Is College Still Worth It in 2024?

When we question if college is “worth it,” we mean whether it provides a decent “Return on Investment,” also known as ROI. By asking this question, we are also presuming that people attend college solely to make money, as is currently the case with a significant part of the global population.

Some people attend college only to gain knowledge and become educated. That is also worth considering because the ways we may obtain an education today have changed substantially, and going to college is no longer the only way to gain information, even for those who want to pursue a career in academia.

But we’ll start with the ones who go to college to make a living because they make up the vast majority. You, who are reading this, are most likely one of these people wanting to make money.

So, is going to college still worth it in 2024?

Considering ROI

According to experts, the value of a college education has declined in recent years as a result of student debt concerns and advancements in technology and the economy. High school students today believe that attending college isn’t worthwhile since, after graduation, you will be working the majority of the time to pay off your student debt.

In contrast, if you had started working right after high school, you would have saved both the time you would have spent studying (on average, four years) and the money you would have spent on tuition.

But what would you lose by not going to college?

I will try to address this question in a later section of this article.

So, is college still worth it in 2024?

The answer is “yes.”.

Reports by Georgetown University show that a person who has a college education earns 75% more than a person with only a high school diploma. This is a staggering percentage!

Furthermore, researchers have found that incomes grow with education level. Higher education levels result in higher earnings. People with a bachelor’s degree or above make $1.2 million more on average than those with only a high school diploma.

These reports are from within the United States because concern about the relevance and importance of going to college is higher in the United States than in other parts of the world.

Recent surveys from Public Agenda say that, due to concerns about student debt, only 49% of people in America still think that going to college is worth it. Meanwhile, 66% think that a college education does not fulfill the needs of students as expected.

As we have seen, the majority of people, particularly in the United States, have lost trust and confidence in higher education due to student debt.

However, research has shown that college education continues to outperform other forms of education, making it worthwhile to attend college in 2024 in terms of income.

Still, other crucial criteria besides income disparities may decide whether college is still worthwhile. Going to college may result in higher earnings than a high school graduation, but at what cost?

Other Factors besides ROI

Aside from the financial aspect, there are several other crucial things to consider while deciding whether to attend college.

Factors like:

• Time
• Stress
• Personal relationship
• Geographic location
• Quality of life, etc

All of these factors, among others, influence whether or not attending college is worthwhile on a personal level.

To gain a clear idea of whether going to college is worthwhile, assess the pros and cons of earning a college degree.

Pros and Cons of Earning a College Degree

Pros

1. Higher earning potential

As I previously said, attending college gives you a significant edge in earning more than someone who does not have a college degree. This is a good incentive to continue attending college, and it ranks first on our list because it is what most people look for.

2. Career Advancement

A college degree provides numerous opportunities for advancement and increased earnings. As I mentioned before, salaries rise as one’s education degree increases. A person with a college degree has a lot of opportunities to progress and become more educated, which means they will earn more.

This is not true for those who do not have a college education, as a bachelor’s degree is typically required to advance in education. Without it, one cannot advance, though other subjects can be studied informally or unsystematically.

3. Personal growth

College provides an excellent opportunity to meet with people from all backgrounds and learn about human behavior. It goes without saying that being able to interact with others and navigate social situations is a valuable ability in life.

Interacting with others will always be more practical and superior to literature written to teach people about this quality.

Furthermore, having strong social skills will be advantageous in the profession.

4. Networking

No one succeeds without a strong network. A strong network is essential for achieving success. This is simple to accomplish in college because you will have a group of friends who will later move into different sectors and support you in areas where you may require assistance.

3. Improved quality of life

As reported by experts, college graduates can enjoy a higher quality of life, including improved health and life satisfaction. Many studies have found that children of college graduates have a higher quality of life and are more likely to proceed in education and achieve their goals.

4. Enhances critical thinking and decision-making

Most college courses require students to think critically. This is useful for the rest of one’s life because critical thinking and decision-making are required at all times.

5. Career flexibility

College graduates have additional opportunities to pursue different professional paths. They can also work with a variety of firms. An electrical engineering degree, for instance, can lead to employment in various industries, including electronics, oil & gas, and construction.

6. Increases Curiosity

This is highly debatable because curiosity can be a natural quality. But college makes you curious about the world. When people learn new things, they are naturally intrigued and want to know more. As a result, college graduates will continue to learn throughout their lives.

Cons, AKA, what you would lose

1. Cost

According to the College Board, the average total cost of attending a public school for in-state students is $27,330 per year, whereas private university tuition is $55,800 per year. Many students must take out loans to pay for education, which can result in hefty debt upon graduation.

2. Student debt

Student Loan Hero reported that the average student loan debt for the 2020 class was $37,693. Student loans can take years, if not decades, to repay, limiting your financial independence and security.

3. Some degrees may not be necessary shortly

With rapid technological and economic advancements, several experts expect that college degrees may become less important, if not obsolete, in the future. Some businesses may place a higher emphasis on abilities, experience, and certifications than formal education, particularly in rapidly expanding sectors.

4. College education is no guarantee of success

A college degree does not guarantee that you will obtain your desired career or earn a good salary. Many college graduates are underemployed, which means they work in positions that don’t require their level of education or abilities. Some college graduates struggle to obtain employment in their fields of study, particularly in competitive or saturated industries.

Now that we’ve discussed the economic benefit of college education, let’s look at it from an academic perspective.

Is College Education Still Worth It in Academia?

This is a “yes”. College education is very important if you want to go into academia. Many reasons that we have already mentioned about the economic value of college education may be repeated for academia.

Advancement in education

You cannot advance to a higher level without a college degree. You must have a bachelor’s degree as a prerequisite for advancing to the next level.

Collaboration

Your collaboration with other academics is only possible if you are a known person from a given institution, which requires you to have gone to college.

Credibility

Your academic papers are very important when it comes to your credibility in academia. They might not be an absolute necessity, but you must know the academic background of an accredited institution for your works to be peer-reviewed with ease.

Systematic education

You may attempt to get educated on the Internet, but that is going to be very hard because of the lack of a system or curriculum to follow. Colleges offer a systematic approach to learning.

Mentorship

Starting from your professors to other friends you will make along the way, going to college offers you an opportunity to find mentors and people you can look up to; people who will inspire you to pursue knowledge.

Given everything we’ve discussed so far, it’s safe to claim that a college education is generally worthwhile in 2024 and beyond. If you are thinking about going to college, that is a positive thing. In general, it has long-term benefits.