The Value of Education: Is College Worth It?

The Undying Value of a College Degree

Time before, but today they were walking to receive their end reward. Sure, they can lose the physical piece of paper, and they may move on from the job their degree helped them attain, but they’ll never lose the work behind the journey they undertook to get their diploma. Even when tough times fall, they know they have what it takes to start something and finish it successfully, and that is priceless and well worth the cost of education. Since earning a college degree has long been considered a rite of passage, there’s an extra sense of accomplishment when one reaches the finish line. They have accomplished something that no one can ever take away from them.

Job Satisfaction and Opportunities with a College Degree

The monetary aspect may only be a small part of the overall decision to achieve a goal long dreamed of, but the excitement and the knowledge of a job well done cannot be measured or replaced. Some may even feel they achieved what they may have felt was impossible in just a short time and often report higher job satisfaction because they have studied a field and obtained their degree of interest, and chances are, will enjoy what they do more so than those that are not working in the field they are passionate about. This job satisfaction will often lead the employee to greater advancement opportunities and larger incomes which will have direct influences on their quality of life for them and their family.

College Worth It: Economic and Statistical Analysis

An added researched established benefit of earning a college degree is the greater probability of job security. And for some employers, the value of an educated workforce means they will repay employees’ tuition. This says a lot about how higher education is viewed in the workplace; It has substantial benefits for both the employee and the employer. In addition, data shows that college graduates are less likely to lose their jobs during an economic downturn. It is also true that college graduates are compared to well over 5% of those without a degree. Studies have also delineated the rising cost of college over the years, and some researchers have concluded that certain degree plans may not pay off when compared to the average income earned by those in the field, compared to the repayment of the student loans obtained to achieve the degree plan.

Studies show with a college degree, your average income will be superior, and in some cases, significantly higher, depending on the field you have chosen to study. There have been numerous studies conducted by various research groups, all depicting a wide range of monetary numbers, but the most commonly agreed upon estimates of $20,000 more a year for the degree accomplished employee. Also supported by research is the fact that the unemployment rate for those having completed a degree is only 2.5 percent and 26 percent.

The Rising Costs and Personal Investments in College Education

A study from the U.S. Department of Education, National Center for Education Statistics shows the average undergraduate tuition cost in the United States for the 2014–15 academic year, including tuition, fees, room, and board, was estimated to be $16,188 at public institutions, $41,970 at private nonprofit institutions, and $23,372 at private for-profit institutions. Between 2004–05 and 2014–15, prices for undergraduate tuition rose 33 percent, and prices at private nonprofit institutions rose more than a decade and with only the oldest daughter working in a position requiring a bachelor’s degree.

This leads to many discussions about whether the price of the degree was worth the money, time, stress, and personal investment involved. In the Mashburn household of six, four daughters, mom and dad, two of us are currently enrolled in a degree plan. The other four have completed their bachelor’s or a vocational-technical degree, with Mom having completed her Master’s degree. All of these classes and degree plans have cost money, time, and energy, with cost being the largest factor. Currently, only two continue paying on the debt incurred from this schooling. Repayment of student loans in several cases has been ongoing for

References:

1. U.S. Department of Education, National Center for Education Statistics. (2019). Digest of Education Statistics, 2018 (NCES 2020-009).
2. Bureau of Labor Statistics. (2021). Employment Projections. U.S. Department of Labor.
3. Carnevale, A. P., & Rose, S. J. (2011). The Undereducated American. Georgetown University Center on Education and the Workforce.
4. Baum, S., Ma, J., & Payea, K. (2013). Education Pays 2013: The Benefits of Higher Education for Individuals and Society. College Board Advocacy & Policy Center.
5. Dynarski, S. M. (2015). The trouble with targeting: Federal student loans and selective colleges. Brookings Papers on Economic Activity, 2015(1), 377-431.
6. Baum, S., & Ma, J. (2017). Trends in college pricing 2017. College Board.
7. Heckman, J. J., Humphries, J. E., & Veramendi, G. (2018). The Non-Market Benefits of Education and Ability. National Bureau of Economic Research.