Is College Worth It?

Many people wonder if attending college is worth the expense. There are many factors to consider before you make that decision.

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by Ethan Hausmann

A complicated question
On the one hand, statistics show that college graduates still on average make more money over their lifetimes, than an equivalent high school graduate. But the cost of the student loan debt must be factored in as well. Just getting a degree is no guarantee of success.

Not for everyone
Graduating college can become the first step in a successful career for many people. Check out the data here. Others might have a more difficult journey. Whether or not you use that pesky student debt to go to college, the key is finishing. Individuals who fail to graduate face many hardships as they attempt to pay off their debts. The lack of degree will hurt their wage prospects and make it far more difficult for them to become financially independent.

Still other people graduate with degrees, but then enter careers that do not require college degrees. They do this because of passion for their chosen job. They may have majored in something in college and graduated just to graduate. Once you are at the five or six year mark for a bachelors degree, getting out of school is all you can think about. Then you choose a completely different job because you hate the jobs available in your major field. This presents a problem if you have a great deal of debt. In hindsight, going to college may have not been the best decision.

Knowledge alone is beneficial
So why do college grads make more money? Succeeding in college is hard. You must master subjects in many different fields to complete liberal arts credits before even taking your major specific courses. After graduation, if you apply this same approach to your career, then you can be a valuable asset to your company. Study other fields to to bring the best to your place of work. Best practices are best practices regardless of field of study. High school grads in large part miss out on this opportunity. So get out there and go to college, if it will benefit you and you have evaluated all of the costs.