Is It Worth Going To College, From A Financial Point Of View?

At some point in your life, somebody may want your advice: “Is it worth going to college, from a financial point of view?”

We all recall the value of a college education being drummed into our heads as children. Of course, much of that information was based on boomers going to college for little money because of government support. And therefore, students did not usually have the crippling weight of hundreds of thousands of dollars in student debt.

Many students would have been better off attending trade schools or learning helpful something that would give them a solid lifetime income than going to college and incurring lifetime student debt. Most elements of our society tell us that college is necessary and has monetary advantages. The most prominent promoters of this are the colleges themselves. They make young people feel guilty if they don’t get a BA. I am not advocating for or against attending college but only raising some skepticism.

Today, there is a growing movement for colleges and government (mandating colleges to do something) to add some accountability, i.e., how much monetary reward is there for different fields of study? This information is lacking, though some of it is obvious. English majors, for example, can’t generally expect to earn more than computer engineers. But that hardly means you should not be an English major.

But suppose you have to give out some advice someday. In that case, it might be to tell students this: take a sober look at the income, and the financial opportunities in all fields (which hopefully will be more widely available in the future as studies and information become more widespread), then make your decision. You should be aware of your decision as a financial matter. But if I were your grandfather, I would also add that no matter what it pays, you will never go very far wrong by doing something you love.

Thank you for reading and hope you have a good rest of the day!

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