The Numbers
Is college worth it,
economically speaking?
How bad is the
student debt crisis?
(It’s, uh, bad.)
$1.6 trillion is the amount of money Americans owe
in student debt
42% more than what they owed a decade earlier
Worth debt risk?
22% of U.S. adults
say the cost of getting
a four-year college degree today is worth it even if someone has to take out loans
47% say the cost
is worth it only if someone doesn’t have to take out loans
29% say the cost is
not worth it
Salary and debt
48% of “young college graduates” with student loans have household incomes
of at least $100,000
14% of non-college graduates
in the same age group earn
that much
64% of “young college graduates” without student
loan debt have household incomes of $100,000
I just faced my last first day of college. As a senior, days like that lead to some reflection.
I’ve had just about the best college experience a student could ask for. I’ve experienced professors who care about us students, classes that are as rewarding as they are challenging, and plenty of friends and fun. Even so, I’m wondering if it was worth it — the effort and the money.
Going to college in 2024 is interesting. There is an entire set of people desperately trying to convince Gen Z to pursue the good, the true, and the beautiful at a liberal arts university. They encourage us students to discover something real amid the fast-paced noise of our time. Live wisely.
On the other hand, there are economically conscious, practical thinking individuals who encourage us students to skip the loans and pursue a more sure thing. Debt is dangerous and inflation is real. Make decisions carefully because now is when they really start to matter. Live wisely.
You can fairly easily argue against higher education. You hear an abundance of reasonable complaints about the state of modern universities and what they really provide students. A ticket to a high paying job and an understanding of our place in society are two lofty promises that many universities arguably fail to keep. In reality, what some students receive is a one-sided view of the world and a supposed higher knowledge they’ll forget the moment they hear “Pomp and Circumstance.” The result is alumni drowning in debt, holding a degree they may never use and didn’t enjoy earning. However, that’s the worst-case scenario.
Best-case scenario, the one I was lucky enough to claim, still may involve debt and probably even some poorly structured classes that I’ll hide in the darkest depths of my memory. But it also consists of a university that employs professors with diverse opinions and backgrounds. It involves degree plans meticulously constructed to prepare students for a career and a life as a citizen and saint. It requires hard conversations with students and professors alike that ultimately teach a person to think. It’s an opportunity to build camaraderie with people in the same life stage with the same anxieties. It teaches us to appreciate growth, patience, and truth.
The reality is that virtually every high-profile leader in American life graduated from an Ivy League school. If a person wants to have massive amounts of influence in America, a top-tier education is mandatory. But economically speaking, a diploma is really only worth it if the student knows who they wanted to be when they sign up for it; us kids are rarely in that club. However, if a person wants to make money, let’s admit, a college degree is optional.
It’s irresponsible to claim there is one way to be a proficient adult. There are so many avenues to success, and I have no authority to claim that college is the only, let alone best, one. It’s not. Not every diploma is worth it. Neither is every straight-to-work paycheck.
Now a few months into my last year of college, is all this worth it? I think so. I’ve had an overall positive experience and I believe it prepared me for my career. I would be remiss if I didn’t endorse a college education. Although, I maintain the right to abjure these claims in five to 10 years if I still have $30,000 in student loan debt and I’m struggling to break into the industry I studied.