Recently I attended a conference where a reporter questioned the value of higher education relative to the level of student indebtedness reported. The insinuation to her question was unfortunate as she quoted the often-cited anecdote, “we have students graduating with over $100,000 in debt. Is college worth it?” Note what is often not reported is that the average debt upon graduation is $29,000 (not $100,000) and 50% of higher education debt is at the graduate level. Are there outliers to this story? Sure. But reporters like this should do research and get more exercise outside of jumping (to conclusions that is*).
College is a long-term investment. Period. Are there some short-term benefits or ROI coming out? Absolutely. For students who are interested in graduate programs it is a prerequisite. For students looking to enter certain professions, a college degree is also a requirement. That said, the long-term benefits of college go well beyond the first job ROI. Individuals today pursue multiple careers over the course of their work lives. In general, college trains people to think critically, analytically and communicate their ideas through writing and speaking. These transferable skills are invaluable over the course of a lifetime.
The real questions are – how much should one spend on college to make it worth it? Also, should everyone go to college (and when)?
I will work to answer these and take on the second question first. I believe college can be for everyone. Some professions do not require a college degree but require certificate training. The timing of when to go to college is incredibility personal and depends on an individual’s goals. Working for a few years to figure our what profession one wants to pursue and then returning to earn a college degree is a more focused approach. Going to college right out of high school to pursue advanced learning is another avenue. Taking time to explore potential passions or interests by volunteering or traveling, if you have the socioeconomic means, is another approach. In short, there is no ubiquitous answer.
The same goes for how much should someone spend on a college degree. In short, it again, depends on an individual’s goals. The associate degree to bachelor’s degree path can be incredibly cost effective. Research is important to ensure transfer credit equivalency, but the approach is sound. Jumping into a four-year degree program is also sound depending on a person’s goals. Again, the amount of investment, and whether public or private, full-time, or part-time, depends on a person’s goals and financial means. For people considering entering highly competitive professions or graduate education, the investment may be more meaningful.
Individuals pursuing professions that require a bachelor’s degree, that do not result in upper income annual salaries, however one defines that and depending on their goals, may choose institutions that do not cost as much or those that do not require student debt upon graduation. Again, if a graduate degree is also a consideration later in life, undergraduate degree cost may also be a factor. Tied to this, the competitiveness of the graduate program or profession of interest may also influence the amount of undergraduate investment. This is not to say that less costly institutions do not return in competitive industries – I am just noting historical averages. I can speak to numerous exceptions.
In the end, I work in higher education so how would I not have a biased opinion on the long-term value of college? That said, whether to go, when, and the investment made in pursuing higher education is entirely personal and dependent on an individual’s goals. There is no harm in not making an immediate investment while you figure yourself out to some degree. Investing in yourself to identify goals and aspirations is a great place to start.
* This quote is attributed to former Cleveland Browns football coach Sam Rutigliano.
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