Is a college degree worth incurring significant debt?

Juhwan Kim, Cypress High School, 12th grade

In today’s world, going to college is expected, but with rising costs of tuition, many students contemplate on going to college or not. People often debate how important a college degree is, with some arguing it provides opportunities and others questioning whether the financial burden is worth it. Despite the high cost, I believe a college degree is worth going into debt.

One of the primary reasons a college degree is worth the investment is the job security it offers. A college degree opens the door to better job opportunities and career advancement. Statistics show that college graduates tend to have higher employment rates and lower rates of unemployment compared to those without a degree.

According to the Bureau of Labor Statistics, individuals with a bachelor’s degree had a median weekly income of $1,432 in 2022, while those with only a high school diploma earned just $853 (bls.gov). This income difference shows the financial benefits of obtaining a degree. Over time, the increased earning potential far outweighs the initial cost of tuition, making it a worthwhile investment for most.

Moreover, a primary benefit of obtaining a college degree is that these jobs provide better benefits such as employer-covered healthcare, life insurance,pension and retirement plans compared to the jobs you get without a college degree.

According to Education Corner, “benefits such as healthcare offer your family stability and security and significantly lower your financial burden.

For example, a family healthcare plan in the U.S. cost $23,968 in 2023, representing an average premium increase of 7%. This premium has increased 22% since 2018 and 47% since 2013”. The value of these benefits can add up a lot over time and might even be more than what the employee makes annually. (“The Value of a College Degree,” www.educationcorner.com).

However, some argue that the rising cost of college and the burden of student loans are too significant to justify the pursuit of a degree. With student debt in the U.S. exceeding $1.7 trillion, many individuals struggle to repay loans after graduation. The fear of overwhelming debt has led some to question whether skipping college in favor of trade schools or direct work experience might be a better alternative.

Trade schools, for instance, offer shorter, less expensive programs that lead to stable, well-paying jobs in fields like plumbing, electrical work, and healthcare support (Franz, “Trade Schools vs. College: Which Is Right for You?” www.bestcolleges.com). These professions, while not requiring a degree, provide a path to financial independence without the need for significant
borrowing.

Despite the weight of this argument, the long-term benefits of a college degree often outweigh the initial financial burden. A degree remains a key factor in offering access to higher-paying jobs that may be inaccessible to those without higher education.

While trade schools and other alternatives can provide a faster route to employment,they often lack the flexibility and broad range of opportunities that come with a college degree. Over the course of a career, the earning potential of a college graduate far exceeds the initial debt incurred during their education.

In conclusion, while the cost of college is high, the benefits of obtaining a degree, both in terms of job security and personal growth, make it a worthwhile investment. The increased earning potential and access to better opportunities provide a strong argument in favor of pursuing higher education despite the debt.

Though alternative paths like trade schools may appeal to those looking to avoid loans, the broader opportunities available to college graduates justify the financial sacrifice in the long run.