Do the economic benefits of going to college outway the economic disadvantages of going to college?

 

Is the

Tassel

Worth

the

Hassle?

Benefits of Going to College

There are various economic benefits of attending

college. One of the benefits shown in the figure 3 chart, shows that the person who attended college made cumulatively $150,000 dollars more than the person who only had a high school degree. The Huffington Post also reads that people who only have a high school degree make only 62 percent of the money that college graduates make. The article also states that people who have their GED are more likely to live in poverty. With 22% of people holding only a high school degree in poverty. A person who has a college degree has almost twice the median income than a person who only holds a high school diploma the model in “The relationship between education level and household income” suggests. College graduates aren’t hit as hard by recessions than people who didn’t go to college. The Washington Post says that they actually were able to gain jobs compared to the GED holders. A graph from a handout named “Educated workers are less likely to be unemployed” suggests that unemployment rates are higher for people who did not go to college as well.

 

Disadvantages of Going to College

There are also risk factors when considering pursuing a higher education. One of those risks is student debt. The Washington Post tells us that Student debt increased to $1.08 trillion in the last few years. Student debt threatens millions each year. Attending college also puts you in debt for opportunity costs. The “Costs of College” chart shows that you lose more than ⅓ the amount of money it costs to attend college by not working. This can be bad because you are losing money when you could be gaining money. Debt is a big issue for many people. Saniquah Robinson, a woman who is suffering through $82,000 worth of student debt doesn’t think that the benefits from getting a college psychology degree is worth the debt that it put her in. She hasn’t found a degree in her field and her family was not able to buy a house because of her debt-to-income ratios. The crippling debt from going to college can put many people at a disadvantage.

 

Conclusion

I believe that the economic benefits of attending college outweigh the disadvantages. The people who attend college make more money cumulatively than people only holding a GED. The people who attend college also have a better chance of finding higher paying jobs. Though people who attend college do lose out on the money that they could make if they didn’t attend college, they end up making more money in the long run with the degree that they earn. I will be attending college in the fall because I want to be earning as much as I can be in the future and the degree that I get will help me achieve that.

 

Works Cited

"Costs of College." Costs of College. N.p.: n.p., n.d. N. pag. Print.

 

"Earnings Premium Relative to Costs of Education." Figure 3: Estimated Cumulative Earnings Net of College Costs (2003): 12. Web. 13 Oct. 2016.

 

"Educated Workers Are Less Likely to Be Unemployed." N.p., 6 Mar. 2003. Web. 13 Oct. 2016.

 

ElBoghdady, Dina. "Student Debt Is Terrible, in Charts." Washington Post. The Washington Post, 18 Feb. 2014. Web. 13 Oct. 2016.

 

Matthews, Dylan. "College Graduates’ Non-recession." Washington Post. The Washington Post, 16 Aug. 2012. Web. 13 Oct. 2016.

 

Robinson, Saniquah. "My Degree Isn't worth the Debt!" CNNMoney. Cable News Network, 12 July 2011. Web. 13 Oct. 2016.

 

"The Relationship between Education Level and Household Income." N.p., 2001. Web. 13 Oct. 2016.

 

Yen, Hope. "Earnings Gap Between College And High School Grads Reaches Highest Point In 48 Years." The Huffington Post. TheHuffingtonPost.com, 11 Feb. 2014. Web. 13 Oct. 2016.