The Rising Cost of College Brings Into Question The Return On Investment

It was once said by Benjamin Franklin that an investment in knowledge pays the best interest and college is the kind of place that can provide you with that. It’s a place that allows you to explore your interests, and your mind and think about what you want to do with your life. But is all the investment worth it? Do the benefits of said investment outweigh the costs? The cost of college should be affordable for everyone so that every student who wants to go to college has the opportunity to do so without taking out so many loans that’ll have them in debt years after their education has ended. 

According to Yahoo Finance, both public and private university tuition in Massachusetts are becoming increasingly expensive. For instance, “two Massachusetts colleges, Wellesley and Boston University, now have annual student costs exceeding the $90,000 barrier.” This demonstrates how fast the cost of tuition in Massachusetts is increasing and this conflicts with the median household income of Massachusetts which is only about $93,000. How is this fair for those students if college costs their entire family’s salary? What about students coming from low-income families? What opportunities do they have? 

It’s reported by ThinkImpact that approximately 38% of college students drop out because of financial complications. For low-income families, this is nearly impossible and limits the opportunities for students from those backgrounds. And those who push through, and graduate using student loans and financial aid are followed by those same supports, holding them back from doing certain things that’ll help them move up to bigger and better things. All of this really makes it hard for people to even want to go to college because it shapes your entire financial life. These debts can follow you down the line, sometimes up to when you decide to become a homeowner and your student loan debt could hold you back from getting a house. Based on all the above, does the value of college still remain? Is it still worth it if it leaves you with so much debt and other options like trade schools, and apprenticeships can offer less trouble?

Some believe that despite the startling sticker price for college, it’s worth it for a bright future full of opportunities and success. Policy director at the Aspen Institute’s Economic Strategy Group Luke Pardue believes that “going to college is an investment decision. It comes with benefits and costs.” Now while that is understandable and true with any investment, it doesn’t mean that the investment is good and worth it. Additionally, do the benefits of college outweigh the costs and risks that you have to take? For most, $90,000 is too high of an investment that you will have to deal with long after making that decision. Pardue even states that “evidence clearly documents that the wages of college-educated workers are considerably higher than that of workers with only a high school diploma.” While this certainly shows college graduates have much higher pay in the workforce and opportunities, many industries out there don’t require degrees, pay well, help you save lots of money, and get a head start in life. 

College being this expensive is crazy and unreasonable. Yes, it can open up many doors, opportunities, and better pay for those with a college education, but is it all worth it for nearly the average salary of a Massachusetts worker? No, it is not. More often than not, people will spend the rest of their lives paying back student loans, keeping them from making any big decisions or investments in their lives. In addition, skipping college after high school can save you so much money and debt, giving you a head start in life. There are also many alternatives like apprenticeships, trading schools, and community colleges that are much more affordable than a four-year education at a college. Besides spending someone’s yearly salary on more education just to work a regular nine to five to me isn’t worth it anyway. 

Now I’m not saying to not consider college at all and to put it off due to its expensive price, but I am saying to think of your future and think about what you want and what is right for you. As Pardue stated in his article, it is an investment and all investments have benefits and costs. It is up to you to decide if the benefits outweigh the costs.