Is The Tassle Worth The Hassle?
Economic benefits, potential debt issues, and whether or not college is worth it
When you think about college, do you hear the words "economically beneficial?" Many people hear things like "paying off debt for the rest of my life." Contrary to popular belief, investing yourself in a college education can pave the way for your future in a positive way.
In Learning & Earning, an article by The Mint discussing the financial benefits of attending college, it is specifically stated that you will in fact make more money by taking that extra step. According to the article, the average annual income for one with a professional college degree is $71,258. On the other hand, those with only a high school diploma earn approximately $18,571 each year. A difference of over $50,000 is nothing to shy away from. By investing excessive amounts of time and money into a place that seemingly only provides endless debt, you're going to be the one with more dough in the end.
The average earnings of college graduates in 1996 were 55% higher than those of high school graduates. An article titled Earnings Premium to Costs of Education displays a graph showing estimated cumulative earnings net of college costs. It shows that each additional year of work adds to the cumulative financial benefit of a college education.
Economic Benefits of a College Education
So, College...To Go or Not To Go?
Is the pressure of attending college getting to you? Or are you genuinely interested in going? Is the amount of money required to invest worth it? Or does it seem like a pointless waste of money to you? The choice is yours. What you want to do is up to you, and no one else.
While there are benefits of a college education, the amount of debt you could be paying off for years might not be worth it in the long run. On the other hand, there are so many opportunities out in the world with a college degree. It's also been proven that in the grand scheme of things, those who go to school end up with more money than those who don't. However, not having a degree doesn't mean you can't get anywhere, either.
Overall, what you want is what matters. If you decide to do something simply because other people want you to, you're never going to be happy. Prioritize the things in your life. Do what is best for you.