Costs vs. Benefits of College Part 2

As the discussion in the preceding paragraphs attempts to reveal, there is no universal answer to the desirability of enrolling in college. Given the disparate outcomes of a cost-benefit analysis of attending college due to a variety of factors (intended area of study, likelihood of completing studies, years required to earn a degree, etc.), individuals will have to consider the merits of enrolling in college or graduate school based on their own circumstances. Among the issues a person ought to consider are these:

• Your alternatives. If you don’t pursue college, what is your career plan?

• Your career goals. Many fulfilling or high-wage careers do not require post-secondary education, including trade careers.

• The all-in cost of earning the degree you desire. How many years of schooling would you anticipate, and what income would you forego while in school?

• Defraying the cost of earning a degree. In addition to grants or scholarships, community college and online courses can often be cheaper than full-time residential college experiences or better fit into a lifestyle where a student maintains employment while pursuing a degree.

• Your commitment to and the likelihood of completing your course of study. Many students who enroll in college never earn a degree and are left burdened by debt and lost wages from the pursuit of incomplete studies.

Choosing to attend college is not a choice that should be taken lightly, and while it is a suitable pathway for many, it is not universally advisable.

For most people, the answer is yes, attending college is a worthwhile decision. College can be an exciting time, presenting a mix of learning, relationships, and networks that can deliver a lifetime of economic and social dividends. For prospective students, it may be helpful to consider whether they are likely to fall in the significant but sizable minority of students who do not obviously benefit from college, either due to their high opportunity cost, low expected return upon graduation, or low likelihood of timely graduation. Otherwise, the financial and social gains from attaining a college degree have been steady and attractive for many decades, arguing in favor of post-secondary education for students prepared for the challenges and opportunities it presents.