Is A College Degree Worth It?

In A Tough Economy Should Students Be Going To College?

Oct 19, 2008

With the financial crisis of Oct. 2008, it may now be more difficult to get federal and private student loans. Should students proceed with a college education?

The typical student accumulates $20,000-$25,000 in student loans. For those that are not fortunate enough to find a generous college or earn scholarships, the total is much higher. Some students graduate with $35,000 and even $60,000 in debt with student loans for a four-year degree. With this reality, should students even be going to college?

Wise College Choices

Most potential college students and parents do not know how to find a college that will be both on the right academic level and generous. This makes the college search very frustrating because students are not only looking for the right college – they are also looking for the most affordable college, right?

The mistake many students make is deciding on one college in the search. "College ABC is the one I want to attend, period. I don’t want to apply to others." This is a big mistake. Because of this many students end up paying more for college than necessary. Loyalty to a college is a great thing if it doesn’t cost you more money to attend.

Students should look at 5-6 colleges and then, in the spring, look at all the financial aid offers and see which one is best for them. Wanting only one college may produce massive sums in college loans. Students are just borrowing too much money to attend the "dream" college of their choice.

College Degree Advantage

In 2001, a college graduate was likely to earn 96% more than a high school graduate. Today in 2008, a college graduate is likely to earn 90% more than a high school graduate. When you add in the college loan debt that many students accumulate, many are wondering if it is worth it.

Private Colleges vs. Public Universities

Private colleges are increasing grants and scholarships to make college affordable. Fewer students are taking on unmanageable student loans. State universities are less capable of doing so. If it common for students to graduate less in debt from a private college than a state university.

One factor in the student loan challenge is the parents’ contribution. Many families follow the FAFSA guidelines and contribute the Expected Family Contribution. But, some parents refuse to contribute anything to a student’s college education leaving the student with no option but to take out massive loans.

Another factor is how much the future salaries will be. If a student expects to be earning $60,000 per year after graduation, it is easy to see that it is worth it. However, if the plans on making $25,000 as a social worker, beginning elementary teacher, or not pursue a Master's in Psychology, incurring a large debt is probably not prudent. These students should keep college loans down to the $20,000 level or less. It may take two jobs or selecting the third college choice – the one that gives better financial aid.

College Rewards

There are many rewards to having a college degree other than money. Having a degree opens doors to other careers. And, college graduates are more likely to

So, yes, college is worth it if colleges are chosen carefully after much research and the career chosen has an attractive salary potential.

The copyright of the article Is A College Degree Worth It? in Educational Issues is owned by Barbara Pytel. Permission to republish Is A College Degree Worth It? in print or online must be granted by the author in writing.

Nov 13, 2008 7:36 AM

Guest :

Students need to choose wisely in a field that has demand and a livable wage. Selecting ancient languages or Egyptian Art may be interesting but find out if you can be employed doing this.