From August thousands of teenagers from all over the country will be reporting to colleges to kick start the most important part of their educational careers. At first, as freshmen they will certainly be very excited to be in college; however, with time they will start to wonder whether the education they are obtaining is worth the amount they are spending to acquire it. Moreover, Parents who for most time are responsible for paying the college fee may also wonder whether that money could be better utilized in another profit making ventures, given that the average cost of a four year bachelor degree is fifty thousand dollars (Hoxby, 201).
The situation is further made worse by the current slow labor market which was caused by the recent economic …show more content…
This method does not just give us the benefits of a college degree but also other important caveats such as skills, and aptitude that those without a college degree lack. What this suggests is that the estimates on the gains of a college degree may show the specific abilities of college graduates and not the gained value of college education. In order to determine how much people with different education levels earn in terms of wages. A research was carried out by the Federal Bank of New York; they sampled people who are permanently employed aged seventeen to sixty five. The research did not include those who work part-time and the unemployed. As expected the research showed that people with college education have a greater average wage than those who only have diplomas from high school (Altbach, 222). Furthermore, the research took into account data from 1970 to 2013 and during this period people with a college degree earned an average annual income of $64,500, on the other hand, those with a high school diploma made an annual income of just $41,000 …show more content…
However, these are not the only factors that determine the quality of a college degree and whether it is a wise investment. Once all the benefits and the costs are factored in, it makes economic for a person to invest in obtaining a college education. One major factor why an individual require college education is because of the dwindling fortunes of those who lack a college degree. Despite the stagnant average wages for degree holders, those without college education are witnessing a declining trend in their average
The situation is further made worse by the current slow labor market which was caused by the recent economic …show more content…
This method does not just give us the benefits of a college degree but also other important caveats such as skills, and aptitude that those without a college degree lack. What this suggests is that the estimates on the gains of a college degree may show the specific abilities of college graduates and not the gained value of college education. In order to determine how much people with different education levels earn in terms of wages. A research was carried out by the Federal Bank of New York; they sampled people who are permanently employed aged seventeen to sixty five. The research did not include those who work part-time and the unemployed. As expected the research showed that people with college education have a greater average wage than those who only have diplomas from high school (Altbach, 222). Furthermore, the research took into account data from 1970 to 2013 and during this period people with a college degree earned an average annual income of $64,500, on the other hand, those with a high school diploma made an annual income of just $41,000 …show more content…
However, these are not the only factors that determine the quality of a college degree and whether it is a wise investment. Once all the benefits and the costs are factored in, it makes economic for a person to invest in obtaining a college education. One major factor why an individual require college education is because of the dwindling fortunes of those who lack a college degree. Despite the stagnant average wages for degree holders, those without college education are witnessing a declining trend in their average