Question

Post to the following topic. Your post must include the web sites of the research used in your discussion. Your post should be at least one well-developed page (300-350 words). Is college worth the cost? Cite your resources.

Answer 1

The answer is probably yes, from a financial perspective, if you can keep in mind two crucial tests: You have to graduate, and you must be able to afford the debt you take on.

Statistics generally show that earning a college degree leads to:

• More pay: Earnings typically increase with higher levels of education. The median weekly earnings for workers with a high school diploma and no college was $712 in 2017, compared with $1,173 for those with a bachelor’s degree and $1,401 for those with a master’s degree, according to the Bureau of Labor Statistics.
• Steadier employment: The unemployment rate decreases with higher levels of education, according to the BLS. The unemployment rate for people who didn’t attend any college was 4.6% in 2017, compared with 2.5% for bachelor’s degree holders.
• Better benefits: College-educated workers are more likely to have employer-provided health insurance and retirement plans, according to a 2016 College Board report. For instance, 54% of full-time workers with a high school diploma had employer-provided health insurance in 2015, compared with 66% of bachelor’s degree holders and 70% of advanced degree holders.

Additionally, there are the less-tangible benefits of college, like lifelong friendships, an expanded worldview and professional connections.

Compared with high school graduates, bachelor’s degree holders are more likely to be happy, vote, volunteer and participate in their communities, according to a 2015 paper by the Lumina Foundation, an independent group that supports higher education access.

Taking out student loans and not earning a diploma is like financing a car and leaving it parked in the lot; you’re not benefitting from what you’re paying for.

Without a degree, you’ll be less likely to reap the earnings and employment benefits of higher education. You’ll also be twice as likely to default on student debt compared with college graduates, according to data cited in a 2017 College Board report.

Not all college degrees are created equal — the school, degree program and major you choose matter.

For instance, many graduates of for-profit colleges have had problems finding gainful employment, according to a 2018 report by IBISWorld, a global market research firm.

There are also some cases in which a lower-level degree is worth more than a higher-level one. For example, the median earnings for workers with an associate degree in science, technology, engineering or math is $60,000, compared with $50,000 for workers with a bachelor of arts degree, according to a 2018 report by Georgetown University’s Center on Education and the Workforce.

Potential earnings shouldn’t be the only factor behind your choice of major — your interests and skills matter as much, if not more. But if you choose a lower-earning major, take on less debt to avoid being overburdened when it’s time to repay.

Although there are contradictory claims about whether college is worth the cost, a college education is one of the most reliable paths to financial success for students who graduate. The debate is often divided along political lines, perhaps, due in part to the voting patterns of college graduates. But, there is clear evidence demonstrating a wage premium and lower unemployment rates for people who have graduated from college.

College may be expensive, but not going to college is even more expensive. Not only has the earnings premium of having a college degree continued to increase, but the average earnings of people without a college degree has been decreasing

The age of the college student also matters. A college degree does not yield as much of a wage premium for people who go to college when they are older, because there is a shorter time horizon to repay student loan debt and benefit from the increased wages. Undergraduate students who are close to retirement age are more likely to default on their federal student loans than traditional-age college students. Older students should borrow no more than they can afford to repay in ten years or by retirement, whichever comes first.

Arguments that there is an oversupply of college graduates are based on a specious analysis of the number of college graduates employed in occupations that supposedly do not require a college degree, such as taxi drivers and janitors with Bachelor’s degrees. This analysis fails to consider that during an economic downturn, people who have more education take jobs away from people who have less education, and some of these jobs require a college degree because they involve management duties or the details of the position. Getting a job as a janitor at a nuclear power plant, for example, probably requires more education than a janitor at a secondary school. Even among the jobs that do not require a college degree, people who have a college degree earn more than people who do not have a college degree

Sources- College and Economics Websites.