Recently, a new debate has risen amongst high school seniors: is higher education worth it? The short answer is yes, because bachelor’s degree holders earn 73% to 86% more over their lifetimes, roughly around $1 million in income. However, most of this surplus goes toward paying for housing, debt and other expenses; moreover, today’s economy has made everyone question their job security. That just brings us back to square one, questioning whether college is a worthy investment or not.
Let’s look at the benefits of higher education. According to UCLA Magazine, research shows that higher education can be a powerful engine of social and economic mobility. If you have higher education, then you will get a higher paying job.
Degree holders also have a better sense of stability when they land a job that is high paying. Plus the company is likely to give benefits like insurance or a paid vacation or two. When we look at the data, college graduates with a bachelor’s degree are twice as likely to be employed and will earn 86% more than those with high school degrees on average.
Now let’s look at some factors that might affect the value. Naturally, student debt can contribute to financial hardship. The Pittsburgh Post said, “a national survey from the College Savings Foundation in Washington suggests that many high school students are responding not by abandoning higher education.”
So, going to a vocational-technical or vo-tech school is better for some people, as it teaches trade-skills and has programs that support your career journey. According to Goodwin University, “The financial benefits of vo-tech education are substantial. While four-year college graduates average $39,075 in student debt, vo-tech students typically graduate with minimal debt and immediate earning potential.”
There are also differences between college majors, as some pay more than others. If your chosen major does not yield a high-paying job, then switching majors could be an additional cost, depending on the college or university.
Now let’s look at some solutions to this debate.
If the issue is related to finance, there is a much cheaper and faster way to get high-paying jobs, which is going to a career and technical school.
Going to college can help in other ways such as building connections, having the best memories and giving you a boost that you need to reach your goal in life.
