Costs seem to keep going up, so many people are rethinking whether or not they should go to college. Prospective college students often wonder if paying a lot of money for college, taking out many student loans, and going to school instead of working will be worth it in the long run.
College can be a hard decision for students from families who can’t afford to go. It’s best to think about whether getting a college degree is worth the time and money and do some research about the usefulness and value of the degrees you’re considering before you decide whether to go to college.
Higher Education’s Economic Value
College education usually pays for itself in the long run because of all the benefits that come from it. College graduates usually earn more money than people who only have high school diplomas during their working lives. Even though wages don’t usually change much until years of work experience have been gained, college graduates usually earn more money than people who only have high school diplomas.
It has been said that people with bachelor’s degrees make about $2 million, people with associate’s degrees make about $1 million, and people with high school diplomas make about $1.2 million during their careers.
One good reason to get a college degree is that you will earn more money during your working years. Most people who go to college and university now go to public schools. These schools don’t cost as much to go to as private schools, but they still cost a lot. Students who go to public colleges and universities usually pay about $8,000 a year for tuition, books, and living costs.
Students who go to community colleges usually pay about $1,300 in tuition each year. If you want to go to college, it can be very expensive. People who finish college usually make more money in their lives than people who don’t finish college. College costs a lot, but it’s worth it in the long run.
Earnings go up as you get more education.
People between 25 and 64 who worked during this study’s time-averaged $34,700 a year. Those who didn’t finish high school made an average of $18,900 a year, while those who had high school diplomas or equivalents made $25,900 a year.
Those who graduated with bachelor’s degrees earned an average of $45,400 a year, while those who finished graduate programs earned $99,300. So, there is a link between higher education levels and more money.
Another thing that affects wages is how long you have worked. Full-time workers who work all year are usually paid more than part-time and seasonal workers. More than 70% of workers were working full-time when this survey was done. Full-time job rates are different for different groups.
Those who have college degrees are more likely to get a full-time job than those who don’t. Because many women stay home and raise children, more men work than women. People who have more education usually make more money each year, no matter how long they’ve worked.
To get a better precise picture of the labor market without demographic biases, it’s best to look at the earnings projections based on the number of year-round, full-time workers. College graduates made 56% more money than high school graduates in 2015. Those who went to high school made 40% more money than those who didn’t.
This trend of higher wages and more education is best explained by looking at the workforce’s rising need for skilled workers. College graduates didn’t make as much money in the 70s because so many educated people were in the workforce.
Because of all the new technology in recent years, there is a huge need for specific training and skills for workers. These educated workers are getting paid more because of it. The trend has been the opposite for people who aren’t very well-educated. Because labor unions aren’t as powerful as they used to be, wages for people who haven’t gone to high school or college have gone down.
Differences in earnings based on educational achievement accumulate during a person’s lifespan.
Lifetime earnings between people who have different levels of education show how much money people with college degrees make and people who don’t. Throughout a 40 year career, full-time workers with only a high school degree are expected to earn nearly 1.2 million dollars.
Forecasts for people who didn’t go to high school were also close to $1 million. Workers who took some college classes but didn’t finish them are expected to make $1.5 million throughout a 40-year career. Graduates of associate’s programs are expected to make about $1.6 million over the same time.
People who went to college for four years or more are expected to make the most money throughout a 40-year career. Those who finish bachelor’s programs are expected to make close to $2.1 million, and those who finish master’s programs are expected to make close to $2.5 million, too.
Like lawyers or doctors, professionals are expected to make about $4.4 million during their careers. People who have PhDs are expected to make about $3.4 million. People who have more education usually make more money during their working lives than people who have less education. As a result, people who spend money on education usually get more money later in life in higher wages.
Other benefits of getting an education are:
As well as making more money, there are many other benefits to graduating from college. Many college graduates enjoy the chance to work where they want to live, have more time for fun, and live in a good area. Some of the best things about going to college happen while you’re in school.
Students can learn about various cultures and interesting things. They also learn about theories and ideas they might not have learned about if they didn’t go to college. Some research shows that many people who go to college live healthy lives.
To ensure their kids know how important good nutrition and exercise are, college graduates often teach their kids these things. There is also a positive effect on the quality of life and the life expectancy rate for college graduates and their families.
Higher Education’s Social Value
Some research has shown that more moral people are more likely to go to college. For example, research has shown that college-educated mothers spend a lot of time teaching their kids values and teaching them how to be smart. Higher education is good for everyone in the long run. Some benefits include more tax revenue, more public awareness about important issues, and less unemployment.