Is College Worth It? Well, It's Complicated

By: Bakhtawar Bhurgari

A college degree might not be worth it anymore – or at least that’s what young Americans are saying. According to a survey conducted by The Wall Street Journal, 56% of Americans no longer believe a college degree is significant to their careers. 

While they believe in education and training, their faith in the traditional college system is deteriorating and the steep cost of attendance might be the primary issue. As higher education approaches, it now comes with higher and higher tuition and a life-changing debt. The average yearly cost of tuition currently stands at approximately $36,000, nearing $144,000 for a four-year program.

As of 2023, Americans are burdened by more than $1.7 trillion in student loan debt. But it isn’t just high tuition that is inciting fear in young Americans, the competitiveness of scoring a high-paying job and the turnaround time to earn a degree are also to blame. And with widespread labor shortages across the country, a lot of companies are willing to forego a college degree and are even providing training to workers, inherently expelling the need for higher education, and the prospect of student loan debt. 

However, a degree still pays off. According to the Bureau of Labor Statistics, fresh college graduates with a Bachelor's degree earn an average annual income of $69,000, 51% more than high school diploma holders. A report by Georgetown University found Bachelor’s degree holders scored 57% more job opportunities than non-graduates. Moreover, certain programs of study seem to be more lucrative than others too, for instance, STEM majors have a 10 times higher return on investment compared to other majors - which basically means paying off your loans quicker. 

The report also finds that today’s employers seek applicants with good communication, leadership, problem-solving, and critical thinking skills and almost always require evidence of experience. While attaining a college degree doesn’t promise an experienced individual, it does open doors for students who want to strengthen their skills and overall experience by making access to internships and volunteering opportunities much easier. 

The constant battle between college, tuition costs, and fulfilling careers is pushing young Americans to question whether college is the ultimate answer to a successful future, and some are already seeking skilled trade and apprenticeship programs that guarantee them job security and high pay, according to a survey by Thumbtack. 

It seems the value of a college degree might solely be dependent on the student and their future career goals, while some are opting for other means to build their skill set and experience, others feel more comfortable with the security and opportunities a college promises. 

Going to college certainly has its pros and cons, it's a calculated investment that has historically yielded great benefits for Americans, including a better quality of life. Whether a college degree is worth it or not is a choice for young Americans to make, and ultimately depends on their goals, and aspirations – but especially their circumstances.