Is That College Degree Really Worth It?
The cost of higher education seems higher each and every day ‐ ‐ and it is no secret that student debt is a growing problem.
In fact, as of 2017, more than 40 million Americans have at least some student debt.
Worse still, there is a substantial amount of former students among these 40 million people who find themselves in serious economic trouble because of the debt that they have taken on. All this has many people asking the obvious question: is a college degree really worth it? In this article we will break down the numbers and offer a general answer, keeping in mind that everyone's situation is a bit different.
The average cost of attendance at an in state university in the United States is roughly $9,650. Of course, the average cost of private and out-of-state schools is much higher ‐ ‐ $24,930 for out-of-state public schools, and $33,480 for private schools, to be exact. And this doesn't take into account the fact that many students pay for living expenses through loans as well. Finally, it is also worth considering that with accumulating interest, most former students end up paying far more than the original cost of the education.
So, just to maintain a healthy dose of skepticism, let's assume that your entire college education puts you $200,000 in the hole. (Which, let's be clear, isn’t the most likely of scenarios.) Surely, this cannot be a wise decision, can it?
Well, according to a study, the average college graduate earns, over the course of their life, roughly 1 million dollars more than the average non graduate. So the bottom line is that your bottom line will likely improve over time if you decide to attend college ‐ ‐ even though such a decision can sometimes cause temporary hardships, especially when debt piles up.
Student debt got you down? No worries. You are an educated and capable person who clearly has potential for the future. The mere fact that you have attended college is a good indicator of this. If you find yourself concerned about your finances, the most important thing you can do is to take action. Visit Madison Monroe and Associates online today to learn more.