Why a College Degree is Still Worth the Cost
I was in NYC for a trip with my daughter this past weekend. I stayed at the Fairfield Inn on 40th and it was very reasonably priced. The rate included a free breakfast and unlimited coffee. I also got a free USA Today, which I always enjoy reading. Monday’s cover story questioned whether a college degree was still worth the cost, especially during a recession.
The story opens with an anecdote about a young lady who’s $80,000 in debt from school loans. She attended a New York university and got a degree in journalism and anthropology. Now, my first reaction was this: Who was advising this young woman? I’d never recommend going into such debt for the degrees mentioned. And I say this as a professional journalist. It just isn’t necessary.
The story goes forward with the premise that those who don’t obtain degrees often make as much, if not more than, those with college degrees. I’m sure that’s true, but what the story fails to take into account is quality of life. Let’s say someone goes to college and graduates with a degree in biology with the intent of teaching high school. Of course, it’s possible that someone with only a high school diploma will earn more than the biology teacher.
But is the high school grad loving her job? One of the benefits derived from a college education, in my opinion, is that it increases your options. It doesn’t guarantee a job, but being educated makes you a desirable candidate. And if an individual chooses a major carefully, it can pay off either financially or in job satisfaction. Hopefully, you get both. But even if you don’t make a lot of money, job satisfaction is worth an awful lot in this life.
Now, I’m certainly a little biased because I’m paying college tuition for the next 8 years (two kids in succession). I wouldn’t be doing this if I didn’t think a college degree was still an important part of success. And the recession isn’t going to last forever. Making a decision based on the current state of the economy seems terribly short-sighted. I think the decision about how much debt to take on at this time, though, is certainly an appropriate consideration.
If you can’t send your kids to their number one choice, then there’s nothing wrong with looking at community colleges. A student who’s talented and resourceful will find a way to make a lower-priced degree work. But to give up on college entirely without exploring cost-effective solutions because there’s a recession going on? No, I’m not buying that as a sound decision.