There was a time when obtaining a four-year college degree was unquestionably the top option for a newly graduated high school student in the United States. Yet the average price tag of a college education has more than doubled since the start of this century. That shift has diminished the return on investment for a diploma compared with past decades, prompting more students to wonder: is college worth the cost?
Is College Worth It?
For a significant number of people, possibly not. A recent Pew Research Center poll found that only 22% of U.S. adults think a college degree is worthwhile if it requires taking out loans. Affordability isn’t the only factor driving students away from college. Some careers don’t demand a four-year credential, some young people prefer to begin working sooner, and for others, campus life simply doesn’t align with their goals.
Still, whether college is worthwhile isn’t a black-and-white decision. Below are six reasons a degree could be a good investment, along with expert thoughts on alternatives to the traditional route.
1. Career Opportunities
Although you can build a successful career without a university degree, certain professions mandate it. If your ambitions include becoming a teacher or a lawyer, for example, attending college is unavoidable. That said, many lucrative jobs accept candidates with a high school diploma, an associate degree, or relevant certifications.
Many high school seniors are still exploring their interests as graduation approaches. As Kevin Ladd, COO and co-founder of Scholarships.com, notes, gradually entering higher education can be a more budget-friendly path.
“If you don’t yet know what career you want and you can manage it financially, you might start college undeclared and enroll in required general courses — possibly at a community college — to keep expenses lower until you identify a major,” Ladd recommends.
2. Earnings Potential
College is an investment, and it can yield returns. Data from the Bureau of Labor Statistics (BLS) show that in 2023, people with bachelor’s degrees earned nearly $600 more per week than those whose highest attainment was a high school diploma. Earnings generally increase with higher educational attainment.
That said, the picture varies by field. Diagnostic medical sonographers can secure median annual pay above $80,000 with only an associate degree, whereas some professions that require a bachelor’s — such as certain teaching roles — have median pay closer to $65,000 annually.
Moreover, the Pew report notes that outcomes for workers without bachelor’s degrees have improved over the past decade: higher wages, increased household wealth, and reduced poverty rates.
“There are high-paying careers that don’t necessarily require a college degree,” said Martha Kortiak Mert, COO of Saving For College. “Trade occupations like plumbers or electricians can be lucrative, though they may call for apprenticeships or specialized training.”
3. Job Security
Another argument for higher education is stability. BLS figures reveal a link between educational level and unemployment: in 2023, the jobless rate for high school graduates was 3.9%, compared with 2.2% for individuals holding bachelor’s degrees.
It’s worth noting that those with associate degrees fall in between, with a 2.7% unemployment rate, underscoring that two-year programs also deliver advantages.
“An associate degree offers two main benefits,” Ladd points out. “Typically it takes two years rather than four, so you can enter the workforce full time sooner. Also, the annual cost — whether you attend a community college or a trade school — is likely lower than that of a conventional four-year institution.”
4. Financial Aid Eligibility
Many people surveyed by the Pew Research Center said college isn’t worth it if it means taking on debt. Yet borrowing isn’t the only route to pay for school. Students who qualify for scholarships can drastically reduce tuition costs, and some assemble enough awards to make college very affordable.
For those who don’t qualify for need-based aid, other cost-saving strategies exist. Dr. Jefferson Pestronk, executive director at Modern States Education Alliance, highlights several ways students can lower expenses.
“A lot of families know about dual enrollment and AP courses that save money and time, but fewer are aware of options like the College-Level Examination Program,” Dr. Pestronk said. “Today there are many pathways for learners to reach their goals without accumulating excessive debt.”
5. Personal Fulfillment
For numerous students, the act of graduating and walking across the stage is deeply meaningful. Attending college requires discipline and dedication: studying, taking exams, and attending classes helps cultivate habits employers value, such as meeting deadlines and managing responsibilities. The campus experience also offers social growth, friendships, and memories that can endure for years.
“A major reason many students go to college is simply to experience college life — moving away from home, living with peers, managing schedules and responsibilities independently,” Ladd explains. “And of course, potentially forging lifelong friendships.”
6. Lifelong Career Support
Colleges typically maintain alumni services aimed at helping graduates with career placement. That assistance often persists well after graduation, providing career guidance and networking opportunities throughout your professional life.
Being part of an alumni network can also be advantageous when job hunting on platforms like LinkedIn. Dr. Pestronk adds that many nontraditional and online programs also offer sustained student services.
“Numerous online and hybrid programs emphasize community building, deliver strong supports for students, provide flexibility for learners, and pass cost savings to their participants,” Pestronk said.
Choosing higher education deserves careful thought. It’s not a guaranteed path to success, and there are viable alternatives. Research your intended career, compare the expenses of a degree with the typical salary in that field, and weigh whether the time and money invested make sense for your future.
Anna Morales is a financial writer with over a decade of experience. Her articles have appeared on several leading personal finance platforms.
