College education, also called post-secondary education, means you get an undergraduate degree in your hands. It increases your employment prospects. Most jobs in the United States of America require an undergraduate degree. A college degree implies you can get jobs with a respectable salary. It helps them make informed decisions about their career. Let us know Does A College Education Really Pay Off?
The question can have two opposite answers. In some cases, a college education does pay off. On other occasions, it does not. If you are wondering whether going to college is worth it or not, this article may help you in finding answers.
Need Of College Education
Even if you are not looking for a job right after college, college does empower you to be a better human being and citizen. It helps you grow as a person. Most returns of education cannot be calculated in financial terms. However, in a purely economic sense, if we calculate the cost-benefit of college education, one may find that the high cost of college i.e., tuition fees and student debts sometimes exceed the potential earnings of an individual.
A college education is a long-term investment. A recent study finds that costs incurred in paying tuition fees of college and other expenditures incurred during getting an education are recovered by the individual by the time they turn 33. It is true even for students who take loans to complete their education.
When Does College Pay Off?
Human resource investment is never for the worse – education or health. A bachelor’s degree holder will always supersede someone who left their education after high school to get jobs. In addition, average earnings increase if you have a college degree. Education helps individuals become industrious, fruitful, and efficient members of their society. In addition, college helps students choose what they want to pursue.
Going to college makes you learn many essential qualities that future employers look for, To name a few – critical thinking, researching, teamwork, time management, communication, writing, etc. These cannot be calculated in monetary terms, but they certainly add value to an individual’s personality and character.
College is not a place to attend lectures. Instead, a student interacts with people from different backgrounds, cities, and states and hence learns more about accommodating various ideas and points of view.
Getting College Education To Pay Off
Do you want your college education to pay off? Make sure you make the most of college. You should pursue a major you have an interest in. You should apply for more internships to get more work/life experience. Some internships may also pay you well, so they’ll just be a cherry on top of the cake.
If the cost of college is the source of all your worries, you may want to learn more about going to community colleges or getting short-term training for a particular profession rather than a full-fledged college degree. This will reduce your costs incurred and increase the benefits you can get out of education.
You can also look for colleges near your place of residence. If you are a high school student, you can also aim for getting scholarships on tuition fees by performing well in your exams and being dedicated to your academics.
When Does College Education Not Pay Off?
College is not a good investment for everyone. After comparing the average earnings of undergraduate and high school earners, it finds that there is a significantly less difference between the two. Earnings after a college degree may vary regarding gender, nationality, ethnicity, race, etc. According to statistics, for every dollar that a man earns, a woman makes 74 cents.
Student loans can also hamper the benefits one gets out of a college education. Student debts can also hinder the life of undergraduates as they may not be able to pay them back consistently. With the rising unemployment rate, many college students are unemployed even after completing their education and respective degrees.
With increased competition, nearly every student now has a college degree, making it an ordinary thing. However, a college degree does not ensure a successful career. Similarly, not getting a college education does not always mean that you won’t be successful. Many successful entrepreneurs and business people never even attended college.
Benefits reaped may also depend on the major you are pursuing. Salaries differ in different fields. For example, a STEM (Science, Technology, Engineering, and Mathematics) degree will probably let you earn more than a liberal art one. A college education delays a student from beginning their career. College requires 4-5 years of an individual’s life, which delays the earnings an individual might have gotten in those years.
Conclusion
In conclusion, whether or not a college education will pay off depends on an individual and does not have a fixed answer. College is a human resource investment in simple terms. A student needs to invest his/her time and money into college. College students are more often than not, employed in jobs that do not require college degrees. If your chosen field of study has lesser returns then you might want to keep your borrowing costs (student loans) low.
Frequently Asked Questions
1. How Much Does College Cost On Average?
A college education might cost about $10,000 to $50,000 for a student on average depending on where you choose to go. Tuition and livelihood expenditure may differ from college to college, course to course and state to state.
2. What Jobs Can I Get After An Undergraduate Degree?
After an undergraduate degree, you may pursue any job in your field of study and interest. Most promising career prospects include HR, marketing, advertising, investment, accounting, engineering, counselling etc.
3. Is Community College Free?
Community college is free in 19 states of the USA. It is also free for students belonging to low-income groups. However, this does not include costs like transportation, lodging, etc.
4. Can Student Loans Be Forgiven?
Yes, student debt repayment can be forgiven. Student loans can be forgiven only if certain criteria are met by the existing forgiveness programs.
