Why College Is Worth It

There are many good sources of research about the economic value of a college education. While heavy student debt might not be the best option for students, it is undeniable that there are financial advantages to completing a college degree program.

 

This chart is from the Bureau of Labor Statistics and depicts the unemployment rate and weekly earnings of those in the U.S. aged 25 and older:

education pays statistic, 2011

 

Here's another infographic using Bureau of Labor Statistics that discusses the same issue, but changes weekly earnings to annual earnings.

 

Recently, the Pew Research Center interviewed the general population as well as college presidents concerning perceptions of higher education. Many of the questions focused on the perceived or realized value of a degree, whether school is affordable and whether school is a good value.
  • The cost of college has nearly tripled since 1980.
  • The average student graduating from a four year college is $23,000 in debt.
  • While only 22% of the general population feels that college is affordable for most people, only 15% believe college is a poor value. 
  • 86% of the population believe that college is a good investment. 

 


2010 was the last released version of CollegeBoard's Education Pays report. In this report, CollegeBoard examined financial effects from college degrees. The effects not only include personal financial gain, but also societal gains.

  • "College-educated adults are more likely than others to receive health insurance and pension benefits from their employers and be satisfied with their jobs."
  • "In 2008, about 58% of college graduates and individuals with some college education or an associate degree reported being very satisfied with their jobs, while 50% of high school graduates and 40% of individuals without a high school diploma reported being very satisfied."
  • "Both the percentage of people who donate their time to organizations and the number of hours people spend in volunteer activities are higher among individuals with higher levels of education."
  • "College-educated parents engage in more educational activities with their children, who are better prepared for school than other children."
  • For college graduates, states collect more in tax revenue while also having a smaller burden of social and health spending.
  • Just one year of college is worth 11% in additional earnings when compared to high school graduates who did not attend college.

 

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