College education has long been considered one of the most reliable ways to achieving the American Dream. It is not a secret that college education does increase one’s lifetime earnings and access to job opportunities as compared to high school diploma. However, college education might not have the same value anymore that it used to have just few decades ago because the world has changed in numerous ways.
College education is an investment in the future, and one cannot reliably evaluate the feasibility of an investment without taking its costs into account. The average student loan debt of $33,000 in 2014 was nearly twice the level of average student loan two decades before that. In addition to being burdened with the student debt, the college students also have to invest four years in college, the time they could instead use to learn industry trade in the real world. A survey by Gallup found that 84 percent of the business leaders believe industry knowledge is important for job applicants while only 9 percent believe the school a job applicant attended, does matter (Bond). It is clear that many overestimate the value of college education because they ignore or underestimate the financial and time costs required for investment in college education.
Use your promo and get a custom paper on
"The Value of College".
Silicon Valley is often one of the first places that come to mind when we think of innovation and creativity. If one succeeds in the Silicon Valley, he/she has the potential to succeed anywhere. Even Silicon Valley is full of people who believe that the college education may not be worth the cost now and there are several reasons for it. First of all, the cost of college education continues to go up at a record pace. Second, there are quite good alternatives to college education now such as online courses that could help one acquire the desired knowledge and skills. Third, the world has been changing at a rapid pace, and the knowledge and skills acquired in college may rapidly become outdated in the near future. Fourth, the cost of college education ends up higher-than-expected for many people because not everyone graduates in four years (Wacker). The value of college education has been declining because there are other reliable as well as cheaper options to acquire knowledge and skills.
The value of the college has also declined because of the changes in the labor market. A significant proportion of college graduates ends up taking jobs that do not require bachelor’s degree. As a result, their knowledge and skills are underutilized. Data from the Bureau of Labor statistics estimated that nearly half of the 41.7 million graduates of 4-year colleges held jobs that didn’t require a bachelor’s degree. One of the reaons is the oversupply of college graduates and the undersupply of jobs that could properly utilize the knowledge and skills of college graduates. One of the reliable alternatives to the college education system may be the vocational training program that requires shorter time investments and could be used to train workers to equip them with skills demanded by the job market (Lederman). One of the primary purposes behind college education is to prepare students for their professional careers. The nature of the job market has changed which requires us to re-evaluate our views on the importance of college education.
Experience can be a valuable teacher, and the experiences of a significant percentage of college graduates reveal that the college education is not the key to economic and career prosperity it once was. A study found that more than a third of 18-to-35 years old individuals regretted going to college and 49 percent of the millenials believed they could have made the same progress in their careers without college degree as well (Morrison). It seems that many college graduates don’t believe the gains from college education have been worth the investment. If almost half of the survey respondents believe they could have achieved the same career milestones without a college degree as well, it raises significant questions about the value of learning gained in college.
The value of 4-years colleges may also be declining because some close alternatives such as the 2-years community colleges are better suited to the new realities of local and global economies. Research has shown that one-quarter of bachelor’s degree holders earn less than community college graduates even though per capita public spending on community colleges lags behind per capita public spending on public 4-year colleges. Community colleges play an important role in meeting the employment needs of local communities. Similarly, they also help those acquire skills who may be displaced workers or simply looking to change careers (Fain). It is clear that the changing realities on the ground have enhanced the appeal of alternatives at the expense of the 4-years colleges.
College education used to be considered one of the most reliable ways to achieve the American Dream but times have changed. Many employers believe industry knowledge is more important than the school one went to. The time and financial investments in 4-years colleges do not always pay off, and a significant proportion of undergraduate degree holders believe they could have achieved their career milestones with a college degree, too. The appeal of the college has also declined because there are not enough jobs to take advantage of the knowledge and skills acquired in a 4-years college. Not surprisingly, a significant percentage of college degree holders regret the decision to go to college because they do not think that the financial and time investments in college education have paid off.
