The cost of attending college has increased substantially over the years As a result, most college graduates leave school with significant amounts of student loan debt.
However, a bachelor’s degree can still pay off in the long run, and there are many considerations when deciding whether college is the right option for you.
In this blog post, we’ll explore the cost effectiveness of getting a higher education degree.
How Much Does College Cost?
If you’re planning on attending college, you may be surprised at the cost of tuition. Depending on which type of school you attend and the specific program you enroll in, your costs can range anywhere between $10,000 and $45,000 (approximately).
Many students are able to alleviate some of these costs, however, through various financial aid opportunities, including scholarships and grants. You can visit your school’s financial aid department for further guidance.
Is College Worth It? 3 Reasons to Consider a Higher Education Degree
For many people, college is well worth the expense. Not only do you gain valuable life experience and make lifelong connections, but a college degree also offers the following advantages:
1. College Graduates Earn More Than Non-Graduates
Despite the rising cost of post-secondary education, a college degree still pays off for the majority of graduates. On average, those with a bachelor’s degree earn significantly more than their peers with only a high school diploma.
Just how much more? According to an analysis by the Bureau of Labor Statistics, the median salary for workers with high school diplomas is $38,792, and they have an average unemployment rate of 3.7% as of 2019. The median salary for workers with bachelor’s degrees, on the other hand, is $64,896, and their unemployment rate is just 2.2% on average.
Over the course of their careers, college graduates can earn hundreds of thousands more than those who don’t attend college.
2. Higher Demand by Employers
Until fairly recently, a college education wasn’t necessary to earn a middle-class income. Today, however, employers seek and value college degrees and are more likely to hire those who have one. Without higher education on your resume, it may be more difficult to find a high-paying job, and you may face tighter competition for available opportunities.
Not surprisingly, employers hold in high regard traits such as dedication, responsibility, and commitment to learning, and a higher education degree demonstrates these qualities.
3. College Graduates Are More Likely to Have Health Insurance
With skyrocketing healthcare costs, having quality health insurance is essential for your well-being. However, purchasing health insurance on your own can be expensive, especially if you or your family members have pre existing conditions or other health-related concerns.
While you may be wondering what the connection between health insurance and a college degree is, there is a significant correlation between college education and healthcare coverage. Compared to non-graduates, college graduates are far more likely to have employer-provided coverage, offsetting expensive healthcare costs. For many people, this benefit alone is worth the time, energy, and cost of a higher education.
There are many paths to exploring a higher education degree, including virtual options for those looking to have a more flexible schedule. You can achieve an accredited master degree online, for example, while you continue to manage work and other responsibilities.
To determine whether getting a higher education degree is cost-effective, it’s important to evaluate various factors such as your career goals, chosen field of study, financial situation, and personal aspirations. It’s essential to research various fields of study, understand the job market and potential salaries in those fields, and examine alternative ways of gaining skills and knowledge. By considering the costs and benefits, both tangible and intangible, you will be better equipped to make the right decision for you.