The Real Cost of College

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Attending college has become somewhat of an American rite of passage, proving a sense of autonomy and an academic opportunity for young adults before they enter the workforce; however, the crushing debt that pursuing a higher education creates for most is a glaring issue in our country. Students who are trapped by these loans may be inhibited decades after they receive their diplomas, affecting their abilities to contribute to the American economy. Although these facts ring true, many high school graduates persist onto college. The following section assesses the benefits and drawbacks of attending college.

Going to College

Below is a short pros and cons list containing the main benefits and drawbacks of atteding college, which we will explore throughout the site.

1. FINANCIAL

Pros

“Over a lifetime, a Bachelor’s degree is worth $2.3 million on average” (The College Payoff 1) In other words, earning a 4-year college degree brings in about $60,000 a year, which is 250% more than the yearly earnings of someone without a degree.
According to a survey conducted by a February Pew Research Center, “on virtually every measure of economic well-being and career attainment, from earnings to job satisfaction, recent college grads are outperforming their “degree-less” peers” (USA News 2).
College attendees earn “between $412,000 and $570,000 more on average” than those who do not pursue a degree” (The Atlantic 3).

Cons

Over a 40 year career, those without a college degree make about $32,000 a year, which equates to less that $17 an hour and falls at about $26,000 below the annual median for American household incomes (The College Payoff 1).
The total amount of student debt owed by our country’s citizens nears $1.48 trillion and 44.2 million Americans currently have student loan debt. “The average student loan debt for Class of 2017 graduates was $39,400” and college tuition costs are increasing annually (Student Loan Hero 4).

2. JOB OPPORTUNITIES

Pros

“Based on economy and job projections calculated by Georgetown University, in 2018, approximately 63% of jobs will require some college education or a degree” (ProCon 5).

Cons

According to the Harvard Business Review, around two-thirds of college graduates either take “about half of their twenties” or “most of their twenties” launching a start in their careers** (Harvard Business Review 6). Potentially a decade of employment is sacrificed for these degree-holders who struggle to jump start their careers, allowing student debt to build while income remains stagnant at little to none.
Because there are a limited number of available jobs that pay college graduates their full earning potential, many of those who earn a degree are forced to work at jobs in which they are underpaid. For this reason, many college grads are earning their income from jobs that don’t require a college degree in the first place, allowing college debt to stack up while their degree remains unused (WeForum 7).
As shown below in Figure 1, according to the Washington Post, only “62.1%” of college graduates reside at jobs that require a college degree (Washington Post 8).
Furthermore, included below in Figure 1, The Washington Post concluded that merely a quarter of college graduates find jobs pertaining to their fields of study; therefore, college degrees prove somewhat irrelevant in these cases (Washington Post 8). Meanwhile, their university debt remains a very relevant part of their lives, preventing college grads from purchasing expensive necessities, like cars or houses.
In order to maximize job opportunities, a rapidly increasing number of students are now pursuing master's degrees within their fields (as exhibited in Figure 2 located below), making them more markerable to employes. Along with this accolade comes a sizable addition to preexisting student loans (Vox 9).

**For advice on navigating post-graduate employment opportunites, consult There Is Life After College, written by Jeff Selingo, the author of the article featured in the Harvard Business Review (6).

Figure 1-Sourced by The Washington Post (8).

Figure 2-Supplied by Vox (9).

3. Interpersonal and Social Skills

Pros

College provides an opportunity for young adults to interact with others in a hypersocial setting, which is unacheivable in other contexts. Living with peers, working in group settings, and joining clubs are small examples of how college students can gain experience interacting with other.

Cons

Those who don't attend college miss these opportunites, which are integral for social success in the workplace and in society.

For a myriad of reasons, college is worth attending for some individuals; however, the cost it necessitates is widely unaffordable. This site will explore the total investment college requires and the long term effect this cost has on the livelihood of Americans and our country's ecomony.

References

1. Carnevale, Anthony P., et al. “The College Payoff.” Google, Georgetown University.

2. O'Connell, Stefanie. “Should You Skip College to Save Money?” USA Today, 29 Aug. 2014.

3. Weissman, Jordan. “Does It Matter Where You Go to College.” The Atlantic, The Atlantic Monthly Group, 17 May 2012.

4. “A Look at the Shocking Student Loan Debt Statistics for 2018.” Student Loan Hero, 1 May 2018.

5. “Is a College Education Worth It?” ProCon, 9 Jan. 2018.

6. Selingo, Jeffrey J. “Two-Thirds of College Grads Struggle to Launch Their Careers.” Harvard Business Review, Harvard Business, 31 May 2016.

7. Clemens, Austin. “Why College-Educated Workers Are Taking Low-Paid Jobs.” World Economic Forum, 4 Sept. 2015.

8. Plummer, Brad. “Only 27 Percent of College Grads Have a Job Related to Their Major.” The Washington Post, 20 May 2013.

9. Nelson, Libby. “Master's Degrees Are as Common Now as Bachelor's Degrees Were in the '60s.” Vox, 7 Feb. 2015.

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