Is a College Education Still Worth the Time and Financial Investment? Part One

Years ago, a college degree in the U.S. was assurance for a middle class or better lifestyle.  Today there are many factors that have changed that paradigm.  Is a college education still worth the time and financial investment? 

Beyond career requirements, there is a societal pressure for a college degree.  High schools are judged by the percentage of graduates who go on to college.  Even high school students shame those not going on to college, calling them “losers.” With all of these pressures, students and parents can elect college attendance for the wrong reason.  Let look at the pros and cons.

Pro College 

•  The facts are very consistent. Looking at the most recent Usual Weekly Earnings of Wage and Salary Workers, Q4 2011, college graduates earn median earnings double that of employees with only a high school diploma.
• You will have a better chance in a competitive job market and you can gain access to careers that absolutely require a college degree. 
• The unique social and academic experience of college lends to the maturation of an individual.

 Cons

• Currently, total student loan debt is more than $980 billion.  The figures vary based on institution.  Between 47% and 61% of 4-year-college students have student loans. College costs have risen tenfold between 1978 and 2008, based on a National Center for Education Statistics and College Board report.  The cost is a burden to many students and their families.
• New understandings about learning reveal that centuries-old learning models are less effective than work/life experience learning. According to a 2011 John Helmer’s article, “70% of learning and development takes place from real-life and on-the-job experiences…10% of learning and development comes from formal training or education.“
• Independent thinking is not always encouraged.  Although we do not have statistics, as I researched dozens of sources, this was a common reason for an alternative to college education.  Different views are not always welcome.  While I do not belief that youth is indoctrinated (have you ever tried to change an 18-year-old’s mind?), there is some validity to the point.

In the second half of this series, we will talk about solutions.  There is a way to customize a plan for your situation and make the most of your post-high school education and professional development.