College: A Reasonable Choice or Economical Disaster?

Derrick Marino, Reporter

No matter who you are, you can’t argue with all of the benefits that come with going to college and succeeding. It is easier to land yourself in the middle class with a college education, but there is always those two words that come along with college that scares people. Student Debt. The huge amounts of money that hang over most college graduates heads can be overwhelming, and sometimes not even worth it, but does this mean that you shouldn’t go?

Studies show that those with a high school diploma or equivalent make around $20,000 to $25,000, meanwhile those with a bachelor’s or master’s degree can make up to twice as much or even triple those with a high school diploma. Is it clearly evident that the pay increases with the more education that one has, but the cost to get that education is what affects people. Its a double edged sword, nothing can be that perfect!

Even though college may be expensive when you actually attend it and after you attend it, in the long run, it starts to pay off, quite substantially. David Autor, an MIT economist, states “The true cost of a college degree is about negative $500,000. That’s right: Over the long run, college is cheaper than free. Not going to college will cost you about half a million dollars.” The average student loan debt for a bachelor’s degree graduate is around 28,500 dollars, which is just a fraction of the benefits that comes with having a college degree. As of April 2015, the average unemployment rate for a graduate with a bachelor’s degree is roughly 3%.

All these statistics aside there is nothing wrong with receiving more education. 99% of the jobs and careers in the world can benefit from higher education and like a mentioned before, they tend to be pay a lot more! There is also the fact that a college experience is like no other, it teaches maturity, and a lot of other things that can give you a boost when it comes to the basics and sometimes more advanced aspects of adulthood.