One of the most significant financial decisions we make in life is on our college education.
And right now many young people are asking themselves if college is even worth it anymore?
The answer can be simple or slightly complicated, and it all depends on the factors most relevant to your life goals.
In this article, we will discuss those factors and attempt to answer this tricky question.
For the majority of young people with a stable financial situation at home, university in its current state is not a great ROI mainly because of the over saturation of graduates with college degrees within the workplace.
TAKEAWAYS
- Cost of attendance are at all time highs
- Societal pressures end up being the main reason people go to college
- For certain careers, graduate level education IS crucial
- Great networking opportunities
Let’s begin by looking at some reasons why college might not be the best path for you:
TOO EXPENSIVE
The average college graduate has $34,000 in student debt.
On average it costs $40,000 yearly for private schools, $11,000 for an in-state resident at a public school, and $22,000 for an out-of-state resident at a public school.
To make matters worse, the cost to live on campus can be double or triple what you pay in tuition. In addition to this, these blatant scammers will also charge you just to APPLY.
And when each application costs about $50, that can quickly add up to hundreds of dollars just for applying.
I could keep on listing the thousands of dollars you’ll have to drop on textbooks, overpriced food, and more, but I think you get the idea.
SOCIETAL PRESSURES
When I turned 18, I didn’t even consider an alternative to going to college. It was so ingrained in my head that college was a necessary step after high school.
If I didn’t get into a decent enough school, I would be seen as a bum or a failure.
That pressure to follow the “correct path” is exactly what these institutions exploit.
They know parents will do anything to send their kids to college, so why wouldn’t they charge as much as possible for you to attend their campuses?
Rather than going to college for a specific purpose, we now put ourselves into debt for no other reason than “it’s what you’re supposed to do”.
According to Inside Higher Ed, 86% of students feel pressured to pursue a college degree, especially from family members and society as a whole.
We need to stop letting others dictate what our future is going to look like.
OUTDATED SYSTEM
Education used to be a luxury to those who could afford it. Fast forward to 2023, and we now live in the age of information.
Any educational resource, we could ever want is at our fingertips. The internet has effectively reduced the need for a college education with the ability to educate ourselves with a google search, an online course, youtube tutorials etc.
Anything we want to learn is easily accessible, it’s just on you to search for it.
THE MATERIAL ISN’T RELEVANT
It’s often said that by 7th grade, we’ve acquired all the knowledge necessary to function as productive members of society.
We all remember the basic things taught early on: how to add, subtract, read and write, etc.
So then why don’t we remember what a ribosome does from Biology class? Do you remember your geometry formulas? How about the leitmotif from Hamlet?
The system is so focused on providing a well rounded education, but ultimately fails at providing the value it intends.
Instead, it leaves students wasting years of their lives stressing over meaningless content that will never further their true abilities or skills.
For a deeper look at Why The Traditional School System is Flawed, check out this article.
MINIMAL ROI
The whole point of investing in your education is in the hopes that you will make more per year than the cost of attendance.
The problem is most students end up in jobs that DON’T pay that amount.
GRADUATES AREN’T EARNING HALF OF WHAT THEY OWE!
Oftentimes, people spend all their time grinding just for that piece of paper, they forget to build any meaningful skills or relevant work experience in their field of interest.
Once they graduate they are faced with the phrase we all know so well…
“Requires __ or more years of experience in the field”.
WHY SHOULD YOU GO TO COLLEGE?
For some people a college education really is the best option. Here are some reasons why:
HIGH ROI
I know that we just discussed how most students have a negative ROI, but often this is due to a lack of direction towards a specialized career.
Some career paths will undoubtedly net you a great return on your investment.
For example, pursuing a career in radiology or occupational therapy is more likely to give you your return on investment.
While these fields require YEARS of intensive schooling (and money), they are more or less guaranteed to set you up for life.
Therefore if you have a specific passion or goal that REQUIRES graduate level education, university is without a doubt a crucial component to your success.
FAMILY SITUATION
As a child of immigrant parents, I always hear firsthand the obstacles and struggles they had to endure to succeed.
There are simply too many barriers preventing many first generation children from climbing the social ladder.
It can be difficult for them to consider taking the kind of career risks that someone in a more privileged position might take.
When everything is pinned against you in life, it might be smarter to follow a path that at the very least should guarantee some financial stability for you and your family.
By no means am I saying to value money over your dreams, but I am saying to consider the context of your family’s financial situation, and use that as a partial factor in your decision.
NETWORKING
Without a doubt, networking is the #1 benefit of going away to university.
You will meet lifelong friends, intelligent people within your field, and a web of alumni.
I myself did not leave college with any major skills in the field I’m now in.
But I DID leave as a completely different person. I grew more as a person in those 3 years than I ever had before.
Whether it’s living alone for the first time, meeting people from other countries, or all the other “first times” that come with being away at college, there is so much that contributes to your growth as a person that it cannot be ignored as one of the greatest takeaways.
CONCLUSION
At the end of the day, most people can pursue their personal or professional goals without attending college.
On one hand, college education is great because you will make lifelong friends, have plenty of fun experiences, and go through a lot of personal growth.
On the other hand it leaves you drowning in debt without providing much value towards your career whatsoever.
A college education is really only worth it to those that have a very specific career goal in mind that requires graduate level education.
Therefore, if you’re going to go to college, have a clear detailed and specific path in mind. If you have no clue what your passion in life is, then consider checking out this article where we discuss The 5 Things You Can Do To Figure Out Your Life.
