Is college worth it?
Apr 5th 2014
WHEN LaTisha Styles graduated from Kennesaw State University in Georgia in 2006 she had $35,000 of student debt. This obligation would have been easy to discharge if her Spanish degree had helped her land a well-paid job. But there is no shortage of Spanish-speakers in a nation that borders Latin America. So Ms Styles found herlf working in a clothes shop and a fast-food restaurant for no more than $11 an hour.
Frustrated, she took the gutsy decision to go back to the same college and study something more pragmatic. She majored in finance, and now has a good job at an investment consulting firm. Her debt has swollen to $65,000, but she will have little trouble paying it off.
As Ms Styles’s story shows, there is no simple answer to the question “Is college worth it?” Some degrees pay for themlves; others don’t. American schoolkids pondering whether to take on huge student loans are constantly told that college is the gateway to the middle clas
s. The truth is more nuanced, as Barack Obama hinted when he said in January that “folks can make a lot more” by learning a trade “than they might with an art history degree”. An angry art history professor forced him to apologi, but he was right.
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College graduates aged 25 to 32 who are working full time earn about $17,500 more annually than their peers who have only a high school diploma, according to the Pew Rearch Centre, a think-tank. But not all degrees are equally uful. And given how much they cost—a residential four-year degree can t you back as much as $60,000 a year—many students end up wor off than if they had started working at 18.
PayScale, a rearch firm, has gathered data on the graduates of more than 900 universities and colleges, asking them what they studied and how much they now earn. The company then factors in the cost of a degree, after financial aid (discounts for the clever or impecunious that greatly reduce the sticker price at many universities). From this, PayScale estimates the financial returns of many different types of degree (e chart).
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Unsurprisingly, engineering is a good bet wherever you study it. An engineering graduate from the University of California, Berkeley can expect to be nearly $1.1m better off after 20 years than someone who never went to college. Even the least lucrative engineering cours generated a 20-year return of almost $500,000.
Arts and humanities cours are much more varied. All doubtless nourish the soul, but not all fatten the wallet. An arts degree from a rigorous school such as Columbia or the University of California, San Diego pays off handsomely. But an arts graduate from Murray State University in Kentucky can expect to make $147,000 less over 20 years than a high school graduate, after paying for his education. Of the 153 arts degrees in the study, 46 generated a return on investment wor than plonking the money in 20-year treasury bills. Of tho, 18 offered returns wor than zero.
自然手抄报Colleges that score badly will no doubt grumble that PayScale’s rankings are bad on relatively small numbers of graduates from each institution. Some schools are unfairly aff
ected by the local job market—Murray State might look better if Kentucky’s economy were thriving. Universities that t out to rve everyone will struggle to compete with lective institutions. And poor colleges will look wor than rich ones that offer lots of financial aid, since reducing the cost of a degree rais its return.勤为径
All the caveats are true. But overall, the PayScale study surely overstates the financial value of a college education. It does not compare graduates’ earnings to what they would have earned, had they skipped college. (That number is unknowable.) It compares their earnings to tho of people who did not go to college—many of whom did not go becau they were not clever enough to get in. Thus, some of the premium that graduates earn simply reflects the fact that they are, on average, more intelligent than non-graduates.
江西米粉What is not in doubt is that the cost of university per student has rin by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade. Student debt has grown so large that it stops many young people from b
uying hous, starting business or having children. Tho who borrowed for a bachelor’s degree granted in 2012 owe an average of $29,400. The Project on Student Debt, a non-profit, says that 15% of borrowers default within three years of entering repayment. At for-profit colleges the rate is 22%. Glenn Reynolds, a law professor and author of “The Higher Education Bubble”, writes of graduates who “may wind up living in their parents’ baments until they are old enough to collect Social Security.”
That is an exaggeration: students enrolling this year who rvice their debts will e them forgiven after 20 years. But the burden is still heavy for many. It does not help that nearly a third of tho who take out such loans eventually drop out of college; they must still repay their debts. A third transfer to different schools. Many four-year degrees drag on longer, and so cost more. Overall, the six-year graduation rate for four-year institutions is only 59%.
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