It’s that time of year again. Back to school. If you find yourself applying for college, or returning for the fall semester, you may be wondering if college is even worth it at all. With the price of school being so high and the job market so volatile, it’s a valid concern. And the answer isn’t the same for everyone.
There are many factors to consider when deciding where to, or even if you should, obtain a higher education. You’ll have to factor in life goals, career choices, and whether or not you feel that you’ll receive a reasonable return on such a significant investment. These are large, stressful decisions that will impact a substantial portion, if not all, of the rest of your life.
Hopefully, the following will help to ensure they have informed ones.
Is College Right for Me?
Ultimately, this is a question that only you can answer, but perhaps the problem should be “Is college right for me right now?” If you’re still unsure what you want to do with your life when you graduate high school you’re far from being alone.
In fact, it seems a little silly that you’re supposed to know what you want to do with your life before you’re considered old enough to choose whether or not to drink alcohol. However, don’t write off the advantages of higher education because you’re uncertain.
If you’re uncertain, take some time. Attend a community college and get your core classes taken care of while you get some real-world work experience. This way you won’t be putting yourself in debt learning how to do a job you dislike. Debt is a lot easier to handle if you feel it was worth it in the end. So be sure to study something you feel strongly about or enjoy at the very least.
Does it Matter Where I Get My Degree?
From the time you started school to your senior year you had teachers, advisors, and your parents telling you to make good grades so you could get into a good school and then get a good job in your chosen career field.
Well, it turns out that while good grades are still extremely helpful, employers don’t care where you went to college. Does it feel good to get that acceptance letter from a prestigious university?
Yes. If offered a scholarship should you take it? Yes. Is it worth six figures of debt before you even get your first decent job?
No. Absolutely not. Studies show that where you go to college is of almost no importance to employers. What matters is that you have a degree, not where it came from. A few decades ago elite colleges may have offered a considerable amount more to students that attended them, but in today’s age of information, the same knowledge is at anyone’s fingertips.
Student Loans (To Borrow or not to Borrow?)
A college degree is expensive, and most of us don’t have the means to pay for one out of pocket. This is the reason student loans exist. Uncle Sam generously pays your way through school, so you can get a decent job with decent pay.
In return, you pay back the original loan plus interest when you graduate. It is very easy to rack up student loan debt faster than you realize. Student loans are available for everything from textbooks and tuition to everyday living expenses.
It’s easy to say yes today, but when you’re approaching forty years of age and are still paying on these loans, you’ll regret it. Borrow as little as possible. Work that part-time job. Ask about student loan refinancing as soon as you’re able. What’s the point of higher education if it means lifelong debt before you start living on your own?
Conclusion
So, is college worth the cost? The answer isn’t cut and dry. It’s not a simple yes or no. While only one-third of today’s graduates feel as if their degree was worth the cost, most weren’t armed with the knowledge they needed when going through the process. Many were told that community college wasn’t a viable option.
They were unprepared for the harsh job market. They borrowed excessively thinking that paying it back would be no problem once they graduated. So is the traditional idea of college worth the cost? The answer seems to be a resounding no. However, higher education is most definitely worth the price when appropriately pursued.
