Is College Still Worth the Cost in 2023?
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How Much Does College Cost?
How Much Do the 5 Most Lucrative Majors Make?
1. Computer Science
3. Information Technology (IT)
How Does Going to College Affect Lifetime Earnings?
Pros and Cons of Attending College
Increase your income potential. Workers with a bachelor’s degree have a significantly higher median income than those who stopped their education after high school. More job opportunities. Georgetown University research suggests that 35% of current jobs require at least a bachelor’s degree. Lower unemployment. The unemployment rate among bachelor’s degree holders was 3.7% in 2021, nearly half the rate among those with only a high school diploma (6.7%), according to Bureau of Labor Statistics information. More likely to have health insurance. According to College Board, 64% of workers with bachelor’s degrees had employer-provided healthcare coverage compared to just 52% of high school graduates. Able to study a subject you’re passionate about. Outside of the facts and figures, going to college can be valuable because it gives you the opportunity to learn and expand your knowledge about one or more subjects that interest you. Grow your network. Going to college also gives you the chance to meet new people and make connections, which may help you advance your career after graduation. Study abroad opportunities. If you’re interested in living in another country, many colleges offer study abroad programs that help you build your cultural awareness and learn another language.
Tuition costs are high. One downside of attending college is the ever-increasing price tag. Your cost of attendance could be over $100,000 or even $200,000 over the course of four years. May need to take out student loans. The majority of students take out student loans to pay for college, which can be financially burdensome after graduation. Major might not lead to a high-paying job. Some majors are a lot less lucrative than others, but you’ll still have to pay the same amount for your education, regardless of whether it leads to a sufficient income. Might take longer than you expect to graduate. According to the Education Data Initiative, 23.5% of college students take more than four years to graduate. That means they are likely accruing higher expenses and a larger student loan balance over those additional terms of study. And, of course, there are plenty of students who drop out of college and still have those expenses to repay.
3 Student Loan Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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