Is higher education worth the money students pay?
The cost of higher education continues to soar, and it won’t be long many begin to consider it a luxury for those who can afford. It is because today, parents have to dig deeper into their pockets to pay fees, and with a world economy that remains unstable, everyone is asking questions. For example, it is worth pursuing higher education? What are the prospects of gainful employment after graduating? Is it possible to recover cost running into millions? These are questions that https://phdify.com can help you resolve through a comprehensive research write-up.
The truth is that going to school remains a timeless necessity and a sure path to unlocking one’s potential. For generations, societies around the world have pegged their hopes on values school goers extract from education. From moral lessons, life’s skills to the acquisition of knowledge that fuels invention and innovation, we can’t possibly wash away education and still be able to make the world a better place. Whether it is formal or informal, learning something new every day is the basis upon which humans build new things, and compete against each other for the betterment of lives. You can even find a course that you’re interested in, such as a tourism course in Singapore.
In this post, therefore, get ready to exemplify worth of higher education, especially if the high costs that come with it are servicing.
Income stats for college/University graduates
A good starting point would be to look at how graduates fare on in the job market. Here, you’ve got to look into, among other things, their income levels a few months and years into employment the compare it against those who never attended college but are equally gainfully employed.
According to data from the U.S. Census Bureau, students who go through college to completion and graduate with various degrees have higher annual earnings than those who don’t have a degree certificate. It further states that earnings for such group of employees tend to increase with the type of academic qualification. Thus, Bachelor’s degree holders have a higher bargain for salaries than those with lower qualifications. This is not a coincidence because for many years now, going to college or University remains pegged on a desire for a better life of financial stability.
Further findings, including several publications in peer-reviewed journals regarding student financial aid, point out that a holder of a University degree earns 1.2 million dollars more than a college grad with a diploma or even a high school grad who is into regular employment. Other findings by the Federal Reserve Bank of San Francisco also report the same trend.
College/University education and Investment value
Paying a lot of school fees is often a difficult ordeal for parents whose annual income is below par or only enough to take care of basic needs. It is a situation that gets worse for guardians who have two or more children pursuing higher education at the same time. You may want to argue on the premise of college/university grants or loans.
However, given recent pronouncements by the UK and the U.S government regarding a decrease in government funding for higher education, things can only get difficult as time goes by. But, regardless of the foregoing, higher learning remains the best investment anyone college student can make, even in the unforeseeable future. It is also beneficial to the government in both short term and long term. A paper by the Brookings Institution indicates that average returns on college education range between 10 and 20 percent, both for a graduate and government.
Apart from federal tax accruing from college loans, the government also benefits from income tax once a graduate becomes gainfully employed. It is why, despite the prevailing challenges students face such as having to pay lots of money in tuition fees, going to school remains the most important undertaking in the life of a youth. It is a discourse that remains relevant even into the unforeseeable future. You must have been told that education is the key to a bright future. Indeed, it is easy, especially if you look at the enlightenment it brings upon societies from any standpoint.
The rate of employment increases with higher education
Another way to look at the cost of higher learning and whether it is worth the money is by comparing the rate of employment between graduates and non-graduates. According to the U.S. Bureau of Statistics, people with a college/university enjoy a higher rate of employability compared to those who drop out of school.
It is because as the world continues to change, employers seek people with skills acquired through education. Going to school, therefore, gives one a higher bargaining power for an entry-level job, and over time, they can recover money spent in college, and also pay for education loans.
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Type of college/University and course
There is also a direct correlation between quality of life and higher education. Students who graduate from public institutions, despite having education loans to pay (affordable interest rates), realize investment in academic within a few years. However, those who attend inter-state non-profit institution experience a higher value return for every dollar invested in higher education, but with a little higher cost on loan servicing.
Moreover, students who pursue STEM courses have a higher return on college investment after graduating compared to those who take humanities. The catch here is that the world needs more technical minds to keep pace with the high speed of technological advancements we witness today.
The Bottom Line
Nuances regarding investment in higher education vary from place to place depending on government policies. For example, higher interest rates on student loans, and income tax cuts could delay return on college/Investment. Thus, there should be balance and checks to make education affordable for everyone. In a nutshell, going to school is the pillar upon which strong societies are built.