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The Value of a College Degree

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In America, the escalating cost of higher education is causing many to question the value of continuing education beyond high school. Most American students today – about 80 percent of all students – enroll either in public 4-year colleges or in public 2-year colleges. According to the U.S. Department of Education (2002), a full-time student at a public 4-year college pays an average of $8,655 for in-state tuition, room and board. A full-time student in a public 2-year college pays an average of $1,359 per year in tuition (U.S. Department of Education, 2002). Many wonder whether the high cost of tuition, the opportunity cost of choosing college over full-time employment, and the accumulation of thousands of dollars of debt is, in the long run, worth the investment. The risk is especially large for low-income families who have a difficult time making ends meet without the additional burden of college tuition and fees. Despite such initial financial burdens, higher education in the long run, is worth the investment because of its economic value, and its benefits of the quality of life and personal development of both the individual and the next generations.

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While it is clear that investment in a college degree, especially for those students in the lowest income brackets, is a financial burden, the long-term benefits to individuals as well as to their next generations, appear to far outweigh the costs. It is strongly suggested that the government, while promoting higher education, consider increasing the number of subsidies and scholarships for those in need. This could not only provide financial support for the disadvantaged, but also change their livelihood in the future and extend the benefits of receiving higher education to the next generations. With more well-educated and well-rounded individuals and families, the society at large, would advance with greater workplace productivity and increased workforce flexibility.

# data[].attributes.body
The Value of a College Degree

# data[].attributes.body
In America, the escalating cost of higher education is causing many to question the value of continuing education beyond high school. Most American students today – about 80 percent of all students – enroll either in public 4-year colleges or in public 2-year colleges. According to the U.S. Department of Education (2002), a full-time student at a public 4-year college pays an average of $8,655 for in-state tuition, room and board. A full-time student in a public 2-year college pays an average of $1,359 per year in tuition (U.S. Department of Education, 2002). Many wonder whether the high cost of tuition, the opportunity cost of choosing college over full-time employment, and the accumulation of thousands of dollars of debt is, in the long run, worth the investment. The risk is especially large for low-income families who have a difficult time making ends meet without the additional burden of college tuition and fees. Despite such initial financial burdens, higher education in the long run, is worth the investment because of its economic value, and its benefits of the quality of life and personal development of both the individual and the next generations.

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Besides an increased income, completion of university leads to a better quality of life for the individual and the next generations. A report finds out that the individual benefits college graduates would gain from a degree include higher levels of saving, increased personal/professional mobility, improved quality of life for the offspring, better consumer decision making, and more hobbies and leisure activities (Institute for Higher Education Policy, 1998). In other words, not only would graduates be able to satisfy the basic livelihood of themselves and their families, but they would also have a higher chance for a more enjoyable life. On top of that, other research has consistently shown a positive correlation between completion of higher education and good health, not only for oneself, but also for one's children. In fact, "parental schooling levels are positively correlated with the health status of their children" and "increased schooling are correlated with lower mortality rates for given age brackets" (Cohn & Geske, 1992). This suggests that higher education levels of parents would lead to better health of their children. In short, a college degree increases the quality of life for the graduates and their offspring.

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Apart from the quality of life, a higher education fosters positive personal growth and values. A number of studies have shown a high correlation between higher education, and personal development and family values. Cohn and Geske (1992) report that "college graduates appear to have a more optimistic view of their past and future personal progress", suggesting that college education could positively affect a person’s perception of his/her development, and possibly lead to a healthier self-image. According to Rowley and Hurtado (2002), college attendance has been shown to "decrease prejudice, enhance knowledge of world affairs and enhance social status." Additional non-monetary individual benefits of higher education include the tendency for postsecondary students to become more cultured, more open-minded, more rational, more consistent and less authoritarian; these benefits are also passed along to succeeding generations (Rowley & Hurtado, 2002). In terms of family values, according to Cohn and Geske (1992), there is the tendency for more highly educated women to spend more time with their children; these women tend to use this time to better prepare their children for the future. These studies suggest that higher education is beneficial to the personal growth and family values of the individuals, which in turn fosters a better development of their children.

# data[].attributes.body
There is considerable support for the notion that the rate of return on investment in higher education is high enough to warrant the financial burden associated with pursuing a college degree. Though the earnings differential between college and high school graduates varies over time, college graduates, on average, earn more than high school graduates. According to the U.S. Census Bureau, over an adult's working life, high school graduates earn an average of $1.2 million; associate's degree holders earn about $1.6 million; and bachelor's degree holders earn about $2.1 million (Day & Newburger, 2002). These sizeable differences in lifetime earnings put the costs of college study in realistic perspective. Such statistics support the contention that, though the cost of higher education is significant, given the earnings disparity that exists between those who earn a bachelor's degree and those who do not, the individual rate of return on investment in higher education is sufficiently high to warrant the cost. In other words, the money invested in a college degree would be paid off by higher salaries later on in the graduate’s life.

# data[].attributes.body
While it is clear that investment in a college degree, especially for those students in the lowest income brackets, is a financial burden, the long-term benefits to individuals as well as to their next generations, appear to far outweigh the costs. It is strongly suggested that the government, while promoting higher education, consider increasing the number of subsidies and scholarships for those in need. This could not only provide financial support for the disadvantaged, but also change their livelihood in the future and extend the benefits of receiving higher education to the next generations. With more well-educated and well-rounded individuals and families, the society at large, would advance with greater workplace productivity and increased workforce flexibility.

# data[].attributes.body
Apart from the quality of life, a higher education fosters positive personal growth and values. A number of studies have shown a high correlation between higher education, and personal development and family values. Cohn and Geske (1992) report that "college graduates appear to have a more optimistic view of their past and future personal progress", suggesting that college education could positively affect a person’s perception of his/her development, and possibly lead to a healthier self-image. According to Rowley and Hurtado (2002), college attendance has been shown to "decrease prejudice, enhance knowledge of world affairs and enhance social status." Additional non-monetary individual benefits of higher education include the tendency for postsecondary students to become more cultured, more open-minded, more rational, more consistent and less authoritarian; these benefits are also passed along to succeeding generations (Rowley & Hurtado, 2002). In terms of family values, according to Cohn and Geske (1992), there is the tendency for more highly educated women to spend more time with their children; these women tend to use this time to better prepare their children for the future. These studies suggest that higher education is beneficial to the personal growth and family values of the individuals, which in turn fosters a better development of their children.

# data[].attributes.body
There is considerable support for the notion that the rate of return on investment in higher education is high enough to warrant the financial burden associated with pursuing a college degree. Though the earnings differential between college and high school graduates varies over time, college graduates, on average, earn more than high school graduates. According to the U.S. Census Bureau, over an adult's working life, high school graduates earn an average of $1.2 million; associate's degree holders earn about $1.6 million; and bachelor's degree holders earn about $2.1 million (Day & Newburger, 2002). These sizeable differences in lifetime earnings put the costs of college study in realistic perspective. Such statistics support the contention that, though the cost of higher education is significant, given the earnings disparity that exists between those who earn a bachelor's degree and those who do not, the individual rate of return on investment in higher education is sufficiently high to warrant the cost. In other words, the money invested in a college degree would be paid off by higher salaries later on in the graduate’s life.

# data[].attributes.body
The Value of a College Degree

# data[].attributes.body
In America, the escalating cost of higher education is causing many to question the value of continuing education beyond high school. Most American students today – about 80 percent of all students – enroll either in public 4-year colleges or in public 2-year colleges. According to the U.S. Department of Education (2002), a full-time student at a public 4-year college pays an average of $8,655 for in-state tuition, room and board. A full-time student in a public 2-year college pays an average of $1,359 per year in tuition (U.S. Department of Education, 2002). Many wonder whether the high cost of tuition, the opportunity cost of choosing college over full-time employment, and the accumulation of thousands of dollars of debt is, in the long run, worth the investment. The risk is especially large for low-income families who have a difficult time making ends meet without the additional burden of college tuition and fees. Despite such initial financial burdens, higher education in the long run, is worth the investment because of its economic value, and its benefits of the quality of life and personal development of both the individual and the next generations.

# data[].attributes.body
Besides an increased income, completion of university leads to a better quality of life for the individual and the next generations. A report finds out that the individual benefits college graduates would gain from a degree include higher levels of saving, increased personal/professional mobility, improved quality of life for the offspring, better consumer decision making, and more hobbies and leisure activities (Institute for Higher Education Policy, 1998). In other words, not only would graduates be able to satisfy the basic livelihood of themselves and their families, but they would also have a higher chance for a more enjoyable life. On top of that, other research has consistently shown a positive correlation between completion of higher education and good health, not only for oneself, but also for one's children. In fact, "parental schooling levels are positively correlated with the health status of their children" and "increased schooling are correlated with lower mortality rates for given age brackets" (Cohn & Geske, 1992). This suggests that higher education levels of parents would lead to better health of their children. In short, a college degree increases the quality of life for the graduates and their offspring.

# data[].attributes.body
Apart from the quality of life, a higher education fosters positive personal growth and values. A number of studies have shown a high correlation between higher education, and personal development and family values. Cohn and Geske (1992) report that "college graduates appear to have a more optimistic view of their past and future personal progress", suggesting that college education could positively affect a person’s perception of his/her development, and possibly lead to a healthier self-image. According to Rowley and Hurtado (2002), college attendance has been shown to "decrease prejudice, enhance knowledge of world affairs and enhance social status." Additional non-monetary individual benefits of higher education include the tendency for postsecondary students to become more cultured, more open-minded, more rational, more consistent and less authoritarian; these benefits are also passed along to succeeding generations (Rowley & Hurtado, 2002). In terms of family values, according to Cohn and Geske (1992), there is the tendency for more highly educated women to spend more time with their children; these women tend to use this time to better prepare their children for the future. These studies suggest that higher education is beneficial to the personal growth and family values of the individuals, which in turn fosters a better development of their children.

# data[].attributes.body
While it is clear that investment in a college degree, especially for those students in the lowest income brackets, is a financial burden, the long-term benefits to individuals as well as to their next generations, appear to far outweigh the costs. It is strongly suggested that the government, while promoting higher education, consider increasing the number of subsidies and scholarships for those in need. This could not only provide financial support for the disadvantaged, but also change their livelihood in the future and extend the benefits of receiving higher education to the next generations. With more well-educated and well-rounded individuals and families, the society at large, would advance with greater workplace productivity and increased workforce flexibility.

# data[].attributes.body
There is considerable support for the notion that the rate of return on investment in higher education is high enough to warrant the financial burden associated with pursuing a college degree. Though the earnings differential between college and high school graduates varies over time, college graduates, on average, earn more than high school graduates. According to the U.S. Census Bureau, over an adult's working life, high school graduates earn an average of $1.2 million; associate's degree holders earn about $1.6 million; and bachelor's degree holders earn about $2.1 million (Day & Newburger, 2002). These sizeable differences in lifetime earnings put the costs of college study in realistic perspective. Such statistics support the contention that, though the cost of higher education is significant, given the earnings disparity that exists between those who earn a bachelor's degree and those who do not, the individual rate of return on investment in higher education is sufficiently high to warrant the cost. In other words, the money invested in a college degree would be paid off by higher salaries later on in the graduate’s life.

# data[].attributes.body
Besides an increased income, completion of university leads to a better quality of life for the individual and the next generations. A report finds out that the individual benefits college graduates would gain from a degree include higher levels of saving, increased personal/professional mobility, improved quality of life for the offspring, better consumer decision making, and more hobbies and leisure activities (Institute for Higher Education Policy, 1998). In other words, not only would graduates be able to satisfy the basic livelihood of themselves and their families, but they would also have a higher chance for a more enjoyable life. On top of that, other research has consistently shown a positive correlation between completion of higher education and good health, not only for oneself, but also for one's children. In fact, "parental schooling levels are positively correlated with the health status of their children" and "increased schooling are correlated with lower mortality rates for given age brackets" (Cohn & Geske, 1992). This suggests that higher education levels of parents would lead to better health of their children. In short, a college degree increases the quality of life for the graduates and their offspring.

# data[].attributes.body
Reference List

Cohn, E., & Geske, T. G. (1992). Private Nonmonetary Returns to Investment in Higher Education. In W. Becker & D. Lewis (Eds.), The Economics of American Higher Education (pp. 173-195). Boston, MA: Kluwer Academic Publishers.

Day, J. C., & Newburger, E. C. (2002). The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings. In Current Population Reports: Special Studies (pp. 23-210). Washington, DC: Commerce Department, Economics and Statistics Administration, Census Bureau. Retrieved from: http://www.census.gov/prod/2002pubs/p23-210.pdf

Institute for Higher Education Policy. (1998). Reaping the Benefits: Defining the Public and Private Value of Going to College. The New Millennium Project on Higher Education Costs, Pricing, and Productivity. Washington, DC: Institute for Higher Education Policy.

Rowley, L. L., & Hurtado, S. (2002). The Non-Monetary Benefits of an Undergraduate Education. University of Michigan: Center for the Study of Higher and Postsecondary Education.

US Department of Education (2002). Think College Early: Average College Costs. Retrieve from: http://www.ed.gov/offices/OPE/thinkcollege/early/parents/college_cos ts.htm

# data[].attributes.body
Reference List

Cohn, E., & Geske, T. G. (1992). Private Nonmonetary Returns to Investment in Higher Education. In W. Becker & D. Lewis (Eds.), The Economics of American Higher Education (pp. 173-195). Boston, MA: Kluwer Academic Publishers.

Day, J. C., & Newburger, E. C. (2002). The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings. In Current Population Reports: Special Studies (pp. 23-210). Washington, DC: Commerce Department, Economics and Statistics Administration, Census Bureau. Retrieved from: http://www.census.gov/prod/2002pubs/p23-210.pdf

Institute for Higher Education Policy. (1998). Reaping the Benefits: Defining the Public and Private Value of Going to College. The New Millennium Project on Higher Education Costs, Pricing, and Productivity. Washington, DC: Institute for Higher Education Policy.

Rowley, L. L., & Hurtado, S. (2002). The Non-Monetary Benefits of an Undergraduate Education. University of Michigan: Center for the Study of Higher and Postsecondary Education.

US Department of Education (2002). Think College Early: Average College Costs. Retrieve from: http://www.ed.gov/offices/OPE/thinkcollege/early/parents/college_cos ts.htm

# data[].attributes.body
Reference List

Cohn, E., & Geske, T. G. (1992). Private Nonmonetary Returns to Investment in Higher Education. In W. Becker & D. Lewis (Eds.), The Economics of American Higher Education (pp. 173-195). Boston, MA: Kluwer Academic Publishers.

Day, J. C., & Newburger, E. C. (2002). The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings. In Current Population Reports: Special Studies (pp. 23-210). Washington, DC: Commerce Department, Economics and Statistics Administration, Census Bureau. Retrieved from: http://www.census.gov/prod/2002pubs/p23-210.pdf

Institute for Higher Education Policy. (1998). Reaping the Benefits: Defining the Public and Private Value of Going to College. The New Millennium Project on Higher Education Costs, Pricing, and Productivity. Washington, DC: Institute for Higher Education Policy.

Rowley, L. L., & Hurtado, S. (2002). The Non-Monetary Benefits of an Undergraduate Education. University of Michigan: Center for the Study of Higher and Postsecondary Education.

US Department of Education (2002). Think College Early: Average College Costs. Retrieve from: http://www.ed.gov/offices/OPE/thinkcollege/early/parents/college_cos ts.htm