The Value of a College Degree

College is expensive. Many are questioning the need and worth of going to school beyond high school. Is the debt, the time, the benefits of full-time employment worth it?

This is a discussion of the information regarding the value of higher education and the rates of return to the student and society.

The Economics of a College degree
On average, those who have a college degree, earn more than high school graduates. Statistics from the Census Bureau says that high school graduates earn about $1.2 million while an associate degree holder will earn about $1.6 million. Those who hold a bachelor’s degree will earn about $2.1 million in their adult working life. (Day and Newburger, 2002).
So, statistics prove that although a college degree is expensive, the return is worth the cost of obtaining a college degree.

The Advantages of College degree holders

According to a 1998 report of the Institute for Higher Education Policy, degree holders enjoy the advantages of being able to travel both in a chosen profession as well as for personal reasons. In addition, college degree holders have the ability to give their children a higher quality of life. Those who hold a degree also make better financial choices and have more recreational time.

A report by the Carnegie Foundation states there is a higher probability for those college degree holders to be more cultured, more accepting of others, more disciplined, more consistent and open-minded. (Rowley and Hurtado, 2002)

Going to college has been known to give graduates a better knowledge of the world and it’s affairs. At the same time, there is a better job and economic security for those who attend college. (Ibid.)

There has been some research which proves that those who attend college have better health than those who do not. Children of degree holders are also more healthy. (Cohn and Geske, 1992)

Value of a college degree to a society

Research has shown that there is a relationship between higher education and the society. Women who graduated from college often spent more time with their children, giving them values and characteristics to help them in their future. (Elchanan Cohn and Terry Geske, 1992)

The society benefits by having increased tax revenue, better efficiency in the workplace, better income thus less reliance on the financial support of the government (Institute for Higher Education Policy, 1998).

Completion or taking a few courses

In a report called, College for All? Is There Too Much Emphasis on Getting a 4-Year College Degree?, Boesel and Fredland state that in a year approximately six hundred thousand students do not complete their degree and leave the college. According to the study, those who did not complete earned less than or about the same as those who completed a two-year degree. Those who attended college for two years showed the same cognitive abilities as those who went to school for four years. The authors advised that those who left college would be better off attending a two year college.

Conclusion

Although college is costly, the advantages to the society and the student surpasses the cost of a college education.