Is College Worth It?

September 2024
Written By Chloe P.

A Changing Education

From your first day of elementary school to your graduation in senior year, most high schools are preparing you for one thing, college. There’s no denying the value that college can provide to your education and future; however, in a changing modern world, we have to consider whether college is still the best fit for the needs of this generation.

The college experience today has changed drastically from those of previous generations. Applications are at an all time high and in 2023 there were 7,057,980 applicants in the US - a 30% increase from applicants in 2020. The price of college tuition has also increased significantly. According to the National Center for Education Statistics the very price for a four-year college was $10,231 annually. This price has now increased by a whopping 180%, with some private nonprofit universities charging upwards of $50,000.

 

Student debt has also increased significantly as they struggle to keep up with the rising costs. In 2018, Americans owed a staggering $1.3 trillion in student loans. Nevertheless, even with these soaring prices, the satisfaction of college graduates has only waned. In a poll by PEW Research Center, only 22% of people said that college was worth it with the loans. However, Biden recently started a debt relief program. “The plans, if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years.”(The White House) Biden has stated that he has already approved $146 billion in student debt relief. So whilst college is very expensive, there are ways in which you can qualify for financial aid or even have the opportunity to cancel that debt.

 

The job market landscape has also shifted. According to AGB, after World War II most corporations filled 10% of their entry level jobs with college or highschool graduates. Now, only 5% of hires are from college graduates. The oversaturation of the job market has resulted in approximately one third of US workers being over-educated for their jobs. Although a bachelor’s degree is a prerequisite for most jobs, many employers are now emphasizing skills and experience over formal education. This shift has left many graduates questioning whether their expensive degrees have adequately prepared them for the workforce.

There are many alternatives to a four year college degree. Some of these include an associates degree, vocational or trade schools, entrepreneurship, certificate programs, apprenticeships and coding boot camps. All of which are good alternatives and can offer the same if not better education depending on your needs. For example, in a coding boot camp, you would pay an average of $14,000 to attend a six to 28 week program that can teach you all of the things you need to know. Moreover, the reported starting salary of boot camp graduates is nearly $65,000. Proving that you can be successful without a conventional education.

The Divide: Degree Holders vs. Non-Degree Holders

Despite these challenges, the data still paints a compelling picture in favor of higher education. According to the Bureau of Labor Statistics, the unemployment rate for bachelor's degree holders is consistently lower than that of high school graduates. The wage gap between the two parties is also quite significant.

 

In this graph, it shows a very unstable trend of net worth for young adults with a bachelor’s degree, indicating that those without might have a more stable or fixed job market.

These statistics don’t tell the full story. There have been many notable exceptions like Bill Gates and Mark Zuckerberg - successful entrepreneurs who dropped out of college to pursue their passions and goals. Their stories have fueled a growing skepticism about the necessity of a traditional four-year degree. This sentiment is particularly pronounced in younger generations.

 
 

The public’s opinion also shows a downward trend in the perception of how important a college degree is. In the younger generations, it is almost 50/50 on whether a degree is more or less important. However, within older generations, the consensus is that it is less important. Since these polls are coming from people who are currently in the workforce or have had many years of experience with how hiring processes work, the shift in perception reflects a needed reevaluation of the role of higher education in today's society.

 

The Value of College

As we grapple with these conflicting narratives, it's clear that the value of a college education extends beyond mere financial returns. Indeed, college remains a unique environment for intellectual and personal development. It offers opportunities for exposure to diverse perspectives, fosters critical thinking, and provides a safe space for young adults to explore their interests and identities.

However, the traditional four-year residential college model may not be the best fit for everyone. As the costs continue to rise and alternative paths to success emerge, it's crucial that we reimagine higher education to better serve the needs of a diverse student population and a rapidly changing economy.

This could mean embracing hybrid learning models, integrating more real-world experience into curricula, or developing shorter, more focused programs that align closely with industry needs. It might also involve a shift in how we perceive and value different forms of post-secondary education, including vocational training and apprenticeships.

In conclusion, while a college degree still offers significant advantages in terms of earnings potential and career opportunities, its worth is no longer a given. The value proposition of higher education must evolve to meet the changing needs of students and the workforce. As we move forward, the question shouldn't be simply "Is college worth it?" but rather, "How can we make college more worthwhile for everyone?"

Sources:

Chloe P.
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