An investment in knowledge pays the best interest. – Benjamin Franklin
According to a 2016 report by the Organization for Economic Cooperation and Development (OECD), the enrollment rate of students between the ages of 20 and 24 in tertiary education has increased from 29 to 33 percent in nine years. This means that education, even though it has always been valued, is now more important for professional success and development than ever. However, one of the frequent issues people have with education is its price. Think of it this way: you will invest around $20,000 in a four-year education program and perhaps end up with $100,000 per year, depending on the profession you choose. But let’s dive deeper into this topic.
Finding a job is easier with a college degree
Even though education price continues to rise (especially higher education), it still pays off having a degree, and not only in terms of a paycheck. According to the U.S. Bureau of Labor Statistics (BLS), workers with higher education also have better prospects of finding employment. These data show that the unemployment rate drops with each additional level of education – workers without a high school diploma have the highest unemployment rate, while people with a doctoral degree have the lowest unemployment rate.
Higher level of education ensures higher earnings
The same statistics also show that workers with an educational level lower than a high school diploma earn twice as less money than workers with a Bachelor’s degree, while people with a Professional degree have a weekly wage that is higher than that of a Bachelor’s graduate for about $600. If you take these numbers into account, you will easily see that over the course of a decade-long career, investing time and money in studying actually pays off, regardless of the high price of higher education.
Still, not all degrees are valued the same
It is very important to point out that not all degrees will bring you the same financial benefits. Even though it is praiseworthy to follow a career you love, you need to take into account the potential gains and losses. A Renaissance Arts course can enrich your mind with many valuable pieces of information and ideas, but it will never fill your wallet like a diploma in Informational Technologies. The best choice is a combination of passion and financial gain.
Dealing with the cost of studying
We’ve already mentioned that despite the high price of high education, there is much to gain. However, it is imperative to take these numbers into account as well. According to a website Savingforcollege.com, the average tuition fees are assumed to increase by 5% annually, while additional expenses such as books, transportation and accommodation increase this sum even more. Still, there are many ways to make these expenses as low as possible, including various college savings accounts, loans and education foundation scholarships, which are available even for some high schools. These scholarships provide students with various perks, ranging from tutoring to financial support.
Focus on what’s important – your future
When thinking about college, we often tend to look at it too straightforward – you pay a certain amount of money and you have to study. However, this is a lifetime investment and it should be treated accordingly. The amount of money an average student spends during a year of college can be earned in a year. And if you look beyond that, you will be able to see more future benefits in the form of savings, investments and, of course, financially secure retirement.
Beyond financial benefits
Finances are not the only area of your life that benefits from education. There are several studies pointing out that health benefits of education even outweigh the financial returns. A study Education and Health: Evaluating Theories and Evidence found that each additional year of education increases a life expectancy by 0.18 years. Another research What Does Education Do to Our Health supports this positive correlation by assuming that people with better education invest more in their health and that they have a better understanding of it. In Higher Education and Health Investments: Does More Schooling Affect Preventive Health Care Use?, the authors state that individuals with higher levels of education are more prone to preventive health care, which reduces the likelihood of developing certain diseases. Besides improved health, higher education also creates more possibilities for socializing and upward social mobility, not only for the individual with a degree, but also for their spouse and children.
Finally, it is imperative to notice that, looking at a bigger picture, higher education brings a lot to a person’s overall quality of life by making the individual more knowledgeable and more aware of the world surrounding them. Knowing all this, do you still think that education doesn’t pay off? You see, you are only investing dollars and time and, in return, you are gaining higher paychecks, more job prospects, better health, upward social mobility, safer future for you and your family, as well as overall better life quality. So, yes, despite some flaws, college is still the best way to achieve a more fulfilled life.
