Is College Worth The Cost? Pros Vs. Cons (2023)

If you’re in high school, guidance counselors, teachers and other well-meaning adults have likely told you—repeatedly—that you need to attend college to earn a good living. But is a college degree worth it?

The cost of attending college has increased substantially since your parents were in school. Over the past decade, costs increased by over 25%, and 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. Here is what you need to consider when deciding if college is right for you.

How Much Does College Cost?

If you’re planning on attending college, be prepared for sticker shock.

The College Board reported that the average total cost of attending a public school for in-state students is $27,330 per year, while the total cost of attendance at private universities averages $55,800 per year.

If you graduate within four years, that means your degree would cost between $109,320 and $223,200, depending on which type of school you attend.

Even if you qualify for financial aid, including scholarships and grants, that price tag can be staggering. Before paying your enrollment fees, make sure you ask yourself, “Is college worth it for me?”

Why Is College Worth It? 3 Reasons to Consider

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? 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, according to an analysis of Bureau of Labor Statistics data by Northeastern University. By contrast, the median salary for workers with bachelor’s degrees 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. The Majority of Jobs Require College Education

In past generations, a college education wasn’t necessary to earn a middle-class income. According to the Georgetown University Center on Education and the Workforce, two-thirds of jobs required a high school diploma or less before the 1980s.

That’s no longer the case. Georgetown University predicts that 70% of all jobs will require some college education by 2027.

Without higher education on your resume, it may be more difficult to find a high-paying job, and competition for available opportunities will be fierce.

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 prohibitively expensive. According to the Kaiser Family Foundation, the benchmark premium for single-person policies purchased through the Health Insurance Marketplace is $462 per month or $5,544 per year.

What does that have to do with college? You may not realize it, but there is a significant correlation between college education and healthcare coverage.

College graduates are far more likely than high school graduates to have employer-provided coverage, offsetting their healthcare costs. The College Board found that 64% of workers with bachelor’s degrees and 70% of workers with advanced degrees had employer-provided coverage, while employer plans covered just 52% of high school graduates.

3 Reasons Why College Is Not Worth It

While a four-year degree can be valuable for many students, a bachelor’s degree isn’t necessary for everyone. Before attending college, make sure you consider the following drawbacks:

1. You Likely Will Graduate With Student Loan Debt

Because college costs have increased so much, it’s unlikely that you’ll be able to cover the entire cost out of your savings or earnings from a part-time job; instead, you’ll probably have to use student loans to cover at least some of the expense. According to The Institute for College Access and Success, 62% of 2019 college graduates left school with student loan debt, with an average balance of $28,950.

Depending on your student loan repayment plan, you could be in debt for 10 to 30 years. Thanks to your minimum monthly payments, you may feel pressure to put off other financial goals, like saving for retirement or buying a home.

2. High-Paying Jobs Aren’t Guaranteed

While a college degree is often promoted as a path to prosperity, it can be tougher than you’d expect on the job market.

Especially in light of the coronavirus pandemic—which caused tens of millions of people to file unemployment claims in 2020—finding a well paying job after graduation may be difficult.

The average starting salary for college graduates right out of school is about $51,000, according to the National Association of Colleges and Employers. While that’s a comfortable income for most, many graduates will earn less than that. And if you have hefty student loan debt that exceeds your income, you may struggle to make ends meet.

3. It Can Take More Than Four Years to Graduate

When it comes to getting a bachelor’s degree, you’ll probably anticipate graduating within four years. However, that may not be realistic. The National Student Clearinghouse Research Center found that just 58% of students who enrolled in college in 2012 earned a degree within six years. The rest of the students were either still in school or dropped out.

For every additional year you’re in school, you rack up additional expenses and likely will need to take on more student loan debt to pay for your education. Taking six years or more to graduate can cause you to leave school with even more debt, and it may be difficult to dig yourself out.

Alternatives to College

Is a college degree worth it? Not for everyone. If you decide that attending a four-year school isn’t the right decision for you, there are other options you can use to earn a good income.

Community College

Attending community college is substantially cheaper than attending a four-year college or university. According to The College Board, the average cost of tuition at an in-district community college is just $3,770.

At a community college, you can earn an associate’s degree or complete certificate programs that lead to stable careers. For example, the following career paths require two-year degrees and have above-average salaries:

• Radiation therapist: $80,160
• Computer programmer: $79,840
• Dental hygienist: $72,910
• Registered nurse: $68,450
• Telecom installer: $53,640

Trade School

Trade schools, vocational schools or technical colleges provide hands-on training for different skilled careers. The programs tend to be much shorter than college programs, with students graduating in six months to two years.

The cost of attending a trade school is much less than attending four-year schools. The average cost of completing a program is $33,000.

There is an increased demand for trained trade professionals, and you can earn a comfortable income. For example, these are the median incomes for the following trades according to the U.S. Bureau of Labor Statistics:

• Electrician: $56,180
• Plumber: $55,160
• Carpenter: $48,330
• Mechanic: $42,090

Bootcamps

If you’re interested in software and web development, attending a coding bootcamp can be a pathway to a potentially lucrative career. According to The Course Report, the average bootcamp program lasts for just 14 weeks, and you can land a new job in data science, app development or cybersecurity.

The average cost to attend a coding bootcamp is $13,500, and the average starting salary for bootcamp graduates is $67,000.

Entrepreneurship

If you have an idea for a business, entrepreneurship may be a better career path than attending college. As an entrepreneur, you can be your own boss and set your own salary. The average salary for entrepreneurs is approximately $43,000 per year.

However, keep in mind that starting your own business can be risky, and it may be several years before your business turns a profit. To get help developing your ideas and creating a business plan, take advantage of resources offered by the U.S. Small Business Administration.

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