6 Reasons a College Degree May (or May Not) Be Worth It
At one time, getting a four-year college degree was undeniably the best choice for a recent high school graduate in the U.S. However, the average cost of a college degree more than doubled in the 21st century. That means return on investment for a diploma isn’t quite what it used to be. That’s led to more students asking themselves: Is college worth it?
Is College Worth It?
To many, it may not be. A recent Pew Research Center survey showed only 22% of U.S. adults consider a college degree worth it if you have to take out loans. People may skip a college degree for other reasons besides affordability. Their desired career path may not require it or they want to enter the workforce sooner. Or, college simply isn’t a good fit.
But, loans or not, the answer to whether or not college is worth it isn’t always so cut and dried. Here are six reasons a college degree might be worth it, as well as some expert thoughts on alternatives.
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1. Career Opportunities
While college isn’t necessary for a fruitful career, some jobs require it. A high school graduate with dreams of becoming a teacher or attorney, for instance, will have no choice but to choose a college. But there are plenty of well-paying careers that accept high school degrees, associate degrees and/or certifications.
However, many high school seniors are still on a journey of discovery in the months leading up to graduation day. As Kevin Kevin Ladd, COO and co-creator of Scholarships.com, points out, easing into higher education can be a more affordable option.
“If you aren’t sure what you want to do as a career and can afford to do so, you may want to start college as undecided and take courses that are required, possibly doing so at a community college, to keep costs down, at least until you know what you want to do upon graduating college,” Ladd advises.
2. Earnings Potential
Yes, college is an investment. And it’s an investment that could pay off, according to data from the Bureau of Labor Statistics (BLS). In 2023, bachelor’s degree holders earned almost $600 a week more than those with only a high school degree. Earnings go up with each level of education.
However, that isn’t a one-size-fits-all answer. Diagnostic medical sonographers only need an associate degree to earn a median annual salary of more than $80,000. On the flipside, a high school teacher needs a four-year degree to earn just over $65,000 a year, on average.
And according to that Pew study we mentioned earlier, long-term career outcomes are improving for those without a bachelor’s degree. In the last decade, their wages have gone up, their wealth has increased and fewer are living in poverty.
“There are examples of high-earning jobs that may not require a college degree,” said Martha Kortiak Mert, COO of Saving For College. “For example, careers in trades such as plumbers or electricians, though these may require apprenticeships or further training.”
3. Job Security
Stability is another reason to pursue higher education. BLS data also shows a correlation between education level and unemployment rates. In 2023, the unemployment rate for high school graduates was 3.9%, while those with a bachelor’s degree had a 2.2% unemployment rate.
But it’s notable that the unemployment rate for those with an associate’s degree falls somewhere between those two rates, at 2.7%. This highlights that two-year degrees do have benefits.
“The benefit of an associate’s degree is two-fold,” Ladd notes. “Typically, you are looking at two years rather than four, meaning you can begin earning money (full-time) two years sooner than if you were attending a four-year college. Second, the cost per year, regardless of whether you attend community college or trade school, is likely to be much less than traditional four-year schools.”
4. Financial Aid Eligibility
Most of those surveyed by the Pew Research Center said a college degree isn’t worth it if it means taking loans. But debt isn’t the only option. For students who qualify for scholarships, the cost can be less than for those who don’t. Some students are able to piece enough scholarships together to dramatically reduce tuition costs.
If you don’t qualify for financial aid, there are other avenues. As Dr. Jefferson Pestronk, executive director at Modern States Education Alliance, points out, students can cut costs in a variety of ways.
“Many students and families know about dual enrollment programs and AP courses that can help them save money and time on college,” said Dr. Pestronk. “But fewer know about options like the College-Level Examination Program. Unlike in years past, today, there are multiple routes available to learners that help them reach their goals without going into excessive debt.”
5. Personal Fulfillment
For many, walking across that stage on graduation day is a source of pride. Higher education takes discipline and commitment. Studying, taking tests and showing up for class every day serve as great practice for the workforce, where adults are expected to complete projects on time and take on increasing levels of responsibility. But the college experience itself comes with plenty of social benefits, which can create memories and connections that last a lifetime.
“A big part of going to college for many students is actually going to college, meaning leaving home and living among your peers, navigating life and schedule without your parents doing things for you, etc.,” Ladd explains. “That, and potentially making lifelong friends.
6. Lifelong Career Support
Most colleges have alumni centers that work to help place graduates. But that support continues long after you’ve earned your degree. You may be able to rely on your college’s alumni support over the years for career advice and networking opportunities.
Being an alumni can also help you as you’re searching for work on sites like LinkedIn. Dr. Pestronk adds that even less traditional four-year colleges offer ongoing student support.
“There are plenty of online and hybrid programs that prioritize creating student communities, include robust student supports, offer the flexibility that many online students are looking for and pass cost savings through to their learners,” Pestronk said.
Higher education isn’t something to take lightly. It also isn’t a guarantee of success, so it’s important to note that you have plenty of other options. Take some time to research your career options and compare the cost of a degree to the average salary you’ll earn in each. That can help you decide whether it’s worth investing the time and money.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling and Sifter.
