Literature Review
In recent years, many students have been graduating with a large sum of debt to reimburse their college education and this has been a demotivating factor for getting a college degree. Multiple researches have found that students attend college knowing that they will end up being in debt, and this is in no doubt ruins their college experience. This literature will investigate whether a college degree is worthwhile in our current day and age. Moreover, this literature review will discuss the cost of attending university, the importance and stress of their education, as well as the less costly alternative forms of education. Since most students encounter the issue of being in debt, online education comes in as a less costly alternative opportunity for a college education without the need for debt or a much smaller amount of debt. In spite of the high costs of a college degree, the stress that students go through, along with further negative factors, a college degree is definitely still worth it as it will pay off in the future.
College tuition in the united states has been on the rise for the past 30 years. It has risen by around 400% (London, 2013) and many college students have no other option but to take a loan to finance their education and end up with a large sum of debt that has to be paid off. Daly & Bengali (2014), Kent (2010), and London (2013) all agree that college tuition is very expensive. Although some agree that a college degree will in fact bring in higher lifetime earnings, many students tend to suffocate under debts after graduating until the age of 40 (Daly & Bengali, 2014). Kent (2010) on the other hand, argues that a two-year associate degree would be an affordable alternative to a full four-year undergraduate degree. On the contrary, Daly & Bengali argue that the money and time spent on college are time and money very well spent as it will provide higher lifetime earnings. Moreover, according to Busteed (2013), some surveys proved that due to the current economic downturn, not all college graduates are finding jobs with the specifications they are looking for. That includes the salaries that they get paid, or the exact job description that they are looking for. This further proves his allegation that right now, a college education is not worth the money or time put into it. Furthermore, according to studies conducted by Blumenstyk (2015), only less than half of the graduate students value college. Most current students and recent alumni also have a very negative view of attending college due to the debts they have to pay off in the future but still attend due to social expectations. However, students value college education in that the 2015 poll found that alumni college education is important despite the high cost and debts. However, students are interested being engaged in internship and long-term project which will assist them in gaining experience despite the cost.
Over the years, a college degree has proven it’s value.Daly & Bengali (2014), Kent (2010), Blumenstyk (2015), and Carlson (2013) all agree that college is certainly worth the time and money. According to Kent (2010), students who come from disadvantaged and less financially able families benefit the most out of a college degree as it will provide them with a wider variety of jobs to choose from. Kent (2010) adds that for disadvantaged people, a college degree is a big achievement, where they can improve their living conditions and financial status immensely, whereas for privileged students, a college degree is considered to be something that they are expected to earn by their family and society they are situated in, and is a minimum requirement. This leads to higher and constantly increasing earnings in the future. Moreover, Kent (2010) also claims that the higher the college degree earned, the higher the earnings in the future. London (2013) claims that not only does university provide a student with a college degree that will land them high earning jobs in the future, but also the students benefit from exposure to different cultures, interaction with people from different backgrounds, and a sense of self esteem after graduating. However, that doesn’t mean that university is in fact for everyone. London (2013) counter claims this argument by saying that college benefits some more than others, as some people cannot cope with the expenses and total experience of the university. Additionally, some college graduates end up unemployed while others work in fields completely unrelated to their major.
Although these findings were based off legitimate surveys, they all have strengths and weaknesses. Daly & Bengali’s surveys included data and facts from trusted sources. This positively impacts their research and analysis. Moreover, these surveys study people on a long term basis for about 40 years. On the other hand, students with more than a four-year college degree were omitted from the survey, which comes in as a weakness. Also, higher education does not necessarily mean that the person will earn a higher income. Moving on to Kent (2010), the surveys used include reliable sources for the data provided, the people studied were followed up for twenty-nine years to assure accurate results, and covers a wide range of education levels. Although Kent’s (2010) surveys presented credible evidence, it also has some weaknesses. The survey conducted covered 13,000 people in total in a population of over 300 million people. This is an insufficient number to provide accurate results. Additionally, this survey was conducted only in one state, which displays a weakness. London (2013) also presented himself as an example to support some of his arguments while demonstrating counter arguments and refutations to further support his arguments. He touches the western culture and asserts that it holds essential principles which are beauty and virtue and these are achieved through high education. However, despite the important facts from the article, it has a weakness by failing to conduct a survey which could assist in getting real facts. The author relies on literature review from other authors namely; Bennet and Wilezol.
Carlson (2013) uses evidence to analyze the cost of college, the debt burden and why college education worth it. In addition, he provides recommendation to curb the challenges of debt and to reinforce college education. However, the two studies conducted do not provide enough data to support the argument. Blumenstyk (2015) derives his data from a national survey and this helps to draw a strong conclusion that college education worth it. The data may be applied in institutions to help them value education and implement mentoring programs. However, colleges involved in the survey published their report online and this means the reports might not be credible. Busteed (2013) research is based on questionnaire and draws a conclusion on how people view education. From the research, he derives important facts that people value education for their well-being and for the purpose of living a meaningful life. His research involved worldwide and 22million employees. However, he touches on issues which affect life but fails to offer solution to the debt burden.
College tuition has been on the rise over the last years and this has been very problematic for most of the students attending college in the United States. Some analysts like Daly & Bengali (2014), Kent (2010), and London (2013) agree that college tuition is way too high for regular students to handle but on the contrary believe that overall, the benefits of attending college outweigh the drawbacks. Moreover, some analysts also agree that university is not for everyone. London (2013) believes that artistic students do not have to attend college as they can put their efforts into their hobby to reach success. He also adds that there are several other alternatives for students who cannot afford the full college experience and explains that online courses are not only very affordable, but also stress free. Carlson (2013), Blumenstyk (2015) and Busteed (2013) draw conclusion from their research that college worth it there is a high demand of college degree. To achieve higher societal economic outcomes and society and individual benefit, a bachelor degree is much important. It is important to value the college and understand that it is a steppingstone and a good investment. Government, Boards of trustees and students should ask themselves ‘is there any benefit in college education?’ This is a fundamental question and everyone should know that college education is a path for long-term success, career well-being, wealth and happiness (Busteed, 2013). To achieve this, higher education must be implemented as it has a lifelong impact. How can people get a highest-paying job and contribute to a community without a degree? As far as better jobs, community development and high living standard are concerned, it is important to value a college degree.
References
Daly, M.C., & Bengali, L. (2014). Is it still worth going to college?
FRBSF Economic Letter
Kent, M.M. (2010). College education benefits some more than others.
Population Reference Bureau. Retrieved from www.prb.org
Carlson, S. (2013). Is college worth it?
Chronicle of Higher Education. Vol. 60 Issue 11, pA25-A25, 1/2p.
Blumenstyk, G. (2015). Just half of graduates strongly agree their college education was worth the cost.
Chronicle of higher Education. Vol. 62 Issue 6, p1-1.1p.
London, H.I. (2013). College: who profits?.
Springer science+Business Media. DOI 10.1007/s12129-013-9366-3
Busteed, B. (2013, August 27). Is college worth it?
Retrieved from www.gallup.com
