Is College Worth It?: Exploring the Benefit of a College Degree

Is College Worth it?

The value of a college degree is a complex issue with mixed opinions, leaving many students wondering, “Is college worth it?” According to a recent Pew Research Center report, nearly half of Americans today say a college degree is less important than it was 20 years ago. Moreover, tuition and fees have grown by over 40% in the last 20 years, requiring students to balance the benefit of college with the reality of paying for it.

With the price of college growing each year, the question of “Is a college degree worth it?” is on many students’ minds. If you’re asking yourself “Is college a waste of time?” or “Is college worth the cost?” this is the article for you.

Throughout this guide to “Is College Worth it?” you’ll find plenty of statistics, insights, and information into the true value of college. In this guide we will:

• Discuss the benefit of college in terms of personal development and career prospects
• Break down the cost of college beyond tuition and fees
• Review the landscape of financial aid and student debt
• Address the question: is community college worth it?
• Explore alternatives to a four-year degree
• Consider the benefits of not attending college, and more!

So, is college worth it? Let’s find out.

College Degrees 101

Just as there are many different types of colleges, there are many different types of degrees. To effectively answer the question “Is a college degree worth it?” we have to be clear about what kind of college degree we are talking about.

An academic degree focuses on developing broad theoretical knowledge and critical thinking skills within a particular area or field of study. Earning an academic degree can help prepare you for a diverse array of careers. A degree can also provide you with the necessary foundation and credentials needed for further study.

Types of academic degrees

To explore of the question of is college worth it, we start by getting a better handle on what results from attending college, a college degree! There are four main types of academic degrees students can pursue after earning their high school diploma or GED:

Students generally choose to attend a community college or a four-year college to earn their first degree. (Later, we’ll compare these two types of colleges and answer the question “Is community college worth it?”). One major benefit of college is the chance to explore diverse fields of study and discover personal passions. However, pursuing an academic degree isn’t the only option for continuing your education.

Academic vs. vocational degrees

A vocational degree focuses on developing practical, hands-on skills for a specific job or trade, like an electrician, plumber, or mechanic. This training takes less time to complete—typically 1-2 years, though the exact length depends on the program.

Although it’s not as extensive as a traditional degree, a vocational degree is a great choice for students focused on a specific career. Earning a vocational certificate shows you have the skills needed to succeed, allowing you to enter the workforce quickly and with less debt. 

As more students explore vocational training and online courses, a question remains: Is college worth it for those seeking immediate employment opportunities? To try to dissect this question, let’s first talk about why a college degree is important.

Why is a college degree important?

While college degrees often lead to higher earnings and lower unemployment, many Americans have mixed feelings about the value of college. Indeed, many are split on the question “Is college worth it?” According to Pew Research, when asked “Is college worth it?”, only 51% of Americans believe that an undergraduate degree prepares graduates “somewhat well” for a good-paying job. 

So, why is a college degree important? One key benefit of college is that it opens up your options, in terms of both your education and your career. Many fields and professions, like business, education, finance, healthcare, and technology, require an undergraduate degree as a minimum qualification. Furthermore, obtaining an undergraduate degree is essential if you plan to pursue graduate school in the future.

However, a college degree doesn’t automatically ensure a good job. With the rise of online learning and alternative career paths, it’s fair to ask: Is college a waste of time when the job market is rapidly changing and evolving? To answer this question, let’s get more specific about the benefits of a college education.

Top 10 benefits of a college degree

Is college a waste of time? Definitely not! Whether you attend a two- or four-year college or a technical college, the benefit of college is undeniable. Here are 10 great reasons why college is worth it:

10 Benefits of a College Degree

1. Exposure to diverse perspectives and ideas. College offers a unique opportunity to explore a wide range of ideas across various subjects. Furthermore, engaging with classmates from diverse backgrounds exposes you to different perspectives, enriching your learning experience.

2. Connections to professional networks and mentorship. You’ll have ample chances to connect with peers, faculty, and alumni who may become valuable professional contacts. Higher education institutions often have relationships with businesses and organizations that offer internships and provide job opportunities and industry insights.

3. Enhanced critical thinking and problem-solving skills. Your college professors will challenge you to analyze complex information, evaluate arguments, and develop logical reasoning skills. You’ll learn how to approach and solve problems while developing the confidence and ability to make informed decisions about your career.

4. Access to advanced resources and facilities. Colleges and universities have extensive libraries and research centers with an incredible range of resources and materials. You may gain access to specialized labs and equipment, especially in classes requiring research or preparing you for a more technical career. 

5. Opportunities in specialized fields and careers. Many universities offer a depth and breadth of majors and programs, allowing you to explore your interests until you find a field to focus on. Internships and co-op experiences will give you practical experience and help you network with professionals and alumni in your field.

6. Qualifications to pursue graduate degrees. An undergraduate degree provides a solid foundation for pursuing a master’s or doctoral degree. Graduate programs also require specific undergraduate prerequisites or coursework, which your college education will give you.

7. Higher earning potential over time. College graduates typically earn more than those without a post-high school degree, especially over time. A college degree can make you more competitive in the job market, help you climb the professional ladder, and increase your job security.

8. Increased social mobility and economic stability. Education can break the cycle of poverty by providing people with the skills and opportunities to improve their economic circumstances. 

9. Personal growth and lifelong learning opportunities. College invites you to discover your passions, interests, and strengths. While you’ll acquire practical skills like writing, time management, and knowledge about your chosen field, you’ll also have opportunities for self-discovery and personal growth. Challenging classes will stimulate your mind and foster a lifelong love of learning. 

10. Improved satisfaction and overall quality of life. Earning a college degree fosters a sense of achievement and personal growth. This accomplishment can contribute to greater overall happiness and fulfillment, enriching your life beyond just financial benefits.

In the next few sections, we’ll discuss additional reasons why college is worth it. But first, let’s review key statistics that demonstrate the impact of earning a degree versus not having one.

Benefits of a college degree statistics

As we’ve seen, there are plenty of benefits of a college degree. But, what are the numbers behind these benefits? Let’s look at some concrete statistics to consider as you weigh the pros and cons of earning a college degree.

Looking at these types of statistics, the answer to “Is college worth it?” is overwhelmingly yes. However, it’s critical to be realistic about the true cost of college.

The benefit of college vs. the reality of student debt

The potential for higher lifetime earnings is frequently cited as a key benefit of college that justifies its cost. However, understanding the return on investment is an important aspect when considering the benefit of college in relation to its cost.

One of the key concerns students have as they wonder “Is a college degree worth it?” is student debt. Student loan debt in the U.S. is extraordinarily high, with the average debt-to-income ratio (DTI) for new graduates at 61%. The debt per student for 2024 graduates averaged $37,850.  

Despite rising tuition costs, many argue that the long-term benefit of college still outweighs the financial burden, especially in terms of career prospects. Later, we’ll discuss how to minimize your student debt with a comprehensive strategy for paying for college.

Benefit of college beyond a college degree

While a degree remains a valuable asset in the job market, the benefits of college extend far beyond the diploma itself. This educational experience offers many opportunities for personal and professional growth while developing other essential life skills. So, let’s look beyond the academic credentials as we dig a little deeper into the question “Is college worth it?”

Social benefits of going to college

When discussing the benefit of college, it’s essential to consider the social aspect of it. Extracurricular activities like clubs, sports, and organizations offer a platform to explore or develop new interests, cultivate leadership skills, and build lasting friendships.

Moreover, a key benefit of college is the exposure to different cultures and perspectives that enrich a student’s worldview. Campuses with a diverse student population foster a rich tapestry of perspectives, experiences, and cultural backgrounds, enhancing your learning experience. This exposure to different worldviews, values, and cultural traditions can challenge preconceived notions, broaden horizons, and foster empathy and understanding.

Many colleges also encourage students to volunteer for local organizations and causes. Higher learning institutions might promote civic engagement through voter registration drives, political debates, and community forums, ensuring you become informed and engaged citizens contributing to a more democratic and just society.

As you look for your perfect college match, consider the kind of community you’ll be joining. Many schools, like women’s colleges and historically Black colleges and universities (HBCUs), prioritize creating inclusive communities where students feel valued and supported. These institutions also prioritize student empowerment, providing opportunities for leadership development to help their students build the confidence to become more involved in their communities and champion social responsibility.

The social experiences and lifelong friendships formed during college can be an invaluable benefit of college life. So, is college a waste of time? Absolutely not. There are countless reasons why college is worth it–so let’s turn our attention to how to pay for it. 

Investing in a college degree

With tuition fees skyrocketing, many families are grappling with the question “Is college worth it?” given the financial strain involved.

Generally speaking, the answer appears to be yes. The results of a USA Today survey showed that most college graduates answered “yes” to the question “Is college worth the cost?” Let’s take a look at the numbers by field of study.

Overall, about three-quarters of participants said their education was worthwhile, with nearly 60% saying their investment justified the cost.

Return On Investment (ROI)

Generally speaking, college is a huge upfront expense–but, it’s also a long-term investment in your future. If you earn a bachelor’s degree, you’ll earn more than someone with a high school diploma—about 66% more. The caveat? It can take a while before you see a solid return on your investment (ROI). You can estimate your ROI based on various factors, including your major, where you go, and how much you must borrow:

You can calculate the ROI on your college degree by multiplying the average yearly income for that major by 10 (representing 10 years of income), dividing by the degree’s total cost, and multiplying the amount by 100.

Choosing the right major

So, how can you make a college degree worth it? For starters, by choosing your major carefully. Try talking to family members, teachers, and college grads about their educational and career trajectories. But don’t let them pressure you into majoring in something you have no interest in.

You’ll want to study something that genuinely interests you while learning marketable skills to help you find a job after graduating. Research careers to see which pay well and learn what degree level you’ll need. Then look into what colleges offer the major you want at a price point you can afford.

The real cost of college

Analyzing the cost of college is essential for understanding the broader question “Is college worth it?” So, let’s break it down.

The price of college varies by institution (i.e. public university vs. private college, in-state vs, out-of-state). In 2022-23, yearly tuition costs were about $9,800 at public, four-year institutions. Comparatively, private nonprofit colleges averaged about $40,700 per year for tuition.

But those numbers just cover tuition, not the other costs—some obvious and some hidden. Aside from room and board—$12,302 at public, four-year institutions and $13,842 annually for private, nonprofit institutions—there are other fees to factor into your budget.

Additional Fees for College

Health and wellness

You may have to pay for access to counseling services or prevention initiatives.

Health insurance

This is another cost you may incur if not covered by a parent’s insurance.

Student organization

Many sororities and fraternities, sports teams, and other intramural clubs have fees in order to participate.

Transportation

Think about the cost of shuttles, buses, subways, or Uber.

Parking

If you have your own vehicle, you’ll need to pay for parking on campus or city lots.

Technology

You may need to pay for computer rentals, wifi access, printing, or computer labs.

Additionally, you should also expect costs directly associated with academics. Most courses require a textbook, whether hardcopy or electronic. Expect to budget about $1,220 annually for books and supplies. You can, however, save on textbooks by renting from companies like Chegg, eCampus, or even Amazon or purchasing them used.

Art classes and science labs may carry additional fees, too. Boston College charges about $360 for lab fees and anywhere from $55 to $765 for art, film, and music courses. Don’t forget to factor in these additional fees when considering the question, “Is college worth it?”

Overall cost of attendance

When we account for costs including housing, books, supplies, tuition, and other required fees, the price of college goes way up. Four years at a public institution costs around $108,000. At private colleges, the cost more than doubles at $234,000.

So, is college worth the cost of attendance? The answer: it depends what kind of school you choose to attend, so be sure to consider all of your options. Don’t discount the benefits of attending a public university. Many boast a strong alumni network, state-of-the-art facilities, research and internship opportunities, and, most importantly, a lower tuition rate for in-state students.

If you’re wondering, “Is community college worth it compared to a four-year university?” keep reading. Next, we’ll discuss how students can pay for college while managing their student debt. Then, we’ll talk about different types of colleges and universities.

Paying for college: Loans, Financial Aid, Scholarships

As student loan debt reaches unprecedented levels, the critical question remains: Is college worth it when weighed against the costs involved? Fortunately for many students intimidated by the cost of college, you can reduce some of your college expenses with a little out-of-the-box thinking.

Financial aid applications

The reality is, few students end up paying the full sticker price. Students generally pay for college with a mix of grants, loans, and scholarships, along with their family contribution. To apply for financial aid during the college admissions process, you’ll need to fill out two financial aid applications: the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) profile.

FAFSA is a free universal application the government uses to calculate financial aid (grants, loans, work-study programs) you qualify to receive. The CSS costs $25, however, it’s what many institutions use to calculate your eligibility for non-federal aid like grants, loans, and scholarships.

Understanding your financial aid award

Financial aid plays a key role in answering the question, “Is college worth it?” When students receive their college admissions decisions, they’ll receive a financial aid package. Each package differs from student to student, so let’s look at what might be included.

You’ll be expected to pay any remaining costs not covered by your financial aid package. Ultimately, it will be up to you to answer the question of is college worth the cost not covered by financial aid?

Private loans and external scholarships

Let’s say your estimated family contribution is still higher than you can afford. In this case you might be wondering: if I have to take out student loans, is college worth it?

There’s nothing wrong with borrowing to help pay for college—especially if you’ve chosen a major that will lead to a lucrative career. But remember, when asking yourself, “is college worth it?” you’ll need to consider two types of loans: federal and private.

Federal loans often have a fixed interest rate and other benefits such as income-driven repayment plans. These loan terms and conditions are set by law. On the other hand, private loans from banks or other organizations have terms set by the lender. Generally, private student loans have higher interest rates than federal loans. You’ll want to carefully consider interest rates and repayment options when deciding which student loans to take on.

Additionally, before taking loans, be sure to search for additional scholarships and ways to lower the cost of college. The variety out there may surprise you!

Navigating Student Debt

When asking yourself, “Is college worth it?”, the largest factor is likely the debt you might incur from your college degree. For many, the benefit of college means earning more money long term. Of course, you’ll need to consider how much debt you’ll have and how long it might take to pay it off. For higher earning majors, the benefit of college may largely outweigh the debt; however, for those in the arts, it may not. 

As the price of higher education continues to rise, student debt seems to go hand-in-hand with gaining a college degree. In the U.S., a quarter of adults under 40 have student loan debt. The median owed by those with student loan debt ranges from $20,000-$24,999. Nearly 25% of young college graduates (aged 25–39) with student loan debt say that they are struggling financially. 

Therefore, financial literacy and budgeting is an important part of managing student loan payments after graduation. The good news is that federal loans may even offer loan forgiveness after meeting certain requirements, like working in the public sector. 

So, is college worth the cost of student loans? For most, yes–this temporary financial burden usually pays off in the long run. For those who answer yes to the question of is college worth it, they will realize that many of those with student loan debt still have a higher income than those who don’t have a college degree. In fact, 48% of college graduates with student loan debt have household incomes of $100,000 or more.

Is a College Education Worth it?

So, is college a waste of time? No — investing in a college education can have great returns. At the same time, for many, acquiring student loans may be a necessary part of the college journey. 

There are plenty of nuances when it comes to student loan debt. Various factors will come into play when thinking about the benefit of college. In general, the price of college is high; however, the type of degree you obtain will largely influence the cost of your education. For example, a four-year bachelor’s degree will cost much less on average than medical school. So, when it comes to undergraduate degrees, the question may not necessarily be “is college worth it?”, but rather “is this college worth it?”

Living with debt can be stressful and has forced many to question the benefit of college, seriously asking themselves, “Is college worth it?” But remember, there is no right answer for everyone; it depends on every individual’s specific circumstances and goals. You’ll need to carefully consider your future career and personal goals. Be practical about what you and your family can afford, as well as your earning potential in your areas of interest. 

For most students, when asked “is college worth it?”, the answer is a resounding yes. However, even with these long-term financial benefits, many of those with student loan debt still question the value of college. So, is college worth it? According to over a third of college graduates aged 25-39 with student loan debt, the answer is no. 

Now, before writing off college all together, consider that there are some types of colleges that don’t cost as much.

Understanding Different Types of Colleges & Universities

College can be a huge investment, but there are certainly more affordable and accessible options out there. For example a community college is much less expensive than a top public university.

With so many higher education options available, there is truly an option for everyone. Here are four different types of higher education institutions and their offerings: 

Liberal arts colleges

These are four-year undergraduate institutions that emphasize an education in liberal arts fields, such as humanities and social sciences. Often, these schools focus on general knowledge and well-rounded education rather than a specialization or technical field. Liberal arts colleges also tend to have smaller student bodies, leading to smaller class sizes and a tighter-knit community campus. Most liberal arts colleges are private institutions, which means they don’t receive government funding. Therefore, the cost can seem higher. However, there may be more scholarship opportunities for the right students at these schools as compared to larger public schools. 

Research universities

Research is, unsurprisingly, the main priority of a research university. This means that the faculty not only teach, but also conduct and publish research. Research universities tend to be larger in size and are often public universities, meaning they receive government funding. There are many majors, minors, concentrations, and specializations to choose from at these institutions. And, of course, conducting research as a student is also important; therefore you’ll gain hands-on experience in your field. Most of these universities also offer graduate programs. 

Community Colleges

With options to pursue undergraduate degrees as well as shorter vocational and technical programs, community colleges can be an affordable option. Additionally, they can serve as stepping stones before transferring to another institution to complete a four-year bachelor’s degree. They can also provide students with a specialized education from which they can continue on into the workforce. The average tuition of a community college is under $4,000, making it one of the most affordable routes to a degree. 

Online programs

Now more than ever, there are plenty of online programs that allow students to gain an undergraduate or graduate degree. In these programs, you’ll attend classes virtually or complete courses independently. Many colleges and universities now offer programs wholly or partially online. There are also online colleges that don’t offer an in-person option. Online programs can be more affordable, and they offer students flexibility. If you work part- or full-time, take care of family, or have other special circumstances, online programs can be a great option. 

Normally, the benefit of college outweighs the initial investment. So, when asking yourself, “is college worth it?” remember that there is no single route to obtaining a degree. There are plenty of options that may be more affordable than you may have thought possible.

The best option for you will vary depending on your needs, preferences, and goals. Consider a variety of factors when looking at options: cost, size, location, program offerings, etc. Does the program line up with your academic goals? Will it help you gain a career in your field of interest? Are there financial aid opportunities, or can you afford the tuition and fees? Thinking pragmatically about your options will allow you to choose the best school for you. 

Is Community College Worth it?

In short, absolutely! The price of college doesn’t have to be extravagant, and there are plenty of types of colleges with varying costs. For those looking for an affordable pathway to higher education, community college is an excellent option. If you find a program that aligns with your interests and goals, the answer to “is community college worth it?” is a resounding yes. 

When assessing the benefit of college, cost is a huge factor. Seeking out affordable options is a way to lessen the financial stress of gaining a college degree. However, there are many more benefits that come along with attending a community college. Let’s take a look at some:

What to do if you don’t go to college?

With more and more people questioning “is college worth it?”, it’s important to note that college isn’t the only pathway to future career success. Although for most, gaining a degree makes sense, for others, the benefit of college in their situation doesn’t outweigh the downsides. If you’re interested in alternatives to going to college, then there are other options. 

Attend a vocational program or trade school.

Vocational programs and trade schools are excellent options for high school graduates who want to enter a specialized field, and quickly. Usually, these programs are shorter than four years. Rather than having general education requirements like a four-year institution, they jump right into training students for their careers.

These programs can be found at community colleges but are also offered at private institutions. Before choosing your school, be sure it’s the right fit! Make sure the instructors are well-versed in their fields and that the program meets your career needs.  

While the main benefit of college is a higher earning potential, decent salaries from a trade school education are possible in many fields. Some examples of well-paying jobs that don’t require a bachelor’s degree are fire inspector, occupational therapy assistant, and theatrical makeup artist.

Gain an apprenticeship.

Apprenticeships are another viable pathway to entering specialized fields. As an apprentice, you will work under the supervision of an experienced tradesperson. Apprenticeships are on-the-job training programs, so they’re great options for those who relish learning on the spot. Many trade apprenticeships are also paid, so you can earn money while you learn.

If you’re questioning “is college worth the cost?” then consider that as an apprentice you will start earning right away—as you learn! However, you may need to meet certain qualifications such as having a high school diploma or GED. Some apprenticeships may also require prior experience. Some professions that commonly offer apprenticeships are carpenters, electricians, and plumbers. 

Work or seek out entrepreneurial opportunities.

For some, the answer to the question, is college worth it, is No. For them, another option to getting a college degree is heading straight into the workforce. With the right motivation and mindset, you can work your way up to a higher position. However, consider that the field you’re interested in will make a large difference in your future success without a degree. Some fields require a degree in order to get promoted and salary calculations usually factor in education. 

For those with an entrepreneurial spirit, starting your own business may be the right path. There are plenty of books, online programs, and certificates for entrepreneurs, and you don’t necessarily need a degree to start your own business! You just need to be motivated and willing to learn as you go. 

Taking a Gap Year

Is college a waste of time? Certainly not! Is college worth the cost? Well, that depends on the professional route that you want to take and must definitely be part of your considerations of “is college worth it?”. However, there is an alternative to heading directly into the workforce or college: taking a gap year. 

Taking a gap year simply means delaying your higher education, usually by just a year. Some colleges allow students to defer their admission for another year. This means you will go through the college admissions process your senior year, and simply defer your offer. Other students decide to apply or reapply during their gap year. 

There are plenty of advantages to taking a gap year, such as traveling, maturing, and gaining clarity on personal and career goals. However, it’s not necessarily the cheapest option. You’ll likely need to work part of the whole year to fund your travels. Some students simply take a gap year to work full-time to offset some of the costs of college. 

Therefore, gap years will look different for everyone. Some students opt to volunteer, while others do an internship, or take part in skill-building experiences. What you choose to do in your gap year will ultimately depend on your interests, goals, and finances. 

Alternatives to college

Is college worth it, or should you do something else entirely? Again, it depends on what you want to do in the future. For some, pursuing vocational education and training programs are practical alternatives to college. If you know what you want to do, then you may prefer to start working right away. 

Of course, there is the reality of entering the workforce directly. Entry-level positions aren’t often fun and have lower pay. Plus, more and more entry-level jobs require more than a high school diploma. As a worker without a degree, you may find limited options for promotions and raises. Indeed, you may see coworkers with degrees advance more rapidly. 

While we mentioned various alternatives, one that we haven’t looked at is joining the military. In fact, the GI Bill allows soldiers and veterans to pursue an education on the government’s dime. The GI Bill covers college tuition, online schooling, certification programs, vocational training, entrepreneurship training, and flight school. The caveat, of course, is that you may need to delay your educational plans for a few years.

Benefits of not going to college

If your answer to “is college worth it?” is a no, then you’re probably not convinced of the benefit of college. While there is a high value of college to many, to others it simply doesn’t make that much sense. There are plenty of reasons why college is worth it; however, we’re going to take a look at some of the potential benefits of not attending college. 

Is college a waste of time? Gaining an education is certainly never a waste. However, there may not be a real benefit of college depending on your future career goals. Ultimately, the benefit of college may not outweigh its high cost. So, consider the question: is a college degree worth it for you?

Is College Worth it?- Final Thoughts

We’ve asked and answered plenty of questions in this article: Is college worth the cost? Is college a waste of time? Basically, is a college degree worth it? With the rising costs of higher education, many are questioning the real benefit of college. Certainly, there are many types of college educations that offer affordable options and many reasons why college is worth it.

For example, if we ask “is community college worth it?”, many would say yes because of the flexibility and low tuition. But, if we look to a large, prestigious public university, the benefit of college may be less convincing with a higher price tag. 

Of course, answering “is college worth it?” is a personal question that will depend on you and your future goals. There is an undeniable benefit of college and plenty of reasons why college is worth it. But that doesn’t mean it’s the only pathway to success. Ultimately, you’ll need to consider the potential benefit of college for you. 
If you’re convinced of the benefit of college in your life, and need some help with the college admissions journey, then reach out! CollegeAdvisor has a team of experts who are ready to help you in your higher education journey, helping you find the best fit.

This article on “Is College Worth it?” was written by Jodi Ireland and Sarah Kaminski. Looking for more admissions support? Click here to schedule a free meeting with one of our Admissions Specialists. During your meeting, our team will discuss your profile and help you find targeted ways to increase your admissions odds at top schools. We’ll also answer any questions and discuss how CollegeAdvisor.com can support you in the college application process.