Is College Worth It Essay: Every year, countless students graduate from universities and colleges all around the world. And in today’s competitive world, this is the new norm. But from a financial perspective, are colleges actually worth it? Do the pros of getting a college degree to outweigh the cons? Even high school or guidance counselors may have pushed the opinion that having a college degree is paramount to earn a good living. Moreover, the pandemic that we are currently facing has also led to a new paradigm shift – online education. Is online education worth it over the more expensive offline classes?
Over the last few decades, the cost of acquiring a college degree has drastically increased all over the world. This means that a lot of students will have to take on student loan debts to be able to afford college. Even many jobs that demand a college degree do not end up paying a salary that is high enough to offset the loan in a reasonable amount of time. However, this does not imply that a college education is not useful. Moreover, there are many factors that influence one’s decision to pursue a college degree. Government educational institutions offer college degrees at a more affordable cost while private institutions charge considerably more.
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For instance, in the United States, the total average cost of attending public schools hovers around $27,000 per year. Private universities charge an average of $55,000 per year. Hence, a four-year degree at a private college might cost a whopping $108,000 to $220,000. Even if financial aid is available, the sheer price of a degree is staggering. To make a sound decision, one must decide the pros and cons of getting a college degree. The potential pros of getting a college degree are as follows:
Higher Pay: Even if college education is costly, it still pays off for most graduates. Also, candidates with a college degree earn significantly more than candidates without a college degree. Moreover, candidates without a college degree are more likely to remain unemployed and also find difficulty in finding a suitable job.
More Job Opportunities: Older generations did not need a college education to secure a decent income, in fact, studies have shown that only two-thirds of jobs before the 1980s required a high school diploma or less. However, this trend is no longer valid in today’s day and age. Nearly every kind of job will require you to have a college education by the year 2027. Moreover, it can be quite difficult to land a high-paying job with just a school degree on your resume. Not to mention the competition of available opportunities will be fierce. Therefore, having a college degree can open up many opportunities that were previously locked away behind a college degree.
Specialization: Certain jobs will require the candidates to be specialized in certain fields. And such specializations can only be offered through a college degree. Today, there are a plethora of industries where specialists are needed for various job roles. From information technology and engineering to medicine and psychology, every field will require their employees to possess more than a school degree. For example, a doctor will need to undergo years of preparation at medical school before acquiring the necessary credentials. Moreover, jobs requiring specialization will usually have limited competition.
While a college degree can be beneficial for many students, it is not necessary for everyone. Following are the major drawbacks that one typically might face acquiring a college degree:
Student Loan Debts: With the rising cost of college tuition fee, many students will have to seek financial assistance to pursue a college degree. Even with part-time jobs or savings, it is unlikely that students can cover the expenses. A study by the Institute for College Access and Success pointed out that 62% of college graduates left school with student loan debt, averaging a balance of 28,950 USD in 2019. The study also found that, depending on the student loan repayment plan, students could be in debt for 10 to 30 years. This can put an undue financial strain and as a result, students may put off other goals such as buying a house or saving for retirement. Moreover, expenses for college education are bound to only increase in the coming years.
High-Paying Jobs Are Not Guaranteed: Teachers, guidance counsellors and even parents usually promote higher education as the most feasible path to prosperity, however, this is not often the case. Many economic factors play a role in job demand and availability. In the light of the current COVID-19 pandemic, organisations are forced to lay off millions of people. This makes it incredibly difficult to find a job even after acquiring a college degree. Lack of well-paying jobs coupled with hefty student loan debt can make it difficult to make ends meet. Hence, most students may not opt for a college degree.
Long Tenure for Graduation: A typical bachelor’s degree can be acquired between 3 to 4 years. However, this is not applicable to all – some students may take between 5 to 6 years before they graduate due to personal reasons. Regardless, every additional year in college can increase student loan debts, making it even harder for students to pay back the debts.
Suitable Alternatives: As the world is currently in a global pandemic, offline classes are currently non-existent in many colleges around the world. Hence, instead of attending a 3 or 4 year-course while paying a heavy tuition fee, students can opt for cheaper, short-duration online courses. Granted, it might not be the same as a college degree, but the knowledge and skills that can be learnt are comparable to a regular, full-time college.
In conclusion, a college degree is definitely worth it, but not everyone might find it useful. Careful consideration, as well as planning, are required to make a sound decision. Moreover, many factors might influence this decision, so one has to weigh the pros and cons and decide if it is actually worth it.
FAQ’s on Is College Worth It?
Question 1.
What are the pros of having a college degree?
Answer:
From a career perspective, a college degree can bring more opportunities – such as a high-paying job, increased growth rates and other lucrative job-perks.
Question 2.
What are the cons of having a college degree?
Answer:
A college degree need not necessarily land graduates with a high-paying job. It can also cause students to take on student loan debts, which can cause undue financial strain. A college degree will also not fend off unemployment, which is exacerbated by the current global pandemic.
Question 3.
What are the alternatives to a college degree?
Answer:
Online courses and classes are considered to be a cheaper and feasible alternative to a full-fledged college degree.