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Written by Thomas P. Foley
It’s not the only path to success, but for first-generation families like mine that went to college, a college degree has long been a source of pride.
Some are now questioning the value and purpose of universities altogether. Sensational stories depict billionaire dropouts as if they were a common occurrence. One editorial writer went so far as to call universities “cancer.” Some prospective college students may have doubts after hearing this. which one There are universities to apply to, but whether you should apply in the first place?
It is time to move beyond the current vitriolic narrative and recognize the transformative value of a university education. There are four commonly repeated misnomers about higher education. 1.) “Not worth it,” 2.) “Too elitist,” 3.) “Too expensive,” or 4.) “Doesn’t prepare you for the future of education” in the real world. “
First of all, I once heard that “university is not worth it.” Some people question investing in college because of the potential for debt. Is it worth it? Both quantitatively and qualitatively… yes.
The reality is that we live in an era where trust in almost everything has declined. This is part of the sacrifice of the 24/7 news cycle. And while higher education remains one of the most respected sectors in the United States, along with the church, small business owners, and the military, trust levels in all of these institutions have declined over the past two decades.
But at the end of the day, college is still one of the best “investments” you’ll ever make in your life.
Quantitatively, a four-year degree can generate a 14% annual return over a 40-year career, outperforming the stock market, according to repeated analyzes by economists at the New York Fed. In other words, earning a college degree will give you about twice the return compared to putting your college savings into an index fund, and five times the return compared to investing in bonds, gold, or real estate. You will get a return. If “university” were a stock, it would be the darling of Wall Street. And if money is the metric, research consistently shows that college graduates enjoy more than $1 million in salary increases over their lifetime (on average) than those without a degree.
Is a qualitatively fulfilling life your goal? Numerous studies have shown that college graduates have significantly higher indicators of happiness and fulfillment than non-graduates. College graduates overall tend to be happier, have longer life expectancies, healthier lifestyles, are less likely to be incarcerated, give more to charity, and have higher rates of community involvement. there is.
Second, the accusation of being an “elitist” is completely unfair. Sure, there are some schools that cater to more affluent people, but in general, college and education have long been a source of great equality in America. For many women, minorities, first-generation, and low-income students, the path to a better life begins with a college education. And college aid programs like PHEAA and Pell for low-income students and the GI Bill for veterans are opening the doors to college to more first-generation students than ever before.
Pennsylvania’s 90 independent nonprofit colleges and universities serve 45% of all Pell-eligible low-income students, 49% of all “adult” students, 54% of all minority students, and We educate the largest proportion of first-generation students going to college. In-state students.
It may come as a surprise, but in Pennsylvania, it’s actually the independent, not-for-profit colleges that provide the most support and the best rewards for low-income, first-generation, adult, and minority students. National measures such as the highly regarded Economic Mobility Index and WSJ Social Mobility Rankings prove that schools like this transform lives and empower low-income students. .
Third, the actual net cost of earning a degree at these independent, nonprofit schools is much lower than the “sticker price” we just looked at. According to the U.S. Department of Education, the average net tuition and fees (the amount families actually pay in after-school aid and public subsidies) at Pennsylvania’s independent nonprofit colleges was less than 10 years ago (even before adjusting for inflation). That’s just under $13,000. Earning a degree from these schools is actually becoming more affordable, not just cheaper.
Fourth, we hear statements like “college doesn’t prepare you for the real world” and “college doesn’t meet the needs of the workforce.”
The average person entering the job market today will have 16 different jobs in five to six different fields, and the job they have in 10 years may not exist today. So how can you prepare for an unknown career in an uncertain future?
As competition for jobs increases and new technologies like AI structurally change the economy, universities’ claims will be strengthened, not weakened. Learning how to learn is the new essential skill in a knowledge-based economy, and higher education is the surest way to develop it.
Choosing not to go to university limits your options. Sure, there are still plenty of jobs available without a college degree, but having a college education opens up even more opportunities. By 2031, 70% of all occupations will require at least some post-secondary education, a double-digit increase in just 10 years.
The next time you read a news headline denouncing higher education or questioning the merits of a college education, ignore the rhetoric and look at these facts.
Thomas P. Foley is a former university president and current president of the nonprofit Association of Independent Colleges and Universities of Pennsylvania (AICUP), which is comprised of 90 member schools.
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