The Financial Benefits of a College Degree
Last updated October 17, 2020
As the cost of college increases and the job market waivers, you may be questioning whether going to college is worth the money. But don’t start questioning your college dreams just yet! There are many economic benefits of going to college and being a 2 or 4 year degree holder.
Going to college may mean you are giving up the opportunity to start working and earning money right away. However, on average people with either a Bachelor’s degree or an Associate’s degree earn more than those with a high school diploma.
To increase the financial return of your college degree you should also consider how much debt you will have when you graduate. When deciding which college to apply to, and ultimately where to enroll, make sure to consider how much financial aid each school offers to its students. Many selective universities and private schools may have much higher tuition rates - and appear too expensive - but they also have more generous financial aid policies. Grants and scholarships can greatly lower the overall cost of school, reducing your debt after graduation. More debt means more money to pay back and more time to reach your highest earnings potential. (Financial aid feel like a new language? Check out this helpful list of terms and definitions)
It is important to remember, this doesn’t mean you shouldn’t go to the college you really want! There are many more benefits of a college education besides finances - making new friends, gaining experience and skills, and learning how to manage your time. All complexities aside, a college degree will prepare you for a career earning more money and be one of the best investments you make in your future.