Is getting a college degree is a waste of time?
Let’s look at some numbers:
- 71% of college students borrow money for school
- Today, there is approximately $1 trillion of outstanding student debt in the U.S.
- Average student debt: $29,400
This leaves many scratching their heads. Is college worth the cost? Well, college grads, ages 25 to 32, make $17,500 more annually than their peer who have a high school diploma.
While some fields of study do not require a college degree, it is generally agreed that those with degrees make more money.
College analysts are now asking a new question- Does it matter where one gets her or his degree?
A new Gallup poll answers that question with an overwhelming no. Not at all.
In a survey of 29,650 college graduates, Purdue University asked graduates questions relating to their income or engagement at work.
Here are some of the results:
- 39% of college graduates feel “engaged” at work (10 points higher than whole U.S. population)
- “Engagement” in work did not vary in terms of where one received her or his degree
- There is no link between cost of college diploma and later income. (It is much more dependent on one’s field of study)
- 2% of graduates with debt between $20,000-$40,000 stated they were “thriving”
- Higher levels of “engagement” at work were reported for those who attended schools with 10,000 students or more. Private for-profit schools saw worse outcomes.
It’s true- the pride of receiving an acceptance letter from an Ivy or stating a prestigious alma-mater cannot be captured in a poll. But when you look at the data, it’s the student that determines her or his success, not the institution.
Now we’ll leave you with a bit of advice from Brandon Busteed, leader of Gallup’s education work:
“If you can go to Podunk U debt free vs. Harvard for $100,000, go to Podunk. And concentrate on what you do when you get there.”
It’s your turn to chime in. What is the value of a college degree? Does it matter where you get it?
