Is College Worth It?
The cost of higher education continues to increase, forcing more and more students into debt before they even graduate. Coupled with the high rate of unemployment and bleak job prospects for graduates, this has left many high school graduates wondering whether the major they choose will give them the positive Return on Investment (ROI) that they expect.
The short answer is yes. A college education is worth the money spent on tuition, room, board, books and time if students choose a field of study that is not only in demand but will give them a positive return on their investment. According to a survey conducted by the Federal Reserve Bank of San Francisco, lifetime earnings for college graduates eventually pay off. While it may be difficult and costly to do so, not attending college can hit a person harder.
The average college graduate in the United States will learn at least $800,000 more than the typical high school graduate. This figure takes into account the cost of a college education and the years’ worth of wages lost while working toward that degree. The average college student who pays about $21,200 a year in tuition can recoup that investment before reaching 40 years old. By retirement, that same student can earn up to $831,000 more than his or her counterpart who never attended college.