Is A College Degree Worth The Financial Investment?

It has been nearly four centuries since the first institution of higher education in America, Harvard University, was founded in 1636. One of the most critical facets in the ideal of upward mobility in the United States and around the globe remains the college degree. However, with the rising costs of obtaining a degree, many students have been challenged with the question of whether attending university and obtaining a degree is worth the financial investment. Former CBS anchor Dan Rather answers it best: “A college degree is the key to realizing the American dream, well worth the financial sacrifice because it is supposed to open the door to a world of opportunity.” So, yes, despite the high and rising costs of obtaining a university degree,

Having higher education is often associated with improvements in one’s health ("Value"). Michael McPherson, President of the Spencer Foundation, a group that supports research in education states that, “The data does seem to be evidence that...having more education leads to better health decisions.” A study by the College Board found that in 2012, only 8% of individuals with at least a bachelor’s degree smoked, compared to 25% of high school graduates or less. Also, 63% of college graduates reported meeting the federal guidelines for physical activity of at least two and a half hours a week of moderate aerobic activity compared to only 38% people with a high school diploma or less (Baum, Ma, and Payea). This is not only a benefit to an individual, but also benefits society, fostering a more productive workforce and a more efficient healthcare system (The Gazette). Additionally, a majority of voters in the United States are college educated citizens. More specifically, in the 2012 presidential election, 73% of four-year college graduates voted, compared to a dismal 42% voter turnout for those of a high school diploma or less. Also, nearly nine out of ten college graduates are registered to vote, while only 72% of non-college educated adults are registered (Baum, Kurose, and

It should be noted, however, that the earnings over one’s lifetime are exponentially higher than those without a degree. This greater income makes paying for college much less burdensome. Another fault challengers find is that as more college students are produced, the actual worth of a degree declines; it becomes something that is bought, rather than earned ("Value"). This is not valid. College gives students a well-rounded education providing an advantage in securing employment. Critics also argue that with the influx of students attending college and securing a degree, employment opportunities for these graduates will be more limited and many will be hard-pressed to secure a job that will allow them compete in a changing job market ("Value"). However, the United States economy will need twenty-two million new college degrees by 2018 (Carnevale, Smith and Strohl). Clearly, there will be no shortage of employment opportunities for those with college