Is College Worth the Cost? A Deep Look at Pros and Cons

College education is called the pathway to a successful career. Indeed, a degree can significantly expand your future opportunities. But at what cost?

Higher education is now more expensive than ever. The latest figures suggest that 55% of students graduate with some debt. No wonder, more and more students now consider the pros and cons of college more meticulously to understand if it’s really worth it.

In this article, we’ll explore the average cost and reasons to go to college to help you make up your mind.

The Average Cost of College Attendance

You need to complete a four-year program to earn a Bachelor’s degree. Sometimes, it can extend to 5-6 years. And every year makes it more expensive.

The cost of attendance can range drastically depending on the chosen school, duration of studies, and other factors. It also depends on whether you receive aid or not. On average, you can pay anywhere between $11,610 and $30,780 for a public school. The difference is quite notable, depending on whether you come from the state or out of it. The price for private schools is even higher. It averages to $43,350 per year.

Over the course of 4-6 years, these tuitions can make up a hefty sum of debt. And there are also other costs excluded from these numbers, such as books, room and board, etc.

Why Is College Worth It?

The cost of college is rather high. For many students, it’s too expensive to attend without external financial aid. So, is it actually worth paying this money for a degree?

Let’s look at the main benefits of going to college:

1. A Degree Increases Your Median Salary 

Despite the growing cost of education, it’s believed that attending college pays off in the form of higher earnings. Studies demonstrate a tangible salary gap based on educational attainment.

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In 2022, the median salary of BA degree holders was $66,600. This is 59% higher than the earnings of people who only have a high school diploma. Professionals with a higher academic level earned even more - $80,200 for people with a Master’s degree.

Through the full career course, college graduates can make hundreds of thousands more compared to those without degrees. This is the first reason why going to college is worth it.

2. A Degree Simplifies Employment

Another advantage of college education is a simpler employment process and generally broader career opportunities.

Roughly 58.2 million jobs require a bachelor’s degree. This makes up about 66% of all good jobs. And it's predicted that 85% of careers will require a degree by 2031.

The average unemployment rate is also different for professionals with a degree (5.6%) and without one (7.8%). This means that going to college can potentially protect you from being left out of the labor market.

3. College Helps Develop Essential Skills

While in college, students get more than just theoretical knowledge and job-related skills. They are also developing plenty of soft skills. This includes:

- Communication

- Research

- Teamwork

- Time management

- Critical thinking

- Project management

- Problem-solving

- And many others

Why Is College Not Worth It?

As you see, there are a few very tangible reasons to attend college. It can ease employment, provide better pay, and help develop a set of soft skills.

Now, what about the cons of going to college? Let’s consider them:

1. A Degree Often Leaves You With Debt

Earlier, we mentioned that over half of students graduate with loan debt. The amount of debt can vary significantly. The majority of graduates end up with a debt under $19,999. However, some have debts reaching $50,000+.

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Needless to say, student loan debt requires steady repayment. For many fresh graduates, it creates unwanted stress. Young professionals are forced to live under a significant financial burden, which can significantly affect their quality of life. 42% of graduates say they have to make tradeoffs between loan payments and other financial milestones. They can postpone big purchases like a house and retirement savings.

2. A Degree Alone Isn’t a Guarantee of Success

Most jobs require a degree to be considered. Also, industry reports demonstrate higher median earnings for degree holders. These facts often make college applicants falsely believe that simply going to college will streamline their futures. But that’s not quite true.

Yes, a college education can make it easier to build a career and start making money. However, a degree itself does not guarantee that you will have a high-paying job. Employers pay attention to a wide list of things other than a degree. This includes your soft skills, personality traits, and others. So, you shouldn’t count solely on education to achieve success.

3. College Often Leaves You With No Time

Going to college is a significant commitment. For the majority of students, it requires nearly 100% of their time. They have to juggle lectures, homework, and other school-related tasks. At the same time, the high cost of education and associated expenses often requires students to combine studies with work. And doing so is never easy.

The high level of focus and time commitment required by studies typically leaves students with nearly no time for work. This creates an imbalance between studying, work, and personal life. In many cases, the result is chronic fatigue and burnout. And this is one more reason why going to college might not be worth it.

Conclusion

The benefits of college include a higher median salary, simplified employment, and the development of essential skills. On the other hand, earning your college degree can leave you with loan debt and require plenty of time, making your life imbalanced. And it’s also not a surefire guarantee of a successful career.

So is it actually worth it? It depends. Be sure to weigh out all pros and cons of going to college to make a decision that feels right for you.