Saint Vincent College . VID
Although it is not the only path to success, a college degree has long been a road to a better life for first-generation-to-college families like mine. Now some people now question the value and purpose of college altogether. This can lead some prospective college students to wonder, not which college to apply to, but whether they should apply at all.
The critics make four oft-repeated mistakes about higher education: it’s not worth it, it’s too elitist, it’s too expensive, and that it doesn’t prepare you for the real world.
College is worth it
First, both quantitatively and qualitatively, college is still one of the very best investments someone can make.
Quantitatively, according to economists at the Federal Reserve Bank of New York, a four-year degree generates an annual return of 14% over a 40-year career. A college degree would yield about twice the return compared to diverting your college savings into an index fund, and five times greater than if you had invested it into bonds, gold, or real estate. Studies consistently show college graduates enjoy a bump in pay of over $1 million in their lifetime (on average) over those without a degree.
Qualitatively, numerous surveys show that college graduates poll significantly higher for indicators of happiness and fulfillment compared with their non-graduating peers. College graduates tend to be happier, enjoy longer life expectancy, have healthier lifestyles, lower probability of incarceration, higher philanthropic giving, and higher rates of community engagement.
Second, though some schools cater to wealthier populations, but colleges and education generally have long been the great equalizer in America. For many women, minorities, first-generation, and lower-income students, the path to a better life starts with a college education.
College-aid programs like PHEAA and Pell for lower-income students, and the GI Bill for veterans, have opened the doors to college to more first-generation-to-college students than ever.
The 90 independent nonprofit colleges and universities of Pennsylvania educate 45% of all lower-income, Pell-eligible students, 49% of all “adult” students, 54% of all minority students and the largest proportion of first-generation-to-college students in the state. National measuring sticks like the Economic Mobility Index and the WSJ’s Social Mobility Ranking demonstrate that schools like these change lives and empower lower-income students.
Third, the actual net cost of a degree at these independent nonprofit schools is much lower than that “sticker price” you saw. According to the US Department of Education, average net tuition and fees (what families actually pay after school aid and public grants) at independent nonprofit colleges in Pennsylvania is just under $13,000.
That’s less than it was 10 years ago (even before adjusting for inflation). A degree from these schools is actually becoming more affordable, not less.
Fourth, the average person entering the job market today will have 16 different jobs in 5 or 6 different fields, and the job they have 10 years from now might not even exist today. So how can you prepare for an unknown career in an uncertain future?
When jobs become more competitive, and new technology like A.I. structurally changes our economy, the case for college is enhanced, not diminished. “Learning how to learn” is the new essential skill in a knowledge-based economy, and higher education is the surest way to develop it.
Choosing to forgo college limits your options. There are still plenty of jobs available without a college degree, sure, but so many more opportunities are available with a college education. By 2031, 70% of all jobs will require at least some post-secondary education, a double-digit increase in just a decade.
Remember these facts when someone denies the value of a college education.
Pittsburgh Post-Gazette
Thomas P. Foley is president of the Association of Independent Colleges and Universities of Pennsylvania.
