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A recent study by The Current found that 43 percent of students at Green River Community College (GRCC) expect to be $40,000 or more in debt by the time they earn their degree. As a result, especially considering the tuition increases that are coming, the actual value of a college education has come under increased scrutiny from students and economists.
A typical student usually racks up as much as $30,000 in debt while completing a four-year degree, according to US News. With high unemployment, there is intense competition for the few jobs available and no guarantee that students will be able to pay off their crippling college debt.
Not only that, but a recent report featured in The Economist found that a college education does not necessarily improve learning. After four years of college, 36 percent of students did not show significant improvement in "critical thinking, analytic reasoning, and other ‘higher level' skills," according to the Collegiate Learning Assessment.
All of this amounts to a pretty bleak picture for today's college students.
But college degrees still offer some great benefits.
College graduates are about half as likely to be unemployed, both during and before the recession. When unemployment hit 9.7 percent in 2009, only 4.6 percent of college graduates were unemployed, and in 2007 before the recession hit, only 2.2 percent of college graduates were unemployed.
Not only are college grads more likely to have a job, they also earn significantly more than those without a degree. A 2007 report from the College Board found that, on average, college graduates earn approximately $20,000 more than those with only a high school diploma. Economists estimate that this adds up to an increase of $1 million earned over the course of a lifetime.
Others, like Sandy Baum, who co-authored the report, put the number closer to $300,000. In any case, it's still a lucrative investment.
Furthermore, according to the New York Times, a college education pays for itself within 11 years of work. That means that the average wage increase would cover the average cost of tuition and books for a four-year degree at a state school, assuming a 6.8 percent interest rate.
College graduates also do better than non-grads statistically in several of other ways. The 2007 report from the College Board found that those with bachelor's degrees are less likely to be obese or smoke, and more likely to exercise and own health insurance. Graduates are also more likely to vote and volunteer.
Granted, these actions aren't necessarily direct consequences of getting a bachelor's degree. "Correlation is not the same as causation," Baum acknowledged in the report. But, she continued, there has been a lot of careful research which indicates that there is a sizeable cause-and-effect relationship between a college education and healthy habits.
Of course, college is not for everyone, and not every good career requires a college degree. With costs as high as they are, students should look carefully at their prospective career before gunning it for a four-year degree.
Vocational schools, technical colleges and other certification programs don't require you to get a real degree but are still stepping stones to good careers. There will always be a need for electricians and chefs. If your career does not require a degree, a four-year school is - more often than not - a waste of money.
A degree is thus not for everyone, but even in a recession, - or perhaps especially in one - it remains one of the best investments out there. College graduates are more likely to be employed; they usually earn more, and are often healthier and more involved in their community than non-graduates.
For the students currently in dire financial straits, struggling to make ends meet, debating whether that college loan will be worth it – hang in there. In the end, it will be.
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