Everyone dreams of getting a higher degree and excelling in a particular field. However, many people turn their dreams into disappointments because of institute fees and other expenses. They raised a question: “Earning a degree can be expensive but why might it be worth it?”
It is a bitter truth that earning a degree can be expensive, but you can get more in the future than you lost in the past. If you spent $1.6 million to earn a four-year degree, after 30 years of effort, you are likely to earn a significantly higher salary if you have a degree. Moreover, its earning potential and worthiness are incredible because, within a few years, you will forget the expense and live a luxurious life.
They get mentally tired and skip the ideas to achieve something great. However, experts recommend that if the education is expensive, you must try to get it. It might be difficult but if you are constantly working on it, you can transform your struggle into a life-changing success.
In this article, we will discuss every aspect that shows its worth. So before wasting time, let’s explore and start a new journey.
Cost of Education
The cost depends on multiple expenses like tuition fees, living expenses, and administrative and other maintenance expenses. It is a crucial challenge for every student, whether they are graduate or undergraduate. New students need almost $1.7 trillion (it is an approximate amount, not accurate) to start their good academic careers.
Tuition fees are increasing day by day. Over the past few decades, public institution fees have risen from $4900 to $11,000. However, private-sector students need double the amount then government institutes. It raises from $19,000 to $38,000 after adjusting the proper inflation.
Annual Cost for Public Institutes
| Institution Type | Tuition Fees (Annually) | Room & Board (Annually) | Cost of Attendance (Annually) |
| 4-year In-state | $10,490 | $13,540 | $24,500 |
| 4-year Out-of-state | $24,000 | $13,540 | $37,000 |
| 2-year In-district | $3,800 | $10,160 | $13,690 |
For Private Institutes
| Institution Type | Cost of Tuition | CoA (Cost of Attendance) |
| 2-year Non-profit | $16,890 | $36,050 |
| 2-year For-profit | $23,650 | $25,640 |
| 4-year Non-profit | $28,950 | $56,628 |
| 4-year For-profit | $23,000 | $33,574 |
Effects of Rising Education Costs
Increased student loan
As the cost of education increases, it affects the financial balance of students. They need debts to fulfill their educational and other requirements. Only a few students are free from these worries who have savings or investing money in another business. According to the current scenario, almost $1.7 trillion is enough to complete student needs.
Limited access to education
It impacts those families who do not have a strong background and cannot afford high tuition fees. These students have two options only, leave the education or select the less expensive tuition which is not difficult to find currently. Due to these circumstances, they choose a gap in economic and other social activities.
Reduce enrollment ratio
High charges of institutes develop fear in students as they discourage them in higher education. Different colleges declined and the enrollment ratio decreased, especially in local areas. According to college communities, many students leave their studies to avoid debt.
Less participation in activities
Students do not participate in other curricular activities because of their part-time jobs. Those students who manage the fees, living rent, and other needs cannot afford such activities. That’s why they miss the opportunities to interact with society. Almost 60% of students face this issue.
Increase mental stress
The financial and educational pressure leads to depression, anxiety, and other mental diseases. It is difficult to manage financial responsibilities in academic careers. It can cause personal and professional relationships.
Value of Degree
Never neglect the importance of education because it can transform your life with many unique opportunities. Almost 75% of people say that it is most important to get a four-year college degree, while the remaining people say that it is important but not very much.
The person who is financially unstable but always struggling hard to get achievements for a brighter future. However, it gives wings to the earning potential and decreases the ratio of unemployment in many countries. The value of a Degree and education can be described by the following factors, which includes:
Field of Study
The fields like Science, Mathematics, Technology, Engineering, and business are high-paying professions. People related to these fields which have great earning potential can change their lifestyle within a few years.
On the other hand, some fields are related to human passion such as the arts, humanities, or social science. However, it gains a low earning potential but it is beneficial to fulfill personal expenses.
Level of Education
A bachelor’s degree holder generally gets multiple opportunities as compared to associate’s students. They have many options to enroll in different companies and generate high income. Although, master’s, doctorate, and other professional or specialized degrees students can lead in many fields.
Institute Reputation
The quality of the institution is an important factor because it can generate a handsome ROI (Return On Investment). If you are passed through a well-known educational institute, many chances are available to get a good job. Moreover, they have multiple global options to start work internationally. The top 3 international universities are:
- Massachusetts Institute of Technology (MIT) in the USA is popular for its research and innovation in the science and technology field.
- Stanford University in the USA is well-known for business, law, engineering, and entrepreneurship.
- The University of Cambridge is located in the UK and it is excellent to offer passion fields like arts, social science, etc.
Geographic Location
People who are living in the industrial or any other technical region get a better chance to enroll in higher-income posts. Moreover, they can get international opportunities in other countries or states. The most popular region is Silicon Valley in tech hubs.
Skills
If you earn degree-related skills, you can open the doors to new journeys. In the current era, technical and science skills have a great benefits. Moreover, communication, leadership, and problem-solving skills are also important to engage with companies or institutes.
Return On Investment (ROI)
Achieving a degree and developing a disciplined life, open many doors of opportunities. Investing in education never fails, however, it returns double financial advantages. Below we will discuss its long-term benefits in detail.
Higher Earning Potential
A degree holder student can survive a better or more luxurious life than a non-educational person. A four-year graduate student can typically earn a higher amount than a high school diploma student. Although, it depends on multiple factors, the chances of getting involved in a job increase.
They can start their career with $30,000 and after serving 25 to 30 years, the salary adds up to more than $1 Million. Moreover, a valuable career network and skills allow you to start a new business.
Greater Job Security
A degree having the power of secure and stable employment. Most international companies always prioritize a person by his skills and degree. Statistics show that the unemployment ratio of bachelor’s students decreases and they have the potential to generate new ways of creativity.
Different Career Options
The worth of higher education shows that every field is designed for the young generation. However, it can be costly but it gives you multiple career selection options. A student of STEM (Science, Technology, Engineering, & Mathematics) offers a high-salary job.
Business, finance, and arts subjects also play a significant role in maintaining personal living systems. Moreover, other skills like communication, time management, etc are also important for interaction.
Benefits of Education Other than Money
A degree holder person can enjoy a better life financially or mentally. Money is important in the current era but there are uncountable benefits which is used to represent the worth of an education or a degree. Which include personal and professional growth, mind satisfaction, and habit of learning.
Personal Development
During a struggling era, a student faces many challenges such as situation analysis, creating a valid solution to problems, and critical thinking. These challenges boost confidence and develop new and emerging personalities. Their perspective and way of thinking are wider, and they easily understand the other’s situations.
Professional Connections
Universities and colleges are the best places where you can connect with someone for a long time. You can interact with professors, career counselors, and other persons who are experts in specific fields easily. Moreover, after completing the degree, you have the opportunity to add to Alumni groups (only a few universities offer).
Skill Building
Earning a degree leads to a habit of learning. A student who wants to achieve big always tries to learn new field-specific skills. Moreover, they always work on their communication, leadership, and problem-solving skills which is the pain point of every company. Time management is also an important part because balancing education and career practically sounds difficult.
Myths About the Value of Degree
Many myths circulate in society to stop students from becoming a part of higher education. These misconceptions spread wrong information regarding educational institutes and academic journeys. So discuss to most common debunking myths:
- “A Degree Guarantees Success”
- The Myth: Many people think that simple to achieve a degree and get a high-paying job instantly.
- The Reality: While a degree is not a golden ticket. A student faces many challenges and gets experience in the field. Learn new skills every day and balance financial and educational activities. However, efforts to transform dreams into reality are the main key.
- Effects: Many students create irrelevant expectations and get frustrated when results do not appear immediately.
- “It’s Not Worth the Debt”
- The Myth: Increments in tuition fees and inflation create a sense that earning a degree is not worth it.
- The Reality: To achieve something big, it is important to invest big. Because earning a higher degree and getting financially stable, a temporary burden is not a big deal. Moreover, if they put in double effort, they can get scholarships and afford their expenses easily.
- Effect: Many students lose their confidence and quiet from studies. They thought that starting a small business was beneficial instead of investing in education.
Important Note: These myths are just to distract the youth from their main goals. Remember to earn a long-term luxurious and comfortable life, face challenges, and put in effort.
Cost-Effective Ways To Earn Higher Degrees
Scholarships
Scholarships are offered by the government or specific universities to provide financial aid for the students. It is the best option to get an education with less investment, and also it offers different opportunities in practical life. There are different types of scholarships such as Merit-based scholarships, Need-based scholarships, Field-specific scholarships, and Institutional scholarships.
The one thing required is always being updated and connecting with the latest news from any educational institution. You can access them with local research programs and online. Multiple websites provide accurate information such as Fastweb and Scholarship.com, or another portal.
Online Education
In the online era, many students become a part of virtual universities which are affordable and flexible because they can balance their financial responsibilities. It has many advantages such as it is less expensive, and easy to balance as students can learn from home.
Many platforms like Coursera, Udemy, and edX offer virtual networking and develop a skillful person. Moreover, different universities also include online courses after COVID-19.
Part-time Job
Financially unstable students always choose to work and learn together. It can reduce stress and give more confidence to the student for their practical life. Also, they get experience during completing their degree which is the most beneficial step. But they have to face some challenges like time and balance.
Open Educational Resources (OER Program)
Using free or low-cost materials like books, stationery, and more to reduce expenses. Moreover, multiple free courses are available on the internet. Which includes Khan Academy, OpenStax, and MIT open course. Students can save money or invest in something where they can generate a small amount of income initially.
Government Programs
Many government institutes offer higher education free or cost-effective programs. You can access these programs from the government portal and complete the following documentation. Some plans include Federal Pell Grants in the United States for low-income students. For student loans, they introduce an Income-driven repayment plan.
FAQs
Q: Earning A Degree Can Be Expensive But Which Example Shows Why It Might Be Worth It?
A: Yes, it is worth it because you are likely to earn more if you have degree than a non-degree holder.
Q: What are the alternative or low-cost methods to get a higher degree?
A: A student can learn online, do a part-time job, scholarship programs, or study abroad which is less cost-effective.
Q: Which degree offers higher ROI?
A: However, every degree is beneficial for practical life but if you are from a STEM (Science, Technology, Engineering, & Mathematics) background, you have many opportunities to enroll and start networking.
Q: Are the non-monetary benefits of getting higher education beneficial?
A: Yes, it gains many benefits for lifelong because communication, teamwork, and critical thinking skills are the main points to engage with a company. Moreover, you can also enhance personal or professional personalities.
Closing Statement
“Earning A Degree Can Be Expensive But Which Example Shows Why It Might Be Worth It?” many students raise this question daily due to unrealistic myths. Remember, it’s just a temporary burden, it gives more financial stability in return. It provides a platform for innovation and enhances their networking skills.
While earning a bachelor’s degree, there are plenty of rewards and more career possibilities. Using OER to get free materials that help you to continue your career journey.
