College is still worth every penny -- if you graduate
Yes, college is costly and student debt is on the rise. But college graduates earn 98 percent more than those without a degree.
This post comes from Krystal Steinmetz at partner site Money Talks News.
Relatively sparse job openings coupled with soaring tuition and student loan debt have led many people to ask: Is college still worth the effort and cost?
The answer is a resounding yes, according to David Leonhardt of The New York Times.
A new set of income statistics answers those questions quite clearly: Yes, college is worth it, and it's not even close. For all the struggles that many young college graduates face, a four-year degree has probably never been more valuable.
The pay disparity between college graduates and those without a degree reached a new high last year, the Times says. On average, Americans with a four-year college degree made 98 percent more an hour in 2013 than those without.
"The decision not to attend college for fear that it's a bad deal is among the most economically irrational decisions anybody could make in 2014," Leonhardt wrote.
MIT economist David Autor says the pay gap is a result of the U.S. not producing enough college graduates nor preparing enough students to attend college. The Times noted:
According to a paper by Mr. Autor published Thursday in the journal Science, the true cost of a college degree is about negative $500,000. That's right: Over the long run, college is cheaper than free. Not going to college will cost you about half a million dollars.
But before you hastily enroll yourself or your son or daughter in college, it's wise to carefully select a course of study and consider your probability of graduating. Forbes contributor Andrew Kelly wrote:
Blanket statements like "college is clearly worth it" have led far too many to blindly invest in any college at any cost.
For me, a more effective message would be to tell a prospective student that, yes, completing college is, on average, worth the time and money. But not all postsecondary options are created equal, so choose the one that reflects your talents and abilities and gives you the best chance of success. And if you choose to go, work your tail off to make sure you finish.
The message here seems clear. College is unequivocally worth it, if you are confident that you will graduate.
Do you agree that college is worth it?
More from Money Talks News
Well what if you have invested over the LONG Haul all the money spent on College instead in the Stock Markets. How about if you also committed to working those years and learning everything about investments, managing Debt and Credit(avoiding it), then picked up a needed trade along this way. I bet you anything College would loose out.
College is highly overrated, after Decades of our Kids going to them, just what real advances have we seen to show for it? Twitter, Overpriced Phones, and dependent on Russia to ferry our folks to the Space Station. Sure, most companies will hire a College Grad before they would one without based strictly on Mythical Potential. But you have to realize just how many folks are not even working in their Field of College Study. They learned on the Job. Companies could have trained in House.
There are Gems that go to College, but they likely would have been a Gem without College. Some of the most successful Folks in World History never went to College. I doubt that College had anything to do with the most Wealthiest Folks in the World eventual success.
My office only hire college graduates. Be them idiots or not. They don't care as long as you have a degree. And believe me, there are a lot of crazy idiots out there.
While there is nothing wrong with blue collar work, (hey any work is better than no work, right?) it can be interesting to observe the amount of physical and mental stress a fast food worker, a grocery bagger or ditch digger is under compared to an office worker. -Not saying some office jobs don't suck, just saying there is down time in office jobs and actual time off a person is off their feet.
If I'm rambling again, sorry :(
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