Many students, and their parents, are wondering whether college is still worth the price. The high cost of college has not been reduced at many colleges nationwide, yet the college experience has been greatly curtailed.
According to Money, “A weak economy makes paying for college harder, but it also puts a spotlight on one of the major benefits a college degree can deliver – security.” Money cited statistics from April 2020, the first full month of the COVID pandemic in the US, indicating that about eight percent of workers with a bachelor’s degree filed for unemployment benefits. That was roughly half the rate of those with a high school diploma or only some college experience. The conclusion drawn was that the higher one’s level of education, the more stable the paycheck.
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Of course, the cost of earning a college degree varies greatly among institutions. So families need to carefully weigh several factors. According to Money, sticker prices have become increasingly divorced from the reality of what typical families actually pay. At the 700+ colleges ranked by Money, more than 75% of students received grant money (that does not get paid back) to reduce the sticker price. So families have to consider what they would actually pay for their child to attend a particular institution.
Families also have to weigh the degree cost against the potential payoff. Among the factors considered by Money in ranking the best colleges in America are graduation rates, student debt loads, and average alumni salaries. The schools that top Money’s rankings boast “outstanding results at an affordable price.”
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The top 25 schools on the list include a handful of East Coast institutions: Massachusetts Institute of Technology (MIT), Princeton University, Duke University, University of Virginia, Yale University, Washington and Lee University, Harvard University, University of Florida, and Georgia Institute of Technology.
At these schools, the early career earnings are typically three-to-four times the estimated price with average aid. The average student debt at the majority of these schools is between $9,000 and $19,500.
According to economist and college professor Douglas Webber, going to college is not a guaranteed path to a job and high wages. But he estimates that college graduates have a roughly 9-in-10 shot of earning more than the typical high school graduate. Those are pretty impressive odds.
Susan Alaimo is the founder and director of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated instructors have prepared students for the PSAT/SAT/ACT exams with preparation courses and private tutoring throughout Central Jersey. SAT Smart also offers private tutoring for subject tests, AP courses, and all high school subjects. Visit www.SATsmart.com, or call 908-369-5362.
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September 04, 2020 at 04:00PM
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Why a college degree is still worth the cost | College Connection - My Central Jersey
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