 30-somethings shouldering six-figure debt, predatory loans targeting vulnerable families, and the endless cycle of fraud and abuse charitably called the for-profit college sector .

Now, it’s worth taking a breather here and remembering that headline writers feast on the most sensational (and therefore clickable ) samples of reality. If you place those large numbers into their much larger context, the crisis is a little more subdued.

Yes, some graduates will wrestle with exorbitant loans throughout their lives, but the mean student debt across all borrowers comes to about $39,000. Many graduates cover a bill of less than $20,000 , and states such as California, Washington, and Utah maintain low student debt averages . That makes the cost of a bachelor’s degree comparable to — if not less than — a new car on average. And while that $1.7 trillion figure is eye-catching, it’s but a pothole compared to America’s debt chasm: mortgages, which account for a stupefying $15 trillion of outstanding debt.

Even so, you’re probably worried about college debt for the same reason you don’t have a shiny new WRX GT parked outside. The monthly payments are a financial strain. The average monthly student loan payment sits at several hundred dollars , and meeting that means sacrificing more than the occasional night out. For college graduates who haven’t established themselves in the labor market, it can be the difference between making ends meet or not.

Yes, there’s a scrum of payment options, each sporting an obliging name such as deferred payments and income-driven repayment plans . But it can take years to cement oneself in a quality position in the best of job markets. All the while, if you aren’t paying down those loans fast enough, they may be ballooning with interest.

As the Department of Education concluded in a recent fact sheet : “Today, college remains the greatest driver of socioeconomic mobility in America, but if we don’t do more to keep it within reach for middle-class families and those striving to get into the middle class, it could have the opposite effect.”

College is (not) worth it for the investment

For the money, you receive an education and a degree. More than that, you get an investment in your future, and like any investment, there’s an associated risk. According to the Federal Reserve Bank of New York , roughly 34% of college graduates are underemployed, meaning they work jobs that typically don’t require a college degree.

Again, it’s worth reading that figure in context. It’s not saying these jobs lack dignity or a livable wage. They may be professional gigs that pay well. But those graduates may have secured such employment without spending the time or money to acquire their degrees. 

However, as far as investments go, college is hardly buying penny stocks through Jordan Belfort. College is one of the safest bets you can make, one that delivers across a lifetime. According to the Bureau of Labor Statistics , bachelor’s degree holders are twice as likely to be employed than those with only a high school diploma. They also earn more money, taking in median weekly earnings of $1,305 in 2020 (compared to $781 for diploma earners). And that adds up over a lifetime . Men with a bachelor’s degree will earn roughly $900,000 more than their peers holding only a diploma. For women, the difference is $630,000.

Of course, your choice of major influences those numbers a lot. Degrees in engineering, science, computer science, and economics tend to earn significantly more than those in the arts, education, literature, and psychology. But even those degrees beat a high school diploma on average.

Outstanding student loan debt in the U.S. stands at $1.7 trillion spread across 43.4 million borrowers. 

Let’s take a moment to squash the billionaire dropout myth. Yes, outliers like Bill Gates and Mark Zuckerberg dropped out of college to earn billions. But beyond being talented and capable self-learners, both men came from well-to-do families, went to Harvard, and used their Ivy League networks to jump-start their businesses.

For the vast majority of college dropouts, the back-of-the-book blurb is far less rosy. “Someone in this group is 70% more likely to be unemployed and over four times more likely to default on their loans. On average, this group also earns 32% less than college graduates. Far from tipping the scales of outrageous wealth, college dropouts are barely getting by,” Mike Colagrossi reports .

College is (not) worth it for the education

So far, we have taken the narrow view of college’s value proposition: money. But the third reason college is (or isn’t) worth it is not so material: education and the value it brings to your life. 

Many colleges design their undergraduate curriculum toward a liberal education, one that samples from a range of disciplines such as the humanities, sciences, and social sciences. As described by Mark Montgomery , founder and CEO of Great College Advice, the purpose of a liberal education is to introduce “students to a wide variety of academic subjects and materials to help them make connections among diverse phenomena, and also develop some expertise in a single field. It is meant to ‘liberate’ the mind and move beyond mere professional training.”

But many students go to college searching for something far more specific. According to Pew Research data , half of Americans believe the main purpose of college is to teach the skills and knowledge people need to find a job. If this sounds like you, then you may find the college curriculum as frustrating as it is numbing. After all, if you’re going to be an ultrasound technician, why do you need to sit through classes in ethics, evolutionary theory, or Romantic poetry? Such subjects would not only feel like a waste of time and money; they become barriers to your engagement and learning. 

Ryan Stowers , executive director of the Charles Koch Foundation, summed up this view when he wrote: “The current approach to postsecondary education is not working for everyone. We shouldn’t be surprised. The two- and four-year degree models that define our postsecondary education system were built for a different time and place, and our failure to innovate in anticipation of learners’ evolving needs and interests has set up millions of people for disappointing life outcomes.”

On the other hand, 35% of those surveyed by Pew believed the purpose of college was to help students grow and develop, personally as well as intellectually. From this perspective, a class in ethics may not show up on your resume, but it can endow you with a greater sense of social responsibility. A class in evolutionary theory can give you a richer appreciation of life’s history on Earth and the discoveries of science. And analyzing the symbolism of a Romantic poem such as “ Ode to a Grecian Urn ” can help you better appreciate art and its place in culture. 

Yes, your time in college will offer classes that teach more marketable skills, but the point isn’t to be a worker placement program. It’s to broaden your perspectives, enrich your knowledge, instill the value of thought, and develop the habits of — and passion for — lifelong learning.

Johann N. Neem , author of What’s the Point of College? , sums up this view: “A college education is valuable in the labor market precisely because it cannot be reduced to one set of skills. What makes college graduates desirable is their ability to think broadly about the world and their capacity to use language and numbers well. These outcomes are achieved by immersing people for a portion of their lives on campuses devoted to thinking as an end in itself.”

So, is it worth it then?

It would be nice to have a pat answer, but saying everyone should go to college is as genuine a response as Peter Theil calling higher education a bubble and bribing students to drop out. Neither is true nor beneficial. The best answer is that, on average , a college degree is worth the cost. But in those two words — on average — lies a continuum of lives, plans, and desires. To determine where you fall in that continuum, you’ll need to deeply consider your circumstances.

The above three considerations can kickstart that discussion: Can you handle the debt? Is it an investment worth making? Is the college experience something you desire intrinsically? That’s only the beginning, though. You also have to consider things like:

• What are your life goals? 
• Will you have to hold down a job while attending? 
• What family obligations must you fulfill? 
• Does the job you want require a degree? If so, what kind? If not, how else might you fulfill any education requirements? 
• Are you looking to college because it’s expected of you, or do you not know what else to do? 

You should also deliberate on the many post-secondary education paths — of which college is only one.

Vocational and trade schools offer more direct job skills training and are often paired with on-the-job training and networking opportunities with employers in the area. Certificate programs are easier than ever to access online, and many fields still employ apprenticeships . Community colleges provide the opportunity to earn a degree, sample the liberal education experience, and discover your passions at a discounted rate compared to four-year universities — any one of which can be accessed at different times in your life, not just the four-year window between ages 18 and 22.

All these variables need to be entertained when pondering college. Maybe that answer will point you toward going; maybe it won’t. Regardless of your decision, thoroughly weighing the pros and cons of your educational future will help you develop your talents and help bring a sense of meaning and fulfillment to your life.

Sample Essay: Is College Worth It?, with Outline

Published by gudwriter on November 23, 2017 November 23, 2017

Is College Worth It Example Essay

Is college worth it? Here is a sample essay that discusses whether college education is worth it in the long run or it’s just a waste of money and time.

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Essay Outline on Whether College is Worth it

Introduction.

Thesis: While there are arguments that college education is not worth it in the current society, this paper contends that college education is indeed worth it irrespective of the prevalent economic conditions.

Paragraph 1:

College education is worth acquiring because those with a college degree earn substantially higher as compared to their counterparts who have secondary school education.

• The earning gap between the two groups only continues to become wider even as the economy transforms.
• “High school graduates earn about 62% of what those with four-year degrees earn, according to a Pew Research Center study.”

Paragraph 2:

College education also adds on to the market value of college graduates making them more valuable than non-college graduates.

• College degree is highly valued by the job market of today and prospective employers view it as the minimum educational requirement for employment.
• In comparison to high school graduates, college graduates would easily secure job opportunities.

  Paragraph 3:

It is also worth pursuing college education because with it, one gets into a better position to acquire and enjoy the benefits of health insurance and develop their pension plans.

• “In 2011, the percentage of full-time workers offered pension plans by their employers who chose to participate ranged from 77% for those without a high school diploma to 94% for those with an advanced degree.”
• Higher levels of educational attainment put one in a better place to have a health insurance cover that is provided by their employer.

Paragraph 4:

College education further helps students in multiple other ways than just monetary returns.

• According to a survey, 74% of students said they had achieved invaluable intellectual growth by attending college while 69% believed college had helped them attain higher personal maturity levels.
• Thus, apart from employment, college makes students become better prepared to face life and the challenges that come with it.

Paragraph 5:

One argument against college education is that it plunges students into huge debt burdens.

• The argument holds that the $400 average monthly wage that fresh college graduates get is not enough for servicing their student loans.
• This argument ignores the fact that as they continue to work, college graduates develop professionally and continue earning more than their starting salary.

Paragraph 6:

Opponents of college education also front an argument that the market value of students does not benefit from college education.

• Apparently, this explains why people with college education may find themselves in odd jobs such as being hotel attendants.
• This argument is off the mark because college education indeed increases the market value of students and that is why they earn more than high school graduates.  

College education is worth it given the many benefits it sires. One should pursue college education at all costs even if it means running into debts. Deliberately failing to acquire college education is akin to deliberately settling for less in life. For an in-depth analysis of Candide, please read our Candide analysis essay.

Is College Worth it Example Essay

College education is one area that many people in the United States of America have invested and continue to invest in. It is widely believed that with college education, one has a better chance at life in terms of professional and personal development. College education has long been seen as a good avenue through which one may access and effectively exploit economic opportunities both domestically and internationally. However, the cost of acquiring college education has risen in the recent past and continues to rise even at present. A debate has thus ensued as to whether college education is really worth its cost in the prevailing economic situations. While there are arguments that college education is not worth it in the current society, this paper contends that college education is indeed worth it irrespective of the prevalent economic conditions. In college that’s where you may find worthy and important friendship , it’s where you mold relationship since you have a better understanding of yourself.

College education is worth acquiring because those with a college degree earn substantially higher as compared to their counterparts who have secondary school education. The earning gap between the two groups only continues to become wider even as the economy transforms. As pointed out by Weston (2015), “High school graduates earn about 62% of what those with four-year degrees earn, according to a Pew Research Center study.” In the year 1979, those with high school education used to earn 77% of what college graduates earned; a proof that the earning gap is indeed increasing (Weston, 2015). It would thus not be advisable to forego college education and settle for high school education because in effect, that means settling for lower earnings. Under normal circumstances, an investment that attracts higher returns on investment is worth considering or pursuing and so is college education.

College education also adds on to the market value of college graduates making them more valuable than non-college graduates. As clearly stated by Selingo (2015), college degree is highly valued by the job market of today and prospective employers view it as the minimum educational requirement for employment. This then implies that in comparison to high school graduates, college graduates would easily secure job opportunities. With college education, one thus opens more economic opportunities for themselves. This is why Weston (2015) advises that in the current economy, everybody should “consider some post-secondary training if they do not want to fall down the economic ladder.” Irrespective of the program one undertakes in college, they would enhance their market value by amassing as much professional experience as possible and thereby command better earnings.

It is also worth pursuing college education because with it, one gets into a better position to acquire and enjoy the benefits of health insurance and develop their pension plans. “In 2011, the percentage of full-time workers offered pension plans by their employers who chose to participate ranged from 77% for those without a high school diploma to 94% for those with an advanced degree” (Baum, Ma & Payea, 2013). It is further noted by Baum, Ma & Payea (2013) that higher levels of educational attainment put one in a better place to have a health insurance cover that is provided by their employer. With a health insurance, one can be sure of medical attention whenever they need it while with pension plans, one is sure to live a dignified life after they retire. Therefore, one would suffer less financial burden if they have these two provisions, both before and after retirement. As is evident here, the benefits would far outweigh the cost at which college education is acquired.

College education further helps students in multiple other ways than just monetary returns. According to a survey, 74% of students said they had achieved invaluable intellectual growth by attending college while 69% believed college had helped them attain higher personal maturity levels (“Is College Worth It?,” 2011). Thus, apart from employment, college makes students become better prepared to face life and the challenges that come with it. A more intellectually strengthened person is likely to approach life with an open mind which would enable them develop well-thought solutions to various life problems. Similarly, a high level of personal maturity helps one in developing meaningful relationships both at personal and professional levels. Thus, college education generally prepares a person for better life. It would be less meaningful to earn a lot of money and spend it unwisely.

One argument against college education is that it plunges students into huge debt burdens. Selingo (2015) argues that the $400 average monthly wage that fresh college graduates get is not enough for servicing their student loans. The scholar contends that with such little earnings, college graduates may end up repaying their loans for long. Supporters of this opinion hold that being in debt overshadows the value the students might have got from the education given that it is costly to acquire. However, this argument ignores the fact that as they continue to work, college graduates develop professionally and continue earning more than their starting salaries.

Opponents of college education also front an argument that the market value of students does not benefit from college education. Apparently, this explains why people with college education may find themselves in odd jobs such as being hotel attendants. According to Selingo (2015) ,““Looking at the actual return on the costs of attending college, careful analyses suggest that the payoff from many college programs — as much as one in four — is actually negative”. However, this argument is off the mark because as revealed herein, college education increases the market value of students and that is why they earn more than high school graduates.

College education is worth it given the many benefits it sires. One should pursue college education at all costs even if it means running into debts. It would be satisfying to service the loan knowing very well that afterwards, one would continue reaping the benefits of the education. Increased market value, higher earnings, health insurance cover, and retirement plans all make college education a necessity. Deliberately failing to acquire college education is thus akin to deliberately settling for less in life.

Baum, S., Ma, J., & Payea, K. (2013). “ Education pays 2013: the benefits of higher education for individuals and society” . The College Board. Retrieved from https://trends.collegeboard.org/sites/default/files/education-pays-2013-full-report.pdf

Is College Worth It?. In Pew Research Center . Retrieved July 9, 2020 from https://www.pewsocialtrends.org/2011/05/15/is-college-worth-it/

Selingo, J. (2015). “ Is college worth the cost? Many recent graduates don’t think so”. Washington Post . Retrieved 21 November 2017, from https://www.washingtonpost.com/news/grade-point/wp/2015/09/30/is-college-worth-the-cost-many-recent-graduates-dont-think-so/?utm_term=.d1c7eef76720

Weston, L. (2015). “ Why college is still worth it even though it costs too much” . Time . Retrieved 21 November 2017, from http://time.com/money/4061150/college-degree-worth-it/

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Is College Worth It? Consider These Factors Before Enrolling

Expert Reviewed

Updated: Aug 12, 2024, 7:42am

Key Takeaways

• Public confidence in the value of higher education has waned, leaving many students wondering if college is worth the investment of time and money.
• Workers with four-year college degrees earn higher wages and experience lower levels of unemployment than those with only a high school diploma.
• Many professions demand a college degree, but some well-paying jobs only require an apprenticeship or vocational training.
• The average net cost of attending college is about $15,200 per year at public institutions and $29,700 at private, nonprofit colleges and universities.
• Thirty-eight percent of first-time, full-time college students borrow money to pay for college, with an average loan amount of $7,700 per academic year.

For decades in the U.S., a four-year degree has been seen as a ticket to a better life, associated with higher wages, better health and access to homeownership, to name a few benefits. But rising costs, mounting student debt, changing job requirements in some industries and new higher education alternatives have altered the equation, leaving many high schoolers and their parents wondering: Is college worth it?

College graduates still earn higher wages and have lower unemployment rates than workers with only a high school diploma. However, industries that don’t require a bachelor’s degree, like manufacturing, construction and hospitality, often pay well and see steady economic demand. Plus, many companies and even government organizations no longer require job candidates to hold college degrees.

Though some researchers claim the economic benefits of a college degree are diminishing, higher education is still undeniably valuable. But is college right for you? That depends on your financial priorities and professional goals. Read on to learn more about the pros and cons of going to college.

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How To Determine Whether College Is Worth It

College is a great way to discover yourself: what you’re good at, what drives you, what you want to spend your life doing. Higher learning can provide opportunities to travel, research, build a professional network and connect with peers and mentors. But the cost is immense—often more than $100,000 for a four-year degree, depending on the institution.

If you’re on the fence about college, take the considerations discussed below into account. Also, compare the potential benefits and drawbacks of a four-year degree to alternative higher ed options, such as bootcamps , professional certificate programs and trade schools .

Factors To Consider

When determining whether you should go to college, ask yourself the following questions:

• What are your career goals?
• Does the school you’re eyeing offer a strong program in your area of interest?
• How much would you pay for tuition and other expenses?

Next, assess what student loans and scholarships are available to you, and consider the level of debt you’ll face after graduation. If you’re not sure where to start, check out our rankings of the best private student loans , the best low-interest student loans and the best personal loans for students . We also list some of the best scholarship websites and search engines .

Finally, think about the salary you’ll likely earn in your desired profession and how quickly you’ll be able to repay your loans.

It might be wise to consider this decision as if you were your own life coach or mentor. How would you talk through this problem with someone in your shoes? College admission professionals, high school guidance counselors and mentors can also provide input to help you make an informed decision.

College Income and Wealth Premiums

Two key economic indicators to think about are income and wealth. “Income” here relates to your earnings from a job, while “wealth” refers to your net worth.

For decades, college graduates enjoyed higher earnings and greater wealth than individuals who did not graduate from college, creating so-called “college premiums” on both income and wealth. Though these premiums still exist, they’ve declined for recent graduates, according to economic research published by the Federal Reserve Bank of St. Louis .

The college wealth premium is trending downward faster than the income premium due in part to the high cost of college.

The Cost of College

To examine the cost of college, we can start by looking at the total cost of attendance as collected by the National Center for Education Statistics (NCES).

The total cost of attendance combines the cost of tuition, fees, books, supplies, room, board and other expenses. It does not account for scholarships or federal student aid awards such as grants, work-study programs and loans.

In 2022–23, the average total cost of attending a public, four-year institution was $27,100 for students living on campus. Attending a private, for-profit school averaged $33,600, or $58,600 for a private, nonprofit college. Bear in mind that tuition rates for public institutions were based on in-state enrollees; out-of-state students typically pay higher rates.

Tuition and Fees

Tuition and fees have risen over the past decade at private nonprofit colleges and universities. However, it may surprise you to learn that at the same time, college costs actually decreased at public institutions and private for-profit schools, when adjusted for inflation.

NCES reports that In 2012–13, the average price of tuition and fees at private colleges stood at $37,600 a year (in constant 2022–23 dollars), rising to $40,700 in the 2022–23 school year—an increase of 8%. At public higher education institutions during the same period, tuition and fees fell from $10,400 to $9,800, and tuition and fees at for-profit private schools dropped from $21,100 to $18,200.

Net Cost of Attendance

Net price is the total cost of college—including tuition, supplies, housing and other expenses—minus grant and scholarship aid.

In the 2021–22 academic year, the average net price of attending a four-year college for first-time undergraduates was $15,200 at public institutions, $29,700 at private nonprofit schools and $24,400 at private, for-profit institutions, according to NCES.

So for a four-year bachelor’s degree, the average net cost of attendance for students residing on campus was approximately:

• $60,800 at public schools
• $97,600 at private, for-profit schools
• $118,800 at private, nonprofit schools

In other words, the cost of college can be steep even with financial aid taken into account.

Student Loans

The percentage of first-year undergraduates who take out student loans has decreased since 2010, according to NCES . Thirty-eight percent of first-time, full-time college students were awarded loans in 2020–21, compared with 50% in 2010–11. NCES noted a decrease across all controls for both two-year and four-year higher education institutions.

The average loan amount awarded has also decreased over the past decade. First-time, degree-seeking students received an average of $7,700 in 2020–21, compared to $8,400 in 2010–11, a decrease of 8%. Although borrowing rates have declined, student debt in the United States now totals around $1.75 trillion, according to the Federal Reserve .

In the 2021–22 academic year, 49% of students earning bachelor’s degrees from public, four-year institutions graduated with federal student loan debt, according to research from College Board . The average amount of debt per student was $20,700. Another 9% graduated with private loan debt averaging $34,600 per borrower.

At private institutions, degree seekers tend to borrow more; College Board found that among bachelor’s grads from private schools the average student loan debt was $22,200 for federal loan borrowers. For those who took out private loans and attended private schools, the average loan balance at graduation was $44,600.

To understand how effective students are at paying back their loans, NCES examined the class of 2015-16 four years after graduation, finding that the average federal student borrower still owed 78% of their original loan amount. The average percentage owed was particularly high among Pell Grant recipients: 85% of the original borrowed amount.

The Potential College Payoff

We’ve determined that college is expensive and student debt can be a heavy burden. So what’s the return on an investment in higher education? Let’s take a look at potential payoffs for college grads.

Higher Earnings

College graduates still enjoy higher earnings than the average U.S. worker. The U.S. Bureau of Labor Statistics (BLS) reports that in 2023, bachelor’s degree holders took home a median wage of $1,493 per week, while workers with just a high school diploma earned only $899. That’s a difference of 66%.

But how much you earn depends on several factors, including the industry you work in and your age, gender and location. A 2021 report from the Georgetown University Center on Education and Workforce found that 16% of high school graduates and 28% of associate degree holders earn higher wages than half of bachelor’s degree graduates.

On average, bachelor’s degree holders don’t start to see returns on their college investment until they’ve worked full time for 15 years. It’s the lowest return on investment (ROI) of all postsecondary degrees, according to the Education Data Initiative .

However, ROI for bachelor’s degrees can differ significantly depending on the major. The most cost-effective majors are in the computer and information sciences. Other areas with high returns include business finance, business accounting and electrical engineering. Majors with low ROI include fine art, liberal arts, general studies and education.

Lower Unemployment Rates

In 2022, bachelor’s degree grads faced an unemployment rate of 2.2%, while the rate for all workers was 3%, according to the BLS. By comparison, 4% of workers with only a high school diploma were unemployed.

Despite national conversation questioning the value of a college degree, a 2023 survey by the National Association of Colleges and Employers found that many employers still see higher ed as valuable, with three-quarters of respondents viewing college credentials as high-quality.

Recession Resiliency

Having a four-year college degree may help you stay afloat during the next economic downturn. According to a report by the Public Policy Institute of California , less-educated workers suffered higher unemployment losses during the past few recessions. For example, at the height of the Covid-19 recession, workers with no college education experienced an unemployment rate of 18%, compared to 10% for workers with bachelor’s degrees.

The Pros and Cons of Going to College

Whether going to college is worth it really depends on your situation. Some career aspirations require a four-year degree, while plenty of others don’t. Certain academic interests make more sense to pursue in a formal campus environment. Others lend themselves to self-study.

Your financial situation is an important factor in determining the value of college. You’ll want to ask yourself if higher wages and more career options in the long run are worth years of student loan payments.

• Higher wages on average
• More career options
• Opportunities to gain further credentials and earn more money
• Alumni networks
• Recession resilience
• Personal growth
• Better health
• Higher likelihood of homeownership and being partnered (married or cohabiting)
• Lower risk of becoming delinquent on debt obligations
• Years of student loan debt
• Not necessary for some jobs
• Many alternatives to a four-year college degree, like apprenticeships and associate degrees, may provide similar benefits
• “Opportunity loss” due to time in college spent not working in profession

If you’re unsure about whether college would pay off for you, check out the below resources to learn about alternative options for higher education and professional credentials:

• Best Coding Bootcamps
• Best Online Trade Schools
• Can You Get a Bachelor’s Degree at a Community College? Here’s What To Know
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• Tech Bootcamps With Job Guarantees: What To Know
• These 8 Universities Offer Business Certificates Online
• What Is a Graduate Certificate? Everything You Need To Know
• What Is a Skilled Trade? Top-Paying Trades To Conside

Public Opinion on the Value of College

A 2023 Gallup poll found that Americans’ confidence in higher education has diminished since the mid-2010s, particularly in regard to four-year institutions. In 2015, the polling organization reports, 57% of Americans expressed “a great deal” or “quite a lot” of confidence in the U.S. higher education system. However, that percentage dropped to 36% by 2023.

Gallup’s analysis points to criticisms that college education has become too expensive and that colleges are perceived as failing to teach useful skills. Additionally, many poll respondents reported a lack of confidence stemming from a belief that U.S. higher education institutions do not align with their personal political views.

Meanwhile, a study from the Pew Research Center , also conducted in 2023, notes that 49% of Americans believe that having a college education is less essential to getting a well-paying job today than it was 20 years ago.

However, confidence in the importance of a college education rises among young adults and college graduates; 44% of Americans between the ages of 18 and 29 believe it’s more critical now than it was 20 years ago to have a college degree in order to get a job that pays well. Among people with bachelor’s degrees or higher, 58% said that their education was “very useful” or “extremely useful” in preparing them for well-paying jobs.

The cost of college and the burden of student loans were also major concerns for respondents of the Pew Center survey. Among all respondents, 47% said that college was worth it, but only if students can avoid taking out loans. Twenty-two percent said that college was worth it even with student loans, and 29% said that college was not worth it at all.

As public opinion shifts regarding the importance of higher education, and Americans begin to question the assumption that going to college is the only viable route to a comfortable life and career, each student must assess their own goals, values and priorities to decide whether college is worth it for them.

Forbes Advisor editor, Ilana Hamilton , also contributed to this article.

Frequently Asked Questions (FAQs) About Whether College Is Worth It

Should i go to college.

A college degree is a great investment for many students, but it’s not the slam dunk that it once was. A college degree is required for some fields and is still correlated with higher earnings and greater wealth, but the cost is considerable. Depending on your intended profession, you might consider an alternative education path.

Is college worth the cost?

Ultimately, whether college is worth the cost will depend on factors like your career and life goals and whether you’ll need to take out student loans. While a college degree is still associated with greater earnings and wealth over a lifetime, the upfront cost may not be worth it for some students.

Why is college worth it?

There are many positives to attending college: higher wages, stronger recession resilience, lower unemployment rates, personal growth, the list goes on. Plus, employers require or prefer a college degree for many professional roles. On the other hand, you may be able to earn a good living without attending college, depending on your professional aspirations.

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Garrett Andrews is an adjunct faculty member in the Department of Political Science at Portland Community College where he teaches State and Local Government.

With five years of experience as a writer and editor in the higher education and career development space, Ilana has a passion for creating accessible, relevant content that demystifies the higher-ed landscape for traditional and nontraditional learners alike. Prior to joining Forbes Advisor's education team, Ilana wrote and edited for websites such as BestColleges.com and AffordableCollegesOnline.org.

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Is College Worth It?

As economic outcomes for young adults with and without degrees have improved, americans hold mixed views on the value of college, table of contents.

• Labor force trends and economic outcomes for young adults
• Economic outcomes for young men
• Economic outcomes for young women
• Wealth trends for households headed by a young adult
• The importance of a four-year college degree
• Getting a high-paying job without a college degree
• Do Americans think their education prepared them for the workplace?
• Is college worth the cost?
• Acknowledgments
• The American Trends Panel survey methodology
• Current Population Survey methodology
• Survey of Consumer Finances methodology

Pew Research Center conducted this study to better understand public views on the importance of a four-year college degree. The study also explores key trends in the economic outcomes of young adults among those who have and have not completed a four-year college degree.

The analysis in this report is based on three data sources. The labor force, earnings, hours, household income and poverty characteristics come from the U.S. Census Bureau’s Annual Social and Economic Supplement of the Current Population Survey. The findings on net worth are based on the Federal Reserve’s Survey of Consumer Finances.

The data on public views on the value of a college degree was collected as part of a Center survey of 5,203 U.S. adults conducted Nov. 27 to Dec. 3, 2023. Everyone who took part in the survey is a member of Pew Research Center’s American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. Address-based sampling ensures that nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATP’s methodology .

Here are the questions used for this report , along with responses, and the survey’s methodology .

Young adults refers to Americans ages 25 to 34.

Noncollege adults include those who have some college education as well as those who graduated from high school but did not attend college. Adults who have not completed high school are not included in the analysis of noncollege adults. About 6% of young adults have not completed high school. Trends in some labor market outcomes for those who have not finished high school are impacted by changes in the foreign-born share of the U.S. population. The Census data used in this analysis did not collect information on nativity before 1994.

Some college includes those with an associate degree and those who attended college but did not obtain a degree.

The some college or less population refers to adults who have some college education, those with a high school diploma only and those who did not graduate high school.

A full-time, full-year worker works at least 50 weeks per year and usually 35 hours a week or more.

The labor force includes all who are employed and those who are unemployed but looking for work.

The labor force participation rate is the share of a population that is in the labor force.

Young adults living independently refers to those who are not living in the home of either of their parents.

Household income is the sum of incomes received by all members of the household ages 15 and older. Income is the sum of earnings from work, capital income such as interest and dividends, rental income, retirement income, and transfer income (such as government assistance) before payments for such things as personal income taxes, Social Security and Medicare taxes, union dues, etc. Non-cash transfers such as food stamps, health benefits, subsidized housing and energy assistance are not included. As household income is pretax, it does not include stimulus payments or tax credits for earned income and children/dependent care.

Net worth, or wealth, is the difference between the value of what a household owns (assets) and what it owes (debts).

All references to party affiliation include those who lean toward that party. Republicans include those who identify as Republicans and those who say they lean toward the Republican Party. Democrats include those who identify as Democrats and those who say they lean toward the Democratic Party.

At a time when many Americans are questioning the value of a four-year college degree, economic outcomes for young adults without a degree are improving.

After decades of falling wages, young U.S. workers (ages 25 to 34) without a bachelor’s degree have seen their earnings increase over the past 10 years. Their overall wealth has gone up too, and fewer are living in poverty today.

Things have also improved for young college graduates over this period. As a result, the gap in earnings between young adults with and without a college degree has not narrowed.

The public has mixed views on the importance of having a college degree, and many have doubts about whether the cost is worth it, according to a new Pew Research Center survey.

• Only one-in-four U.S. adults say it’s extremely or very important to have a four-year college degree in order to get a well-paying job in today’s economy. About a third (35%) say a college degree is somewhat important, while 40% say it’s not too or not at all important.
• Roughly half (49%) say it’s less important to have a four-year college degree today in order to get a well-paying job than it was 20 years ago; 32% say it’s more important, and 17% say it’s about as important as it was 20 years ago.
• Only 22% say the cost of getting a four-year college degree today is worth it even if someone has to take out loans. Some 47% say the cost is worth it only if someone doesn’t have to take out loans. And 29% say the cost is not worth it.

These findings come amid rising tuition costs and mounting student debt . Views on the cost of college differ by Americans’ level of education. But even among four-year college graduates, only about a third (32%) say college is worth the cost even if someone has to take out loans – though they are more likely than those without a degree to say this.

Four-year college graduates (58%) are much more likely than those without a college degree (26%) to say their education was extremely or very useful in giving them the skills and knowledge they needed to get a well-paying job. (This finding excludes the 9% of respondents who said this question did not apply to them.)

Views on the importance of college differ widely by partisanship. Republicans and Republican-leaning independents are more likely than Democrats and Democratic leaners to say:

• It’s not too or not at all important to have a four-year college degree in order to get a well-paying job (50% of Republicans vs. 30% of Democrats)
• A college degree is less important now than it was 20 years ago (57% vs. 43%)
• It’s extremely or very likely someone without a four-year college degree can get a well-paying job (42% vs. 26%)

At the same time that the public is expressing doubts about the value of college, a new Center analysis of government data finds young adults without a college degree are doing better on some key measures than they have in recent years.

A narrow majority of workers ages 25 to 34 do not have a four-year college degree (54% in 2023). Earnings for these young workers mostly trended downward from the mid-1970s until roughly a decade ago.

Outcomes have been especially poor for young men without a college degree. Other research has shown that this group saw falling labor force participation and sagging earnings starting in the early 1970s , but the last decade has marked a turning point.

This analysis looks at young men and young women separately because of their different experiences in the labor force.

Trends for young men

• Labor force participation: The share of young men without a college degree who were working or looking for work dropped steadily from 1970 until about 2014. Our new analysis suggests things have stabilized somewhat for this group over the past decade. Meanwhile, labor force participation among young men with a four-year degree has remained mostly flat.
• Full-time, full-year employment: The share of employed young men without a college degree who are working full time and year-round has varied somewhat over the years – trending downward during recessions. It’s risen significantly since the Great Recession of 2007-09, with the exception of a sharp dip in 2021 due to the COVID-19 pandemic. For employed young men with a college degree, the share working full time, full year has remained more stable over the years.

• Median annual earnings: Since 2014, earnings have risen for young men with some college education and for those whose highest attainment is a high school diploma. Even so, earnings for these groups remain below where they were in the early 1970s. Earnings for young men with a bachelor’s degree have also trended up, for the most part, over the past 10 years.
• Poverty: Among young men without a college degree who are living independently from their parents, the share in poverty has fallen significantly over the last decade. For example, 12% of young men with a high school diploma were living in poverty in 2023, down from a peak of 17% in 2011. The share of young men with a four-year college degree who are in poverty has also fallen and remains below that of noncollege young men.

Trends for young women

• Labor force participation: The shares of young women with and without a college degree in the labor force grew steadily from 1970 to about 1990. Among those without a college degree, the share fell after 2000, and the drop-off was especially sharp for young women with a high school diploma. Since 2014, labor force participation for both groups of young women has increased.
• Full-time, full-year employment: The shares of employed young women working full time and year-round, regardless of their educational attainment, have steadily increased over the decades. There was a decline during and after the Great Recession and again (briefly) in 2021 due to the pandemic. Today, the shares of women working full time, full year are the highest they’ve ever been across education levels.

• Median annual earnings: Median earnings for young women without a college degree were relatively flat from 1970 until about a decade ago. These women did not experience the steady decline in earnings that noncollege young men did over this period. By contrast, earnings have grown over the decades for young women with a college degree. In the past 10 years, earnings for women both with and without a college degree have risen.
• Poverty: As is the case for young men without a college degree, the share of noncollege young women living in poverty has fallen substantially over the past decade. In 2014, 31% of women with a high school diploma who lived independently from their parents were in poverty. By 2023, that share had fallen to 21%. Young women with a college degree remain much less likely to be in poverty than their counterparts with less education.

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Is College Worth the Cost

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