Is Higher Education Worth the Price? Summary and Response

  College can be likened to an ivory tower - a secluded fantasy land, detached from reality. However, it is well known that higher education is a luxury only within reach for those who can afford it or are willing to take on student loan debt. The cost of attending college has been a topic of debate for years without reaching any clear consensus.

Tuition at public and private universities has more than doubled - in real dollars - compared to previous generations. U.S. News data show that the average tuition and fees for in-state students at public universities will be $10,388 in 2021-2022. By comparison, the average cost of a private school for the same year is $38,185. However, these prices are only sticker prices, and many families often pay much less once they receive financial aid and institutional assistance. Education is undoubtedly one of the most important financial expenses for most Americans, with home mortgages being the only exception. Young people who cannot afford to pay for school often take out large loans. Today, it is increasingly common for graduates to carry a six-figure debt load. For most students, attending college is still financially worthwhile despite rising tuition costs. higher education can provide numerous benefits, such as increased earning potential. college still pays off after you are employed. Depending on the major, college graduates have more opportunities for jobs and positions in companies. Having a college degree makes you more interesting for talent acquisition, and you are more likely to be selected for a role than someone who does not have a degree. College graduates who learn transferable workforce skills tend to earn more and have lower unemployment rates than those with only a high school diploma. According to a 2021 report by the Georgetown University Center on Education and the Workforce, those with only a high school diploma have a median lifetime income of $1.6 million, while those with an associate's degree have a median income of $2 million. Those with a bachelor's degree have a median lifetime income of $2.8 million, 75 percent more than those with only a high school diploma.

           Earning a degree is an investment in the future that justifies the cost of college. Making choices that will benefit your future self can be challenging when However, considering the advantages of a degree reveals the value of a college education. However, considering the advantages of a degree reveals the value of a college education. Upon graduation, you'll not only acquire tangible benefits such as better career opportunities and potential earnings, but also a sense of accomplishment for securing self future success. Students develop many skills that are transferable to the workplace, including how to think critically and communicate effectively. The learning process is not just about accumulating new knowledge, but also about improving one's thinking skills. Education is not solely focused on acquiring information to pass exams and earn a degree. Rather, it is an opportunity to learn more about yourself and to reflect on your personal perspective on the knowledge you have acquired. The intrinsic value of a college degree cannot be measured only in terms of future earnings, as it provides an opportunity for individuals to broaden their horizons and develop a sense of independence.

References

Is College Worth the Cost? Factors to Consider. https://www.usnews.com/education/best-colleges/paying-for-college/articles/is-college-worth-the-cost.

Jeff White, CEPF. “Is College Worth the Cost? Pros & Cons of Paying for School.” Savingforcollege.com, Savingforcollege.com, 25 Jan. 2023, https://www.savingforcollege.com/article/is-college-worth-the-cost#:~:text=According%20to%20the%20Bureau%20of,almost%20double%20your%20earning%20potential.

What You Need to Know about College Tuition Costs - US News & World Report. https://www.usnews.com/education/best-colleges/paying-for-college/articles/what-you-need-to-know-about-college-tuition-costs.