Is a college degree worth it?

[nalto]

I read somewhere (sorry, can't remember the exact site, I'll search for it now...) that over a lifetime a college graduate now only makes $300,000 more than a non-college graduate. Including debt and the current economy, is it worth it?

[dancinmama]

Jan 21, 2011 13:51:56 GMT -5 nalto said:

I read somewhere (sorry, can't remember the exact site, I'll search for it now...) that over a lifetime a college graduate now only makes $300,000 more than a non-college graduate. Including debt and the current economy, is it worth it?

I'd love to read that article because $300K seems EXTREMELY low to me.

[souldoubt]

That number ($300,000) is taking into account every college major. Certain jobs and/or certifications require at least a bachelors degree. For me it was more than worth it and I'll make much more than the quoted number because of the fact that I have my degree. Obviously it might not be worth it for every major but in the competitive world we live in today wouldn't you want to do as much as possible to set yourself apart from other candidates? If you don't have a degree these days that gets your resume moved to the round file so to speak.

Edit - no idea how much the numbers have changed but here's an article quoting the difference is $21,900 a year between those who have college degrees and those that don't:

badgerherald.com/news/2010/09/21/college_grads_do_ear.php

Over a 40 year work career that's almost 900K which is closer to the 1M number I've heard before over a lifetime.

[thyme4change]

Is a college degree worth it?

Mine was. I can't speak for anyone else.

Actually, I can - my husband's was.

[NomoreDramaQ1015]

I find mine worth it. Even though my field is competitive I still have to compete with a smaller number of people then I do for Target, which without a degree is about all I am qualified for around here. More and more jobs are requiring a degree, the job pool is getting smaller and smaller for those without one.

[cael]

My degree got me my current job so yeah, worth it. I went to a public university so it wasn't outrageously expensive, and I work in municipal gov't, so the job pays enough for me to comfortably pay my loans & bills and everything else.

[Savoir Faire-Demogague in NJ]

I do not have the numbers in front of me, but I do recall reading a recent survey that showed that of the currently unemployed, those with college educations, the unemployment rate is 5%. Those without is double digits.
Cannot vouch for the exact numbers.

[nalto]

www.onlineschools.org/blog/college-america/

[phil5185]

I retired after 35 yrs, my degree was worth way more than $300,000. Here is the key - someone who earned an extra $10k/yr has nearly $10k/yr more of discretionary cash. Ie, the $40k earner needed most of his income for sustenance whereas the $50k earner next door had $10k/yr left over.

And an extra $10k/yr for 35 years grows to way more than $350k, it will be in the millions. (Of course, in real life, the higher earner probably spent a bunch of th e$10k/yr on luxuries).

[dragonfly7]

It probably is, although it doesn't feel like it when you are part of that 5% of unemployed people with college degrees.
I personally don't understand why some positions require Bachelor's degrees other than to cut down on the number of applications. Nearly half of the secretary/office assistant positions I have applied for require one, and yet the job description doesn't require computer, writing, or critical thinking skills beyond what I learned my junior year in high school.

[thyme4change]

A degree is proof that you can finish something, and are willing to jump through ridiculous hoops just to reach a goal. I can't think of a more appropriate skill set for most office jobs then jumping through ridiculous hoops.

[illinicheme]

My undergrad degree was absolutely worth it. My doctorate was probably not worth it insofar as I could have had a successful career without it, and monetarily, I'm not sure I'll break even on the lost income until my late 40s. However, the doctorate didn't cost me anything additional out of pocket beyond the difference in what I could have been making in industry at the time, and I'm happy with the industry/career I have landed in. There are fewer ceilings in my way because I do have the advanced degree.

[souldoubt]

Jan 21, 2011 14:57:03 GMT -5 thyme4change said:

A degree is proof that you can finish something, and are willing to jump through ridiculous hoops just to reach a goal. I can't think of a more appropriate skill set for most office jobs then jumping through ridiculous hoops.

Well said. A few years out of school I've learned 10x more on the job than I did in school but that degree got me my current job.

[thyme4change]

Thanks Soul. I also think that is why a more campus/university/traditional college degree is more valuable than an on-line/for-profit degree. Us old-timers want to know you suffered through the indignities of dealing with the bursars office, and a 500 person lecture hall. Where as many for-profit colleges don't give you the same run-around bull-poo in fear you will up and quit and they will lose their revenue stream.

[alabamagal]

Definitely worth it. I have technical degree, would be making nowhere near what I make without degree. Even though I learned more technical stuff out of college (how to handle real world problems rather than just calculating an answer) you need the degree to get started.

[telephus44]

On average, totally worth it. It makes you stand out from the non-degree crowd, and as someone pointed out, even secretaries are expected to have degrees now.

My degrees are in Latin and Ancient Greek - they have nothing to do with my job - but just about every job interview I've ever had they mention my degree and alma mater and it reflects positively on me. I've also never gone more than 3 months (except for voluntarily) without a job, although I haven't been unemployed in the current recession.

I will add though, that my degrees didn't cost me $100,000.

[gawgagranny]

In my career, it certainly has been worth it! I hold a degree in Pharmacy (which was a 5 year BS program back in the 1970's when I was in college but is now a doctorate level degree only)--my degree has enabled me to have a career which has supported me and my loved ones comfortably. Not rolling in $$, but enough to meet all needs and a lot of wants....what more can one really ask?

[nalto]

Telephus44-

Ubi, O ubi, est meus sub ubi?

[Frugal Nurse]

Yep- an RN degree costs about $8000 and will earn you roughly $50K/year in a LCOLA the first year out of school. Also, hospitals have great benefits, and your career path opportunities are endless. I would recommend it to everyone!

[thyme4change]

nalto - I just googled that. LOL.

[Tiny]

Jan 21, 2011 13:51:56 GMT -5 nalto said:

I read somewhere (sorry, can't remember the exact site, I'll search for it now...) that over a lifetime a college graduate now only makes $300,000 more than a non-college graduate. Including debt and the current economy, is it worth it?

No it's not worth it. Who wants a bigger paycheck? Or more job opportunities/flexibility over the course of their lifetime... Not me... who knows what the future holds. I could die tomorrow...

[stillontheroad]

I read somewhere (sorry, can't remember the exact site, I'll search for it now...) that over a lifetime a college graduate now only makes $300,000 more than a non-college graduate.

"Only" $300k more? Sounds like a waste of time to me.

A college degree from a real school is almost always worth it if you don't overpay for it.

[telephus44]

Jan 21, 2011 16:39:19 GMT -5 nalto said:

Telephus44-

Ubi, O ubi, est meus sub ubi?

Semper ubi sub ubi!!

[nalto]

Jan 21, 2011 16:59:21 GMT -5 thyme4change said:

nalto - I just googled that. LOL.

It was one of our favorites back in school, along with:

"Latin killed the Romans, now it's killing me."

[nalto]

Jan 21, 2011 16:47:34 GMT -5 Frugal Nurse said:

Yep- an RN degree costs about $8000 and will earn you roughly $50K/year in a LCOLA the first year out of school. Also, hospitals have great benefits, and your career path opportunities are endless. I would recommend it to everyone!

Where I live, it is EXTREMELY difficult to get into Nursing school.

[ihearyou2]

I wnet to a state school in the early 90's paid a total of 20-25K for my education. I hae been making six figure income for about eight years. The ROI is off the charts, within four years of graduation I made my money back.

[ihearyou2]

Another thing I think that too many people over pay for their education unless you're going to a Top 25 school, I say look for the cheap ones that have a decent reputation and then prove yourself in the workplace. Too many people go to private universities with minimal upside and pay out of their nose for an education that doesn't get them much farther ahead then their peers at the cheap State school. Top 25 is a different category their alumni and reputations make a big difference in getting you opportunities and are worth the money.

[thyme4change]

As far as picking a school - it also helps if you pick one in the area you want to live. Granted, there is out of state tuition, but you are far more likely to find a hiring manager that knows and trusts the reputation of the local state school than a state school from the other side of the country. This is especially true for your first job, maybe two. But, if you pick some odd ball small school, you just have to accept there will be people that will always distrust the school because they've never heard of it.

[Frugal Nurse]

Jan 21, 2011 17:58:29 GMT -5 nalto said:

Jan 21, 2011 16:47:34 GMT -5 Frugal Nurse said:

Yep- an RN degree costs about $8000 and will earn you roughly $50K/year in a LCOLA the first year out of school. Also, hospitals have great benefits, and your career path opportunities are endless. I would recommend it to everyone!

Where I live, it is EXTREMELY difficult to get into Nursing school.

It is difficult to get into the RN program, I've known people who had to apply for 3 or 4 years before getting accepted. That is why I chose to do the LPN program first. Our LPN program takes anybody as long as you've taken the prerequisite classes and have at least a 2.5 GPA. Once you have that LPN credential, it is easier to get into the RN program. You come in during the second semester of RN school, filling the spots of all the first year RN's that flunked out (about half). Doing it this way, you take 5 semesters of classes, but still finish long before you wold if you tried to go to RN right away.

[Regis]

Engineering degree. Totally worth it.