Is a college degree worth it?

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Is a college degree worth it?

As a col­lege pro­fes­sor for 25 years, I have started to think a degree may not be worth it.

A lib­eral arts degree has become exactly that: a degree in liberalism.

The aver­age cost for tuition is about $10,000 a year at state schools for res­i­dents and $25,000 for out-​of-​state res­i­dents. Pri­vate col­leges run more than $30,000 on aver­age. These costs don’t include room and board, fees, and books.

So the col­lege bill could run between roughly $60,000 and $200,000.

In many cases, it’s tough to take that degree to the bank. The gap between those with a degree and those with­out one has shrunk con­sid­er­ably, par­tic­u­larly if a col­lege stu­dent stud­ies sub­jects such as social work, psy­chol­ogy, jour­nal­ism, and other non-​science areas. The pay just tops $40,000, which is roughly the total debt the aver­age stu­dent car­ries upon graduation.

A grad­u­ate can make good money in STEM, par­tic­u­larly in engi­neer­ing. But fewer stu­dents major in sci­ence than other areas.

If some­one took the cost of four years of col­lege – and that assumes stu­dents fin­ish in that time – and invested the money into the stock mar­ket or a house, the esti­mated $20,000-a-year gap between the salary of a high school grad and a col­lege grad shrinks considerably.

More­over, there are a lot of jobs where high school grads can make a lot of money.

USA Today ana­lyzed U.S. Bureau of Labor sta­tis­tics to deter­mine what jobs that don’t require a col­lege degree pay well.

Take, for exam­ple, prop­erty man­agers who earn a median income of $58,670 a year. The typ­i­cal on-​the-​job train­ing takes less than five years with a pro­jected growth in the sec­tion of more than 10 per­cent through 2026.

Elec­tri­cal and elec­tron­ics installers and repair­ers earn nearly $61,000 a year, with vir­tu­ally no train­ing necessary.

Cops and trans­porta­tion work­ers make a lot more than most col­lege graduates.

For more infor­ma­tion, see https://​www​.usato​day​.com/​s​t​o​r​y​/​m​o​n​e​y​/​c​a​r​e​e​r​s​/​2018​/​07​/​02​/​h​i​g​h​e​s​t​-​p​a​y​i​n​g​-​j​o​b​s​-​y​o​u​-​c​a​n​-​g​e​t​-​w​i​t​h​o​u​t​-​a​-​c​o​l​l​e​g​e​-​d​e​g​r​e​e​/​36032749/

The finan­cial bur­den of attend­ing col­lege leaves many stu­dents and their fam­i­lies with huge debt.

An esti­mated 69 per­cent of col­lege stu­dents took out loans, end­ing their stud­ies with an aver­age debt of nearly $30,000. Mean­while, 14 per­cent of the par­ents took out an aver­age of $35,000 in loans. As a result, Amer­i­cans owe more than $1.5 tril­lion in stu­dent loans or roughly three times the total of out­stand­ing credit card debt.

It’s clearly a cri­sis, but one that could be helped if peo­ple think about alter­na­tives to a col­lege degree.

Entre­pre­neur Peter Thiel has pro­vided a scathing cri­tique about whether higher edu­ca­tion rep­re­sents much of an invest­ment any­more. He has argued that col­lege is priced uncom­pet­i­tively and has become a Ponzi scheme in which stu­dents who fol­lower oth­ers sim­ply main­tain a finan­cially flawed sys­tem. Thiel has called col­lege admin­is­tra­tors mort­gage bro­kers who get a cut on sell­ing pieces of paper that are only as valu­able as we all pre­tend they are.

What­ever the case, it’s time to start think­ing about whether a col­lege degree is a good investment.

As a college professor for 25 years, I have started to think a degree may not be worth it.

A liberal arts degree has become exactly that: a degree in liberalism.

The average cost for tuition is about $10,000 a year at state schools for residents and $25,000 for out-of-state residents. Private colleges run more than $30,000 on average. These costs don’t include room and board, fees, and books.

So the college bill could run between roughly $60,000 and $200,000.

In many cases, it’s tough to take that degree to the bank. The gap between those with a degree and those without one has shrunk considerably, particularly if a college student studies subjects such as social work, psychology, journalism, and other non-science areas. The pay just tops $40,000, which is roughly the total debt the average student carries upon graduation.

A graduate can make good money in STEM, particularly in engineering. But fewer students major in science than other areas.

If someone took the cost of four years of college–and that assumes students finish in that time–and invested the money into the stock market or a house, the estimated $20,000-a-year gap between the salary of a high school grad and a college grad shrinks considerably.

Moreover, there are a lot of jobs where high school grads can make a lot of money.

USA Today analyzed U.S. Bureau of Labor statistics to determine what jobs that don’t require a college degree pay well.

Take, for example, property managers who earn a median income of $58,670 a year. The typical on-the-job training takes less than five years with a projected growth in the section of more than 10 percent through 2026.

Electrical and electronics installers and repairers earn nearly $61,000 a year, with virtually no training necessary.

Cops and transportation workers make a lot more than most college graduates.

For more information, see https://www.usatoday.com/story/money/careers/2018/07/02/highest-paying-jobs-you-can-get-without-a-college-degree/36032749/

The financial burden of attending college leaves many students and their families with huge debt.

An estimated 69 percent of college students took out loans, ending their studies with an average debt of nearly $30,000. Meanwhile, 14 percent of the parents took out an average of $35,000 in loans. As a result, Americans owe more than $1.5 trillion in student loans or roughly three times the total of outstanding credit card debt.

It’s clearly a crisis, but one that could be helped if people think about alternatives to a college degree.

Entrepreneur Peter Thiel has provided a scathing critique about whether higher education represents much of an investment anymore. He has argued that college is priced uncompetitively and has become a Ponzi scheme in which students who follower others simply maintain a financially flawed system. Thiel has called college administrators mortgage brokers who get a cut on selling pieces of paper that are only as valuable as we all pretend they are.

Whatever the case, it’s time to start thinking about whether a college degree is a good investment.