Is College Worth It?

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Is College Worth It?

Many ponder the question is college still valuable for young people today? When you look at successful college dropouts like Steve Jobs and Bill Gates, it causes many to question the importance of going to college at all. Of course, not everyone can be a Bill Gates; nonetheless, his story shows what drive and determination can do whether you have that piece of paper in your hand or not. Statistics show that college tuition has increased, faster than just about everything else. Many graduates are having a hard time finding employment in their field. In 2010, two-thirds of graduates had student loan debt of over $25,000.

Regardless of the dim outlook that has been going around in the last few years, many people still believe that a college education is still worth it. Studies show that the unemployment figure for college graduates is only half of the national average. Even individuals born into lower income families are more likely to rise up the economic ladder if they obtain a degree. There are other ways college benefits students besides better job prospects. In a speedily altering economy, college shows students one of the most valuable life lessons; how to continue teaching themselves for their lifetime, it is the type of education that will never become out-of-date.

Many families are worried about staggering tuition rates. At most colleges, 90% of students receive some type of financial aid, based on their ability to pay. For example, due to their higher tuition and hefty endowments, private colleges frequently charge parents a smaller amount than public institutions. For many students, a trade school or community college after high school is enough. There are ways that students can cut-down on the financial strain of going to college. Part-time work, GI benefits, staying at home, are all important approaches to consider. In addition, adult students may be able to take advantage of higher learning by having their tuition paid by their employers. Okay, this is all the good stuff, but what about the other side?

The Public’s Opinion

Is College Worth It?

The job market is slow, and studies show that student debt will be the next bubble to burst behind the housing market. To top-it-off, many feel that colleges are “selling degrees” instead of students actually “earning them!” Most Americans surveyed feel that a college education does not merit the cost. What’s more, over 55% state that college students achieve only an average 41% or below average 15% ROI, or return on investment. Only 5% believed that college students gain admirable value for their money, while 35% state that colleges offer good value.

There is a minor difference in the assessment of a college education between those who went to college and those who did not. On the other hand, college presidents are much more munificent in their estimate of higher education. Three-fourths of college-presidents declare that students receive a more than adequate, over 15%, or good, over 55%, value for money by getting a college education. Nevertheless, notwithstanding the non enthusiastic applause for higher-education amongst the public, the majority of adults who graduated with a degree value it to a certain extent. Amid college graduates, more than 85% feel that college has been a worthwhile investment, while only 6% feel it is not.

Are Young People Being Duped?

Is College Worth It?

Come to find out, a four-year college degree might be a useless investment after all according to some studies. Newsweek magazine reported that for many young people, the additional time and funds spent achieving a college degree will leave them with one foot in the grave and the other out, so to speak. In fact, many feel the student loan debacle is reminiscent of the housing bubble.

-Swift escalation in tuition prices at rates above inflation
-Individuals borrowing huge sums of money and acquiring massive debt
-The federal government has amplified student aid immensely, making it easy for just about anyone to get a student loan whether they qualify or are really interested in a college education or not
-Students are advised that taking out student loans is considered “good debt,” and that they are investing in themselves

Conversely, how can an investment pay off if you can’t find a job after you graduate? Student loans are a lifetime anchor. Never to be removed, sometimes not even in death! Two-thirds of undergraduates leave school with debt in the tens of thousands of dollars. In the interim, half of today’s graduates are either without jobs, or are employed in jobs that do not require a degree, while being in debt up to their necks from student loans. Newsweek wrote, “college grads were promised that their diplomas would be their ticket to success; however, they can’t even move out of their mom and dad’s home.”

The Degree is the Key

Obviously, certain degrees are more profitable to students than others. A degree in engineering will increase your chances of finding a job faster than a degree in liberal arts. Therefore, students must consider how they invest in their education.

According to bestdegrees.org, these are the top five degrees that will bring in the dough:

-MBA Degree in Technology Management
-PhD Degree in Computer Science
-Bachelor’s Degree in Software Engineer
-Master’s Degree in Education Administration
-Master’s Degree in Geoscience

The least profitable degrees according to cbslocal.com are:

-Music
-English Literature
-History
-Anthropology and Archeology
-Philosophy or Religious Studies

Are you still Baffled?

For many students and college grads, there is no doubt that a college education is valuable. The unemployment rate for college grads is half the national-average. Even those from lower incomes situations have a better chance of escaping poverty if they earn a degree. What’s important is that students and their parents judiciously weigh the odds in relation to their borrowing abilities relative to job opportunities and salaries in the student’s chosen field. In addition, students should avoid borrowing more than they have to for living expenses.

Regardless of the method a student uses to go to college, it will continue to be a challenge for many. Salaries for young people have not stayed current. Federal Pell-grants and other possibilities, are an important addition for lower-income students. Many feel these opportunities should be increased. With encouragement and dedication future generations will be able to assist others on the journey to a better future for themselves and the nation.

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