Making College Worth It: Reasons to Attend College

Numerous articles have reported that a student with a college degree enjoys higher employment rates and lifetime earning than their peers who do not possess a degree. Another study estimated that the average lifetime earnings of 2009 college graduate was 1.2 million dollars, even after paying their tuition expenses, compared to 780,000 dollars of a high school graduate. Despite how evident the statistics reveal that college is an investment worth taking, there are opposing factors such as student debt, which often leaves a student hesitant to attend a college. Over the last decade, student debt in the United States has been increasing exponentially. According to an article of 'The Economist', between the years of 2004 to 2014, student debt has tripled, topping over 1.2 trillion dollars. An average student debtor would be owing around 27,000 dollars by the time they leave college. Students are left with a dilemma of which is more beneficial and profitable: Attending a college paying expensive school fees, or going straight towards the workforce without obtaining a degree. Philip Oreopoulus, a professor of Economics at the University of Toronto says, 'The cost benefit calculus facing prospective students can make the decision to invest in and attend college dauntingly complex.' Students stumble across success stories of college dropout entrepreneurs such as Bill Gates and Steve Jobs, or rumors of high paying jobs that doesn't need a degree might lead them to lean towards not going to college. Nevertheless, college is an investment worth taking for both financial and nonfinancial reasons. Going to college will give a financial advantage, give non-pecuniary benefits, and gives opportunities such as internship to enhance experiences.

The primary reason to go to college is that college gives a financial advantage over those who haven't attended college. Statistically speaking, a Census Bureau held at 2002 estimated that the lifetime earnings of an average Bachelor's degree holder was approximately 2.7 million dollars, over 75% more that the high school graduates earned. Another statistic based on an analysis of the Economic Policy Institute in Washington, stated that in 2013 Americans who had bachelor's degree made about 98% more hourly than those without a degree. That compares to 89% from 5 years ago, and 85% from 10 years ago. According to the data, it is possible to see that obtaining a degree will give a surplus of money, and that the earning benefit is increasing continuously. That being said, the previous statistics before was just an average of all degree holders; the differences in earnings varies furthermore across occupations. For example, comparing between a high school graduate and a bachelor's degree holder in the health professional occupation; college graduates had 68% higher pay than those who only graduated high school.

Additionally, holding a graduates/bachelor's degree opens up a chance to continue in their educational achievement. According to Carnevale, one-third of bachelor's degree holders continue education to obtain a graduate degree. All graduate degree holders should expect at least of a two times difference of lifetime earnings from a high school graduate, and the gap increases further between Masters, Doctoral, and professional degree. Those with a professional degree, (mainly lawyers and doctors) have lifetime earnings 61% more than those with Bachelors, earning an average of 3.6 million dollars. Clearly, it is seen that just earning a degree increases earnings, and the higher the level of degree always will pay off.

Apart from improving wages, attending college increases financial status by increased employment rate. According to a statistic from the Bureau of Labor, the unemployment rate of those with a Bachelor's degree was only 2.5%, compared to 5.3% for those with just a high school diploma. Even with some college, or with just an associate degree, the unemployment rate is comparable having 3.8% unemployment rate. These factors provide evidence that having a college education — and the longer the time invested — increases the chance of being employed, and have an overall advantageous financial status.

Not only going to college gives financial advantages, it also gives non-pecuniary advantages. 'Economists usually view schooling as a financial investment: that is, individuals spend money and time to acquire (or perhaps signal) human capital, in hopes of greater lifetime wealth and consumption in return.' However there are benefits that don't particularly relate to economics and financial aid. For instance, according to data from the General Social Survey, it showed that a positive correlation between the years spent in college and the satisfaction of their health. Simply put, the longer in education, people were more satisfied and thought that they were healthy. Also, according to a Grattan Institute report, those with higher education suffer less from obesity and have reduced BMI. It is also shown that those with more schooling people are less likely to smoke; those with just an extra four years of schooling had a significant 20% decrease of people who haven't ever smoked a cigarette. These factors might be due to superior information processing — including health and dietary information — or that those who go to college are more active than those who don't. Regardless the reasons, lower BMI and less smoking contributes to higher anticipated life expectancy and avoidance of chronic diseases, undoubtedly contributing to the wellness of health.

Another non-pecuniary reason to attend college is that those with higher education may reduce social distance and improve relationships with others that have different culture background. To help clarify, the Merriam-Webster dictionary defines social distance as 'the degree of acceptance or rejection of social intercourse between individuals belonging to the racial, ethnic, or class groups.' Social distance might not appear to be as significant, but James Savage explains the advantages of having reduced social distance: These may take two dimensions: from a public benefits perspective, reduced social distance (particularly between different types of people) is likely to improve the smooth functioning of society; from a private benefits perspective, more and better quality relationships are likely to improve life experience and family quality.

The Grattan Institute finds that college graduates are more comfortable having reduced social distance among peers. Their research shows that there is a correlation between college and the likelihood of making closer friends, and college graduates being generally more acceptable to people of different settings and cultures. This is probably due to the unique opportunities and settings at college such as clubs and sports which require constant socializing and communication. College may be worth it for some for just the unique environment and community it creates, and the memories and experiences one can create there.

Work Cited

1. 'Social Distance.' Merriam-Webster.com. Merriam-Webster, n.d. Web. 7 Feb. 2018.