Is University worth it?

[Bruce Wayne]

The cost of university is rising, as are the number of graduates each year. So is it financially worthwhile to go to university?

[Tree0164]

Yes I got the following from http://www.blackenterprise.com/yb/yb...ck enterprise




It's clear that investing in an education pays off for individuals. Census Bureau data show workers with less than a high school degree earned $16,053 in 1999 while those with more education received higher wages.

People with professional degrees (doctor and lawyers, for example) earned the highest average income at $95,488.

Annual income turns into significant differences over a lifetime. A recent study by the Federal Reserve Bank of Dallas indicates that the lifetime earnings of a worker with less than a ninth-grade education is $976,350 while a person with an associate's degree can earn $1,801,373, and a master's degree is associated with $2,963,076 in lifetime earnings.

People with more education have an easier time finding jobs. Unemployment rates in 2003 by educational attainment are associated with an 8.8 percent unemployment rate with people who have less than a high school degree. As education levels increase, the unemployment rate decreases. A 3.1 percent unemployment rate is associated with individuals holding a bachelor's degree or higher.

[Bruce Wayne]

Maybe it is a British thing. This report suggests that a university degree in Britain adds around £22,000 to your lifetime earnings, which given that a degree costs approximtely £20,000 makes the benefits of having one murky at best.

I think a primary reason for this in the UK is that the government are heavily promoting university education and this is creating more and more degrees of dubious merit that offer little in the job market for graduates.

I suspect that a degree from a leading university still represents excellent value, it is the degrees from lesser institutions that are proving less attractive.

[PrincessPerky]

I think part of the problem with a degree is the consumerism of knowledge, information while not neccessarily a freedom in any sense (don't get me started on public school) doesn't have to cost a fortune. Generally speaking a degree from princeton vs one from the local community college differes in the cost of ink it was printed with, while some may get a better education from Princeton, many will float just as well as at the community college, the interest and effort of the student makes the real difference, and the paper cannot guarantee that.

However you can't practice law or medicine around here without a piece of paper, so if that is what you want to do, get one.

[dealsaver]

It's worth it, but not for everyone who goes. Many good universities only graduate 60% of their students. It would stink to be in that 40% and have college loans to pay without every getting your degree.

[Bruce Wayne]

Did you go to university dealsaver?

[34saving]

Like anything you need to choose wisely. If you want to be a teacher or social worker, don't go to Harvard (unless you can go for free or at least cheaper than the local university.) If you want to plumber you don't need a college degree first -- maybe you'd like one and you're willing to pay for it, just keep in mind you won't "get your money back". If you want to be on the Supreme Court you might want to fork over the extra cost for Yale

[CRFSaver]

So my thoughts are you dont necessarily have to go to University. What you do need though is some type of education or training. So whether that is, University, Technical School, Mechanics school or a plumbing apprenticeship, you need something that sets you apart from the crowd.

Many times University acts as a signaler to prospective employers. Some times that is not a very good signaler, sometimes it is. I have worked with people from Princeton, Harvard, University of Chicago as well as plenty of "no name" schools. I have meet bright as well as idiots from every single school. The only school I have yet to meet an idiot from is Wharton.

The ironic thing about your name schools, is its a self fulfilling prophesy many times. What sets the name schools apart is their recruiting. They get the companies that pay the best to come and recruit. Because the companies pay top dollar for graduates, the school gets rated highly, which means the high paying companies that recruit fromt eh top 10 schools keep coming back. Its a vicious circle sometimes.

As someone that has a graduate degree I can tell you right now it has been very useful to me. Given me opportunities I never would have had without it. In fact today is my last day at my current company (a credit card company, yes a CC company and a top 10 CC company). I am heading on to bigger and better things and the company never even would have looked at my resume without the graduate degree.

But back to my first point. You need some type of education or vocational training in this day and age. For some it could be University. For some it could be an apprenticeship. Either way your income reflects having some type of formal training or education.

[sweeps]

Originally Posted by CRFSaver

As someone that has a graduate degree I can tell you right now it has been very useful to me. Given me opportunities I never would have had without it. In fact today is my last day at my current company (a credit card company, yes a CC company and a top 10 CC company). I am heading on to bigger and better things and the company never even would have looked at my resume without the graduate degree.

That's the key: opportunity. Most 18-21 year olds have little clue what they want to do for the next 40 years. Earning a bachelors degree opens up their career to a lot more possibilities.

However, for most people I would recommend delaying a higher degree for at least a few years. First, sometimes a higher degree can make you "overqualified" (I hate that term) for a foot-in-the-door job. Second, often you can get your employer to pay for your masters, and earn bigger raises and a faster promotion by attaining your degree. This is a common scenario with teachers. Third, after working for a few years, you may decide that a certain line of work is not for you. You can use a masters degree to change the direction of your career.

[CRFSaver]

I agree. I waited about 2 years after my undergrad and my company paid about 8k a year which allowed me to do it without debt. My current company sometimes lets people go to school full time and they pay the entire amount.

I will say that you don't want to wait to long. I feel I am less motivated to study now then I was at 25...

[dealsaver]

Originally Posted by Bruce Wayne

Did you go to university dealsaver?

Yes. I have an undergraduate and a professional graduate degree. I've never used either degrees as I've been home raising my kids for the past 11 years since graduating. It will be interesting to see the net economic benefit they provide over the rest of my life, if any.

[MrsChambers]

Yes
Yes

Yes
Yes

And
Hell
Yes

This day in age - having an undergraduate degree is like having a high school diploma.
I tell my clients all the time...
"You know, alot of things can get taken away from you in this life. I can take away your job, your house, your spouse, you kids, your car, I can even try and take away your self respect. But the one thing that no one can ever take away from you... is your educated-mind my friend."

[jmjj215]

It's also a plus in so many other aspects of life to have a well-rounded education. I'm kind of sad we're missing out on the "classical" education that was the norm way back in the beginning.

If you want to work in business, don't major in "business" - major in Accounting I'm totally biased by the way!

[gakline]

Originally Posted by dealsaver

It's worth it, but not for everyone who goes. Many good universities only graduate 60% of their students. It would stink to be in that 40% and have college loans to pay without every getting your degree.

That other 40% doesn't necessarily drop out. It includes students who transfer schools.

It's definitely worth it. Just make sure you choose a good program. I agree with not getting a social worker from Harvard.

[dealsaver]

Originally Posted by gakline

That other 40% doesn't necessarily drop out. It includes students who transfer schools.

Since I was referencing a rate for a decent university, you would think that transfers to the school would equal or exceed that of those transfering out. The overall number of those who don't graduate ever I'm sure is quite significant. While some of those non graduates do benefit somewhat economically from their schooling, the negative effect of large student loans for others must surely outweigh the economic benefit of their education. Particularly so since student loans are almost never dischargable in bankruptcy.

[tomkat]

I would say some form of higher education in this day and age is a must!!!! A high school diploma doesn't mean as much as it did say, 40 or 50 years ago. A college degree certainly does make a difference when it comes to finding a decent job. I have a BS and a MS. The BS, I got on a full scholarship...so no debt there. The MS, my employer paid for...again, no debt there! So, for those with an undergrad degree who's looking to get a graduate degree, try to get a position with a company who will pay for your education. There are plenty of companies out there that will pay for both an undergraduate and graduate degree.

Now, not everyone is college material. For those people, I would suggest a technical school or some specialized training in some field.