The question of is college education worth it remains a hot topic in our society. Only 63% of college students finish their degrees within six years, wasting thousands of dollars. But it’s not just the cost that has to be considered. A college education has other benefits, too. Read on to learn the advantages of a college degree. But first, let’s consider the costs involved. A college degree today costs a lot of money.
Cost of a college education
The cost of a college education is rising, but why? The College Board’s Trends in College Pricing 2021 report points out that tuition costs have increased by more than double over the last decade for private four-year institutions. Higher education expenses have increased in part due to rising costs for instruction, administration, and student health care. Even with these rising costs, state and local funding for public higher education was lower than a decade ago, according to the report.
Benefits of a college education
Higher education provides several benefits, from financial stability to better job prospects. Higher-paid jobs often offer better benefits, like health insurance and vacation time. Employers may also offer better retirement investment options, which will make your life after college easier. Higher-paid jobs also provide opportunities for advancement. Therefore, it’s important to get a college education, and then build on it for years to come. Benefits of a college education are plentiful, and you should consider investing in your future with a college education.
Cost of a college education today
The cost of a college education today is similar to buying a pair of shoes: Some people pay full price, while others will pay less, or even no price at all. In the same way, college students will pay different prices depending on what they need and how they live. While colleges list the sticker price, these prices do not include all fees or grants. Many students qualify for various kinds of free money, depending on their academic record and financial situation.
Impact of a college education on the economy
While consumption alone is not the only contributor to the economy, it is one of the largest. High levels of education encourage innovation, which boosts real incomes and lowers prices, ultimately benefiting consumers all over the world. Highly educated workers also improve productivity among their colleagues. As a result, the impact of a college education on the economy should be considered as a conservative estimate. Nevertheless, these calculations are still important in the broader context of education and the economy.
Value of a college education
Although the expected wealth and income from a college education have decreased in recent years, degree holders still believe a college education will lead to financial comfort and security. Recent studies from the St. Louis Fed on the value of a college education have highlighted that a college education consistently leads to better financial outcomes. These studies examined income gains and wealth accumulation of college graduates. In other words, a college education is still a good investment.