College worth it? [Definitive Guide 2022] (2023)

Is it worth studying in 2023? Is it worth taking student loans to get a college degree? Every week he tiptoes around his boss, hoping this isn't the week budget cuts and layoffs have his name on the layoff list.

There must be a better way to do this! You're right. Your life does not have to be an endless monotony from one weekend to the next. You are ready for success. But what will it take?

Honesty, hard work and determination. But you are ready for it. You are the type of person who is ready and willing to do the hard things to be successful.

So you survey the landscape to get an idea of ​​what you need to do. You can change jobs and hope this one is better than the last one. You can take a side job like Uber to boost your paycheck until you hopefully get that raise. Or you can invest in yourself by upgrading your high school diploma to a college degree, which can help increase your income and give you more job security.

How much will it cost to go to college?

Of the three options, a college education should sound like the best strategy.

But I've never seen a neon sign advertising free tuition at a university, and believe me, I've seen it! So how long can you wait to get a college degree?

Many.

and not so much

I hate to say this, but it all depends on where you go!

Housing costs can vary greatly from region to region and should be taken into account when making a final college comparison.

Accommodation and meals inUniversity of Hawaiicosts an average of $13,000 per year, for example, whileNorthwest of Oklahomaoffers room and board for about $4,950 for a year. Despite the higher cost, you may find value in living in Hawaii because of the climate and atmosphere.

But let's say you hate the sun and sandy beaches, so cross the University of Hawaii off your list of potential colleges.

Respectivelystatesman, the average cost of attending a publicly funded four-year state university (including tuition, books, and room and board) is $22,180 for 1 academic year.

If you live in an area with a phenomenal state university like the University of Michigan (one of the highest ranked public universities in the US according to QS World University Rankings®), then this is an open case. But what if this is not the case? What other options are there to get a college degree and choose from a very large list of accredited universities?

university in the district

• A district college is often referred to as a community college. An associate's degree can usually be earned in 2 years, and then students can continue their studies elsewhere.
• Attending a college in the district is often the best option to limit your student loans, since college students in the district pay an average of $3,770 (tuition only, not room and board) per academic year.

State University

• Attending a state university can bring you significant benefits. You are only a day's drive from home! Or is it maybe negative?
• Another potential benefit of attending a public university is financial savings. All those years of paying state taxes have finally worked to your advantage, as you can expect to pay an average of just $26,820 per academic year.

Publicly Funded Out-of-State College

• Maybe you're looking for a little adventure and an out-of-state college is for you? If you attend college in another state, you may be able to study a major like: B. Study architecture at UCLA.
• However, this option tends to be more expensive, with college students paying an average of $43,280 to study at an out-of-state university.

Private non-profit four-year colleges

• Private four-year colleges often offer rich cultural experiences, as they tend to attract students not only from out of state but also from other countries. Also, private colleges tend to have smaller populations, so you're more likely to get to know your professors and be seen as a person rather than just a number.
• However, the cost of this experience is often significant since private universities are not funded by the government. So, you pay an average of $54,880 a year to attend a private university.

(Those:Trends in College Awards and Student Aid,the college board)

Is college worth the cost?

After looking at the different options for getting a college education, you may be wondering if college is worth it.

Because $18,000 to $54,000 per year (the College Board)because college tuition adds up quickly when you're working to pay rent and keep food on the table.

You've probably also heard the horror stories about the massive student debt that college students and college grads rack up from the student loans they take out to pay for their education.

But just like investing in the stock market, investing in your education is a long-term game. It will take time and yes, money to get a higher education. But hearing your name in a room full of graduate students, walking across the stage, shaking hands with the university president, and receiving your diploma can ultimately be rewarding for many students.

In general, the average worker with a bachelor's degree earns approximately1 million dollars moreas an employee without a college degree.¹

But that is not all.

With changing times and our current economy, job security is vital. College graduates with a bachelor's degree earn, on average, 66% more than their less-educated peers and are also much less likely to be unemployed long-term.²

Thinking of a master's degree (Is a master's degree worth it?) or doctorate (Highest-Paying PhDs)? Although you may need to take out additional student loans, college graduates with these degrees are typically rewarded with more lucrative careers and income.

In addition to requiring a tertiary education, it is estimated that two-thirds of the vacancies will require post-secondary education or training within the next year. This means that your high school education may no longer be enough, while a college education may be your best option for getting a job. These are some amazing facts.

Don't you want to spend the next four years in college? You do not have to do it! Some of thefaster degreenow offered online in a wide variety of areas. With a little planning and a lot of hard work, you might even be able to make it.earn your bachelor's degree in just 2 years.Many college graduates even have the opportunity to further their education through accelerated graduate programs.

Each semester you can skip and save will result in reduced student credit. Ultimately, the sooner you graduate from college, the lower your student debt will be.

when you realize that You can finish college fasterThan you thought possible, and without racking up as many student loans as the average college graduate, the idea of ​​getting a college education to increase your potential lifetime income should sound like a very sensible investment!

Plus, through potential financial aid and college scholarships, you can see that the horror stories of student loan debt might not be so bad after all.

student loan debt

When determining whether college is worth it, part of your decision may involve whether or not you want to take out a student loan to help cover the cost of financing your college education.

Currently, more than 50% of young adults between the ages of 17 and 34 have some form of student loan debt. Last year, the average student loan debt for college graduates exceeded $37,500.

So is it worth taking out student loans and racking up debt to get a college degree?

Experts are divided, with some pointing to the increased income a degree brings, while others saying saddled with college grads with student loan debt is financially taxing.

The Bureau of Labor Statistics found that there is a large earnings gap between college graduates and those without a college education. Millennials who earn a bachelor's degree have a median salary of around $77,920. Those who did not complete their four-year bachelor's degree have an average salary of about $37,770 per year.

Also, noisyFederal Reserve Bank of New York,The rate of return for college graduates is exceptionally high, around 14%, compared to other long-term investments such as stocks (7%) or bonds (3%). The Federal Reserve Bank of New York also claims that despite rising tuition and student loans, the college salary margin remains substantial.

So the median annual income for college graduates is about $20,000 more than for those who didn't earn a bachelor's degree. An increase of $20,000 a year seems like a worthwhile investment, as long as college students don't get too deep on student loans.

Ultimately, it's up to you to decide if getting a student loan to go to college is worth it. Both student loan experts and anti-student loan experts have strong arguments.

How much is a college degree worth?

An extra million dollars in your bank account at the end of your career may sound extremely attractive. But ask most elementary school teachers if they're wallowing in their excess cash, and you'll have a laugh across town.

Because going to college and earning a degree doesn't necessarily make you successful; You must have the appropriate degree. For more information, see our article onquick deals that pay well.

Universities offer a variety of majors, each with a different return on your investment, and these variables must be carefully considered.

Here are some undergraduate majors with their average earningsUS Bureau of Labor Statistics:

So if you want to literally get the most bang for your buck, you should probably consider a STEM (science, technology, engineering, math) degree instead of an arts degree.

Still curious? Here is a list ofThe 20 highest paid bachelor's degreesif you want to go deeper

What is the long-term gain from a college degree?

You may not be able to attend school full time for the next 4 years. Is there any advantage to advancing your education from high school to college, even if it only takes a year or two?

Y.

It doesn't matter if you can invest a little or a lot in your education, every little bit counts.

Even if you only take one or two courses a year and are unable to earn a post-secondary degree, those courses still have a financial impact on your bottom line. Workers who have post-secondary education without a degree earn an average of $38,700 per year. This equates to an additional lifetime income of $250,000.

But it doesn't have to stay that way. Wage increases typically continue as the level of education increases.

If you earn an associate's degree from your local community college, you'll earn nearly a third more than a worker with just a high school degree. Earning an associate's degree can add $450,000 to your lifetime earnings compared to someone without a post-secondary education.

At this point, you're halfway through your bachelor's degree, and with a few more classes, you should find that your lifetime earnings are worth the effort of going to college. The median lifetime income for someone with a bachelor's degree is $2.3 million! This is 74% higher than the expected earnings of a worker with only a high school diploma.

(Quelle: Georgetown University,The reward of college: education, careers, lifetime earnings)

Well, what's in it for me personally?

You may have weighed the argument back and forth, and you already seem strongly in favor of studying for and getting a college degree. Potential money is good, prestige and job security are valuable, and experience is priceless.

But maybe it's not just about the money for you. You may need to know that a degree will be good for you from a holistic perspective.

Are there easy university degrees?

Yes, most colleges offer majors that are generally considered easier than others, but that depends on your likes and dislikes.

Do you like the idea of ​​earning a college degree, but aren't sure which degree to pursue? We totally get it. So we put one togetherList of ordinary university majors.

Benefits of a College Degree

Before you start considering whether college is worth it, you should know that getting a college education offers 4 key benefits that have nothing to do with your income.

1. Job satisfaction

Having a career that is personally satisfying is often the result of sweat. You invested in this deal and completed it. About 89% of people with a bachelor's degree attest to a feeling of job satisfaction.

2. Increased health

We've all seen the anti-smoking ads and are aware of the health costs of smoking cigarettes. However, a post-secondary degree takes this understanding very seriously and reduces your tendency to smoke cigarettes by 15%. Take that, lung cancer!

3. Demanding free time

You may be more likely to read books every day and attend concerts twice a month with a bachelor's degree than just a high school diploma, due to more artistic exposure during college.

4. Civic engagement

In the 1996 election, only 26% of college graduates voted in the presidential election, compared to 42% of college graduates. Today, every vote counts, and those who went to college and earned a college degree are more likely to take their responsibilities seriously and vote in elections.

(Quelle: University of Pennsylvania,The Benefits of Higher Education: Gender, Racial/Ethnic, and Socioeconomic Group Differences)

What happens if I decide not to get a college degree?

I can understand the temptation to break with your dreams of getting a college degree. Spending years of your life and investing large sums of money just trying to keep one foot in front of the other can be stressful.

Plus, getting student loans can seem intimidating and potentially risky.

But what if you don't take advantage of this opportunity?

What if you decide to stay with your current employer and keep your head down and do that job until you retire?

Maybe it works and you don't have to work hard to get better. Maybe it's good enough.

Quelle: US Bureau of Labor Statistics.

But maybe it won't work.

However, if you're unemployed and only have a high school diploma and employee of the month certificate to open the doors to your next job, it probably won't work out very well.

georgetown universitypredicts that this year 65% of all jobs in the economy will require post-secondary education and training beyond high school.

That means the odds are slim if just a high school degree will secure you another job that pays a living wage.

This may not be the "right time" when the jump to college is easy. But that doesn't mean it's the wrong choice. If you're waiting for it all to pop up, you may find yourself standing in the unemployment line and wondering why you didn't jump in sooner.

So is college worth it?

Yes, it may be worth it. Choose to invest in you.

you're worth it

The opportunity is before you. Do you dare to take the leap to study? You deserve the opportunity to improve your future. choose you

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