I have spent a great deal of time considering the value of college. Everywhere I look, people have strong opinions. Some say college is necessary to be successful. Others say it is too expensive and not worth it. Clearly, this is a complex question because the answer depends not just on money and career prospects, but learning, growth, and opportunity.One of the key justifications for attending college has to do with economics: numerous studies have demonstrated that college graduates make more over the course of a lifetime than those who do not attend. According to the Bureau of Labor Statistics, in 2022, workers with a bachelor's degree earned a median of $1,305 a week, while those with only a high school diploma made $781 a week. Over the decades, this difference can add up. College often opens professional networks, internships, and industries to students that they may not have accessed otherwise.But college is extremely expensive: Tuition and fees rise consistently faster than inflation, which means that many students graduate owing tens of thousands of dollars. Sometimes, there are no visibly improved employment prospects in their field of study after graduation, which turns student loans into high financial burdens rather than social investments. Critics say that trade schools, apprenticeships, or self-directed learning can provide similar skills at a fraction of the cost. Technology firms like Google, Apple, and IBM have increasingly offered programs that do not require a degree, suggesting that skills and experience can sometimes outweigh formal education (McKinsey & Company, 2021).Beyond economics, the question of value also pertains to personal growth. It is in college that students are exposed to new ideas, disciplines, and ways of thinking. People are challenged to think critically, enter debates, and develop skills in research, writing, and communication. These experiences cannot always be quantified in dollars and cents, yet they shape a person's outlook on life. Students can discover passions or career paths they may never have considered simply because they took a course outside their comfort zones. That kind of exposure is hard to find anywhere else.At the same time, college is by no means certain to yield intellectual and personal growth. Students often approach college as a credential to be earned rather than an opportunity to be embraced. Class size, institutional priorities, and socioeconomic factors may all impinge upon the quality of the experience. The financial and psychological burdens for many outweigh the gains, raising serious questions about accessibility and equity.Ultimately, the value of college is a matter of individual judgment. For some people, it's a path to increased earning potential, new career options, and personal growth. Others might find alternative routes better and quicker, more practical, or rewarding. It's not essentially a scam, but neither is college a one-size-fits-all solution. Like any major investment, it does take thought, planning, and a clear sense of what's being gained. College reflects broader questions about society: what value we place on knowledge, what role institutions play in shaping opportunity, and how to balance costs with rewards. Reflecting on this, I think the debate is less about college per se than it is about how we define success, growth, and preparation for life.

 

Bureau of Labor Statistics. (2022). Employment projections: Earnings and unemployment rates by educational attainment. U.S. Department of Labor. https://www.bls.gov/emp/chart-unemployment-earnings-education.htmMcKinsey & Company. (2021, June). Skill shift: Automation and the future of the workforce. McKinsey Global Institute. https://www.mckinsey.com/featured-insights/future-of-work/skill-shift-automation-and-the-future-of-the-workforce