It is no secret that the cost of attending a college or university is one of the most insanely overpriced things that the United States of America has to offer. Most people take it for granted that a college education is necessary in order to get a good job and live comfortably. However, with costs on the rise and record-breaking student loan debt, the question of whether or not college is actually worth it must be addressed. For example, if you take the school that I attend, Bryant University, it costs about $50,000 per year for tuition and room and board. That amounts to a total of $200,000 necessary in order to earn a degree. If you were to forgo college, you could take that money and easily live three to four years on that money alone, not to mention the money you would be earning from working during that time period, even if it is not a job requiring a college degree. In fact, only 62% of college graduates work in a job that requires a college degree anyway.
Of course, many different factors must be considered when determining the value of college. The first is the major that you are in or the field you are studying. As you can see from the graph above, only 27% of college graduates work in a job related to their major. Right off the bat, the importance of your major is diminished because chances are you won’t get a job in that field anyway. However, for those that do, it is important to consider the long-term consequences. If you are in a major such as engineering, computer science, medical school, accounting, etc. you will be more likely to be able to pay off your student loans than if you are majoring in English, history, or women’s studies. In other words, college might not be worth it if you are in an obscure major. It is important to thing about career goals when selecting a major.
The bottom line, whether or not attending college is worth it depends on the situation. Do not just go to college because everyone expects you to, because you will be crippled with debt and might not find a job. Have a well thought out career plan and a good financial plan as well. There are plenty of options out there and it is only in your best interest to do what is right for you.
Thanks to everyone who read this. Please like the post, comment if you have feedback, and share the blog with others.