The Value of a Quality College Education

Disclaimer: This is not an argument positing that there are not jobs out there that pay very well without a college degree, because there are many that do. The question is more whether the individual will want to do that for their entire career. Moving up in these positions often takes no less dedication and commitment than a obtaining a college degree. College isn’t for everyone and that is perfectly fine. This article is focused on the value of a college education for those that are considering it and have a desire to attain a college education.  

                      With the student loan crisis gaining ground as a key issue in the 2020 presidential race, there has been a lot of discussion about whether a college education is worth going into debt for. A survey conducted by media giant CNBC in June found that “The majority of Americans now believe the value of a college education is inextricably tied to whether they will have to go into debt to pay for it.” Around 58% of the survey respondents indicated that college is worth the money, but only if they did not have to go into too much debt to do it. Eighteen percent said that a college education wasn’t worth the cost regardless of the price, with the percentage increasing to 24% for those in the 35-44 age group. This left about 1/5 of the survey’s 2,800 respondents who believe that college is worth the price, even if it means borrowing heavily to do so. It is important to note that the survey respondents ranged in age from 18-65, with 1,498 of them having a college or graduate degree. I am a staunch believer that for those that have the desire and ability to do so, college is worth every penny. I say this as a student loan burdened individual that has a bachelor’s degree from Wittenberg University in Springfield, Ohio and a master’s degree from Kent State University in Kent, Ohio.  

Cost and Return on Investment. Even though tuition rates have risen on average about two to three percentage points above inflation, there seems to be a decent return on investment for most students. For perspective, private school tuition is around $35,830 (Wittenberg, my undergraduate alma mater is $40,280 for a two-semester year or $50,844/year total annual cost), with state schools having a yearly tuition of about $10,370 according to The College Board. Ivy league colleges are a bit pricier, with the total annual cost of attendance at Harvard being $67,580 and Princeton being $73,450. That being said, the average college senior now graduates with around $30,000 in student loan debt. That is a decent chunk of money, however, one must consider that a large portion of vehicles, that depreciate from the moment they are made, cost this much or more and are limited as to the life as to which it will be used. A further consideration is that most Americans carry between $10-15,000 in credit card debt. With these things taken into consideration, it is my opinion that $30,000 is a good return on investment given that it affords the individual a much different lifestyle than that of the manual laborer. A recent study from Georgetown University found that, on average, college graduates earn $1 million more in earnings over their lifetime. Another recent study by the Pew Research Center found that the median yearly income gap between high school and college graduates is around $17,500. By choosing not to go to college, you are essentially forfeiting $17,500 per year and $1 million over your lifetime. That's $1 million less in retirement and $17,500 less in disposable income every year. Before you don't go to college, consider what you would do if you had an additional $1 million available when you retire. Would you buy a home? Create a fund for your children? Travel Europe? This is before we even mention the other benefits like quality medical, dental, and life insurance, paid time off, sick leave, as well as other perks that are often not available to individuals in positions without college degrees. It seems to me that white collar jobs are also more likely ones that can be engaged in until one is ready to retire, rather than when they are forced to retire because their body cannot continue to work anymore. I speak about this from experience, as I am a first-generation college graduate, and I have witnessed my family face these challenges as they age. What happens when your body breaks down, yet you cannot afford to retire? This is an unfortunate reality for many older Americans.

Risk vs. Reward. When choosing whether to go to college or not, it is prudent for one to think about college as a financial consideration, rather than a purely educational one. So, what are the risks? It seems that the biggest risk is the potential to not graduate or that it will take longer than expected to earn the degree of choice. Statistics indicate that only about 60% of undergraduates earn a degree in six years, with only 40% completing in the traditional four-year time span. This is an issue because additional years in school adds to the costs and subtract years in the workforce earning income. Plus, workers who attend college but never get their degree typically make only modestly more over the course of their careers than those who only have a high school diploma — 18% more on average than the typical high school grad, vs. the 70% premium typically earned by those with a BA, and 120% for those with advanced degrees, research shows. With this in mind, it is essential to be realistic about one’s desire and ability to follow through. The most important thing you can do to ensure your return on investment is to complete your degree.

 What makes the difference? Prior enrolling in a college, one should check the school’s graduation rate which is easily accessible online through the federal government’s College Scorecard. Schools with above average graduation rates are more likely to have resources and support systems in place to assist students that are struggling. I personally also believe that it is important to look at the quality of instructors. These folks make a huge difference in determining whether learning is rote regurgitation of information or a process of relevant experiences that teaches students to think critically. I believe that it is less critical what a student majors in (within reason), but that they can demonstrate critical thinking skills and follow through. These two elements are essential to success in any arena.

All school experiences are not equal. I learned this from attending Wittenberg University after attending other schools. Wittenberg, hands down, changed my life and set my career on a trajectory that I never expected when I enrolled. I am not alone in this belief. In a survey of which school experiences were identified by graduates as ones that prepared them well for life after college, it was clear that certain elements were key. Gallup identified a number of factors that made a difference including having a mentor; having professors who made their students excited about learning and cared about them as a person; having an internship that allowed them to apply what they were learning in the classroom; working on a long-term project that took a semester or more to complete, and being heavily involved in school organizations and extracurricular activities. I agree with these statements as they were all elements of my undergraduate education at Wittenberg University. College can be as beneficial as you want it to be. You can choose to do the minimum, or to get as much as you can for your money, you pay the same either way.

Making College Affordable. Only borrow what you need. Let me repeat that. Only borrow what you need. Many schools automatically disburse the full amount of loan available, however, that amount can be reduced to what you need to avoid spending funds that you don’t have. It is time to live like a pauper so that one isn’t overextended later. Also, check into what is available. Don’t necessarily discount that private school because there is a good chance that with a great financial aid package, you may end up paying less than you will at the community college, where there are often more hidden fees. This was certainly true for me. Search for scholarships and grants. There is a lot of money out there that goes unawarded each year due to lack of applicants.

Don’t Get Hung Up Over A Major. One of the most common reasons students fail to graduate on time is that they switch majors and then need another semester or two or four to complete the additional coursework required. To avoid this, students should favor schools and concentrations with simpler requirements—ones, for instance, that don’t mandate many courses that must be taken in a sequence. Also, don’t just go for the major that will lead to the highest paying job after graduation, but rather one that is diverse and that interests you so that you will be able to spend four or more years learning about it. Focus on developing quality writing and communication skills, along with the ability to think critically. These will equip you for your career regardless of what you end up doing. When I first went to college, I had a very set idea of what I would do and what my career would be. That isn’t always what ends up happening. I never expected the path that I have taken but I would not trade it for another one. Be flexible. A change of direction is not a failure. One must be practical about what is available at the time of graduation in the desired location. Being less attached to the end goal allow one to embrace the journey of career development and follow a path that they otherwise might have discounted. Sometimes we don’t know what we were missing until we have it, yet we would not have discovered it if we had been closed to alternate opportunities.

A Shout Out to My Wittenberg Professors. My professors were the absolute best, they challenged us beyond our own personal limits, while providing us with the tools necessary for success. And they made learning interesting. One of my most memorable professors was Dr. David Mason. This man was able to get us excited about non-vascular plants at 8 am several times a week. He exposed me to pathology and instilled a love of electron microscopy, along with supporting me during moments that I lacked faith in myself. He was truly one of a kind. When my young family faced an emergency, he asked numerous times if we were okay, if we needed groceries, and offered for he and his wife to watch our children for free. I have never encountered someone so selfless that did not have to be. The list goes on. I’ll never forget the behavioral ecology field studies that I completed under the direction of Dr. Amber Burgett, or all the lab studies we conducted in developmental biology with Dr. Michelle McWhorter. The skills I gained from Dr. Matthew Collier in his scientific writing course have been important in my professional development and prepared me well for graduate school, where it was clear, that all schools are not created equal in preparing their graduates for the next level of education. Dr. Jay Yoder, my capstone advisor, challenged me right to the end, but gave me public speaking skills that I use to this very day. My career has spanned government regulation to my current industry position, and in each I have used the knowledge I gained in my evolution class taught by Dr. Richard Phillips and my molecular biology class taught by the Stanford educated and Yale researcher Dr. Margaret Goodman to explain the critical aspects of food safety and sanitation. The studies I completed under the direction of Dr. John Ritter aided me in my enforcement of water quality issues in my regulatory environmental health career. Should any of you ever read this, know that you changed my life, and for that I am grateful.

BOTTOM LINE - College costs a lot, however, not attending college costs a lot, too. Much more than people think.

References

Harris, D. (2019). College costs are skyrocketing. Here's how to decide if that high price tag is worth it. CNBC. Retrieved 28 July 2019, from https://www.cnbc.com/2019/06/28/how-to-decide-if-that-high-priced-college-education-is-worth-it.html