A college education is expensive, but it’s arguably the best investment you can make in your lifetime. In fact, it’s one of the biggest investments a person makes in his or her lifetime—more than buying a house, according to the latest data from the Organization for Economic Co-operation and Development. It’s also a major expense that, for many people, will likely be financed by loans and other forms of debt. Moreover, the cost of higher education has been rising faster than most other consumer goods and services, which has fueled public concern about the affordability of colleges.
But a degree is more than a good financial investment; it can also offer important professional and personal benefits that are hard to quantify. For example, a degree can help you build relationships with mentors and other important individuals in your field of study or work. These connections may provide opportunities to learn new skills or gain a better understanding of your career path.
College is also a place to develop essential soft skills, such as time management and organizational abilities. Students need these skills to manage the numerous assignments, tests and other requirements of a typical course load. It’s also a great way to meet like-minded individuals and potentially find a lifelong network of support and collaboration.
In addition, college is a place to explore interests and passions that you may not have had the opportunity to pursue in high school. Whether it’s music, art, social justice or other topics, students have the chance to expand their knowledge in a subject area that they enjoy. Many of these activities can even lead to an internship or other work experience that can boost a student’s resume upon graduation.
A number of studies suggest that a college degree increases job security and earning potential. This is partly because more employers see a degree as a proxy for hard and soft skills that are crucial to a business’s success. In addition, it’s become common for employers to require a bachelor’s degree or higher to apply for a position.
Having a degree can also give you access to certain workplace perks and benefits, such as healthcare coverage or retirement investment options. These can make a huge difference when it comes to balancing the costs of a college education.
However, despite the clear financial benefits of a degree, some Americans still have trouble seeing the value of a college education. Specifically, some believe that a college degree should focus on teaching specific workplace skills, rather than providing students with broad-based academic and intellectual experiences. This view is particularly prevalent among young adults, those ages 18 to 29. These individuals are also more likely to believe that a degree should be focused on a major with high earning potential. This may explain why the number of Americans with STEM degrees continues to rise rapidly. Nevertheless, some educators believe that forcing students into fields that may yield a higher return on their tuition investment could create shortages in occupations that are equally important to the national economy.