Is College Worth the Money?

By Cassie DurfeeCRE101 Salsedo

The Issue

• Colleges across America are increasing tuition every year.

• Unemployment rates are increasing continuously throughout America.

• College graduates are finding that a degree is not worth as much as it used to be. Where before there was a handful of people applying for a certain upper management job there are now over fifty just waiting for a job to even open up.

College Pro’s

• 68% of full-time undergraduates attending four-year colleges still pay less than $8,000 in annual tuition and fees.

• post-college incomes are 60% higher than those of high school

• potential between a high school diploma and a B.A. is more than $800,000

• Over a lifetime graduates with a B. A. will earn on average more than twice as much as workers with only a high school diploma.

Average Annual Earnings for College Graduates and Non-

Graduates• Professional Degree

$109,600• Doctoral Degree $89,400• Master's Degree $62,300• Bachelor's Degree $52,200• Associate's Degree $38,200• Some College $36,800• High School Graduate $30,400• Some High School $23,400

Source: U.S. Census Bureau, Current Population Surveys, March 1998, 1999, and 2000.

Work-Life Earnings for Full-Time Employees (in $ millions)

 • Professional Degree $4.4• Doctoral Degree $3.4• Master's Degree $2.5• Bachelor's Degree $2.1• Associate's Degree $1.6• Some College $1.5• High School Graduate $1.2• Some High School $1.0

Source: U.S. Census Bureau, Current Population Surveys, March 1998, 1999, and 2000.

 

All three of these cartoons are representing the increase in college tuition. They also are stereotypical in the fact that they all show that parents are the ones who pay for college, when in reality over sixty percent of college students are either supporting themselves through college or receiving grants or loans to support them.

College Con’s• College degree’s are no longer job security.• labor economists say the unemployment rate for

workers with a bachelor's degree or higher is about to hit a record high.

• the unemployment rate among workers with a college degree or higher reached 3.1 percent this year.

• The current recession is proving to be broader than the previous two in 1990-91 and 2001, affecting a wider range of industries and workers.

• Government data suggest that since March, the job market for college-educated workers has become weaker than their unemployment rate indicates.

More College Con’s

• The number of college graduates working fell by 282,000 in December, but the number of college graduates counted as unemployed rose by only 2,000 to 1.413 million.

• Employers can afford to be pickier than they were even just a few months ago because of a surge in qualified candidates

• We now have a job market that favors more experienced workers over recent graduates

• Both of these cartoons are showing that although these people are college graduates they are looking for work.

• Neither of them are going to find a job that will support them as well as pay off the incredible amount of debt that they received in order to gain an education.

Evaluation• In evaluating the pro’s and con’s of receiving a

college degree I noticed that the only solid pro that can be found is that statistically speaking college graduates can earn more salary than non-college graduates. These statistics however are usually pulled from the years before the recession where the numbers looked better.

• College’s fail to mention that the rates for college graduate’s unemployment are continuing to rise every day. They say that college is a good option for everyone to increase their own knowledge. But they don’t explain that in an economy like we have now it may not be the most beneficial option to take.

Evaluation

• The major con of receiving a college degree is the continually increasing unemployment rate. They do not however include that the unemployment rate for those without a college degree are double.

• It may be a risk to go into debt and earn a college degree when you don’t know if you will be able to find work afterwards, but there aren’t many other options. There is no other way to increase your learning or you skills than by going to college.

Final Evaluation

• Both side are lacking in actual facts but both sides have strong examples. It is a hard reality to have to ask yourselves, if I am able to get a degree will I be able to use it? And will that degree be worth the time and money that it took to receive it?

• All in all the information states that it may not be immediately beneficial to receive a degree but it is always a good idea to better yourself through continuing your education.

Sources

• http://www.epi.org/economic_snapshots/entry/webfeatures_snapshots_archive_03172004/

• http://www.washingtonpost.com/wp-dyn/content/article/2009/01/03/AR2009010302143.html

• http://www.earnmydegree.com/online-education/learning-center/education-value.html 

• http://www.collegeboard.com/student/pay/add-it-up/4494.html 

• http://moneycentral.msn.com/content/CollegeandFamily/P74829.asp