A college education is worth pursuing
I come from a background and community that is full of people working a minimum wage job or slightly above that. My community has a lot of immigrants both children and grownups. As we all know, the highest paying jobs in the United States require at least some formal amount of education if not the best education. It is also worth noting that inflation is at 7.7% at this moment. We are currently in one of the most expensive time periods in America since the last recession in 2008 . The effectiveness of the rising cost affects everyone, some more than others and some actually benefit from it. However, in the macro scheme of things, the majority of the population is negatively affected by the rising cost of our way of living. The question is now, how does that affect those with lesser education. As prices rise, their wages are not necessarily increasing depending on the job they have. For the ones that are actually getting a raise, it will not be enough as opposed to the faster rate inflation is increasing by. Inflation happens every year and this is not necessarily the only time having a lower education status is placing people at a disadvantage. As you can imagine those with a lesser education thus a lower paying jobs have it the worst.
Effectiveness of a college education
Through deep and intensive research on whether the college education is worth it or not, I was able to dive in a little more into the breakdowns of this complex issue. The topic itself became an issue when people started showing concerns that led to questioning the outcomes of a college education. In my humble opinion, I believe that as of today, a college education is still worth pursuing. I think every single factor must be taken into consideration when generalizing this topic. The circumstances will be different for every single person and what they wish to achieve in life. Though, oftentimes circumstances will be similar for individuals of similar backgrounds.
To start off, people should be very careful when choosing what field they are going to study. A lot of people are undecided and unprepared. As a result you end up with a major that is not likely to support your living standards. According to Karageorge (2014) “ Some fields of study at the sub-baccalaureate level, we find, are associated with higher payoffs than others among bachelor’s degree holders over the observational period.”
The type of education you decide to pursue does matter also. For example, community colleges frequently offer low financial returns and may not be the best option for underprivileged students. They also take away the motivation of students having to finish higher educational goals like a 4 year degree. While it is still likely to see positive results from a 2 year college, it has been known that 4 year institutions show better outcomes. Reasons for that include factors such as employers desiring a 4 year degree instead of a 2 year degree. That results in a higher average wage gap between those two education levels and lesser education levels.
The cost of attending colleges
One might also argue that the burden and economic cost of attending a university is not compatible with results. The major organizational strain of this argument, the issue of whether economic potential outweighs the cost of attending college, can be seen as a manifestation of economic fears. Contrasting ideas about the university’s place in society and conceptions of who belongs in college, however, are at the heart of this tension. Commentators lay an unrealistic burden of proof on higher education advocates and perpetuate literacy myths about the relationship between higher education and secure employment by focusing on these concerns in ways that locate higher education’s worth in unstable labor markets.The response to this issue of College being worth it or not will depend on more than just college success. It assesses the concerns of people entering an unstable labor market. In the grand scheme of things, there are a variety of graduate students who are either unemployed or not using the degree which they earned. Some people do feel the need to directly go to the labor market whether it is a regular or a minimum wage job. Of course to attend college comes a price which is an unfair burden on several students. The thing to figure out is whether the economic opportunities should be enough compensation for the burden that they must endure.
I believe there is more to the issue than just cost, and probability of success. I have met people who seek education just solely on the basis of furthering their education. Certain ones see a problem in life that they wish to resolve and a lot just wish to be someone important in life. One thing they all have in common is that they believe college is a pathway through that. It comes with a lot of stress and other elements if unprepared for, mentally you will endure a lot.
Gap in wages and earnings
There are solutions to the high cost of attending college. Some of those solutions include student loans, Free Application for Federal Student( FAFSA), state funds (TAP), and scholarships. They are not perfect and certainly not applicable to everyone, however it allows many more individuals to seek higher education. A recent experimental study with high school seniors revealed that those receiving FAFSA increased enrolment and retention by 25%.
In 2011, a comparison between high school, college degree, graduate degree, shows the earnings distinction at each level. The median annual earnings for high school graduates is about $34,000, compared to $57,000 for bachelor’s degree holders. In other words, those with a college degree earned about 57% more than those without. Fast forward to 2015, the SSA( Social Security Administration) conducted a census which suggested that “Men with bachelor’s degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor’s degrees earn $630,000 more. Men with graduate degrees earn $1.5 million more in median lifetime earnings than high school graduates. Women with graduate degrees earn $1.1 million more”. In summary, those results illustrate the significant long-term economic benefits associated with college education.