“Is College Worth It?”
Many people argue especially today the same question over and over, ‘is college worth it?’ And the answer is yes. A four year degree pays nearly double than those without a degree, unemployment rates for people with a degree is less than most people think, and the wage gap between four year college graduates and high school graduates is increasing. Those who graduate college with a four year degree get paid on average nearly double compared to those with only a high school degree. According to a paper published by David Autor, the cost of college adds up to negative $500,000. This is double what it was three decades ago after adjusting for inflation. This information shows how much college education can pay off. “In 2016, the average income for people 25 years old and older with a high school diploma was $35,615, while the income for those with a bachelor’s degree was $65,482, and $92,525 for those with advanced degrees,” (ProConorg Headlines). People with just a bachelor’s degree earn on average 83% more than someone
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David Autor, an M.I.T. economist, explains that “we have too few college graduates, we also have too few people who are prepared for college.” This explains why the wage gap is gradually increasing because of the lack of people prepared for a degree. “Only 34% of American jobs require a high school diploma or less in 2017, compared to 72% in the 1970s,” “based on economy and job projections calculated by Georgetown University, in 2018, approximately 63% of jobs will require some college education or degree,” (ProConorg Headlines). More and more jobs require some sort of degree when there is not enough people getting them. “The average annual real rate of return on a college degree, after adjusting for opportunity costs, is 7 percent, so it exceeds the gap substantially,” (Rafiq Dossani, RAND