college-education.procon.orgIs College Worth It?

Home More Issues About Us FAQs Teachers’ Corner College Education Is a College Education Worth It? Last updated on: 6/29/2023 | Author: ProCon.org 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 WilliamMary (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 ProCon 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...