Should You Go to College? 11 Pros & Cons - Earnest | Earnest

Should You Go to College? 11 Pros & Cons

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Pursuing higher education — whether that’s a four-year college, community college, or trade school — is a personal decision. Even though advanced degrees can improve your income potential and job security, they’re not for everyone. If you’re wondering, “Should I go to college?” here are some things to consider.

Key takeaways

Pros of going to college

Personal exploration

Getting a four-year degree can be a great way to immerse yourself in new experiences that help you grow as a person. College campuses are full of activities to help you explore your interests and discover new passions.

You may have opportunities to study abroad, get real-world career experience through internships and business, political, and media organizations on campus, and you can meet a lot of other young people who might be friends for the rest of your life.

Increased income potential

College costs can sound exponential when you’re still in high school, especially if you’ve never had any kind of employment. But it’s important to look at the long-term benefits of higher education. Even if you spend $100,000 or more over a four-year university program, you may be able to make over $1 million more in your lifetime than if you only have a high school education.

The average annual salary for Americans with a high school diploma is just below $40,000 a year, while people with a bachelor’s degree make an average of $80,478 per year.

Networking circles

Going to college provides a wealth of networking opportunities that can greatly benefit students in their future careers. Whether it’s through attending career fairs, joining student organizations or participating in internships, college students have access to a multitude of resources for meeting and connecting with professionals in their desired fields.

Additionally, professors and alumni can serve as valuable connections, providing students with industry insights and potential job leads. Networking during college can also lead to lifelong friendships and collaborations, making it a valuable investment in both personal and professional growth.

Job security

College grads enjoy more job security than people without a bachelor’s degree. In the last 6 months, for example, the Bureau of Labor Statistics (BLS) reports that high school graduates over 25 with no college education had an unemployment rate over 4%. During that same span, college graduates with a bachelor’s or higher had a 2.1%-2.2% unemployment rate.

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In general, the more postsecondary education you have, the more job security you’ll have. And you’ll make more money, too. According to the BLS, high school grads employed full-time make a median of $853 in earnings per week, whereas bachelor’s degree holders take in $1,432 per week. By comparison, people with associate’s degrees made median earnings of $1,004 per week.

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Career opportunities

Going to college can have numerous career benefits outside of increased earning potential and job opportunities. For example, certain jobs and industries require a college degree for entry-level positions, so, with a college degree, you’re in some cases immediately more marketable as an employee.

College also provides access to career services, such as resume building, interview preparation, and job search assistance, which can further enhance a student’s career prospects.

Maybe the most valuable to students is the ability to capitalize on a school’s connections with local and national businesses. This could help you land internships to explore multiple career paths, which could save you much time and frustration once you graduate and enter the workforce. Overall, going to college can provide a solid foundation for a successful and fulfilling career.

Specialized knowledge

One of the primary benefits of attending college is the specialized knowledge that students gain in their chosen field of study.

Depending on the major, students can learn everything from the fundamentals of biology to the nuances of international business law. This specialized knowledge is often taught by experts in the field, offering students access to the latest research, theories, and practices in their chosen area of study.

Gaining this specialization can be essential for success in many careers, as it allows students to understand the complexities of their field and stay up-to-date with the latest trends and advances. It can also be valuable for pursuing graduate studies or for starting a business in a specific industry.

Transferable skills

College isn’t just a place to gain specialized knowledge in one particular field of study. It is also a place where students can develop a wide range of transferable skills that can be applied to many different careers and life situations.

For example, students learn critical thinking, problem-solving, and analytical skills that can be used in any job that requires decision-making. In addition, college provides opportunities to develop communication skills, both written and verbal, as well as teamwork and collaboration skills through group projects and presentations.

Time management, organization, and leadership skills are also developed through managing coursework, extracurricular activities, and internships. These skills are highly valued by employers and can be essential for success in any career path.

The college experience

While you probably wouldn’t go to a four-year college just for the fun times, the college experience is one to savor.

For most students who haven’t done a gap year, it’s the first time they’re living away from home — sometimes thousands of miles away — and experiencing real independence. That can be hard and confusing at times, but it can also be an incredible challenge that pushes you as a person and sets you up for long-term success.

Every year of college brings new opportunities for growth, development, and personal relationships. Even if you stay in-state, do part-time enrollment, or live at home to save money, you’ll still have valuable experiences. It’s all about what you make of it.

The more proactive you are about finding and taking advantage of exciting opportunities through your degree program, the more you’ll be able to explore your passions, discover new interests, and set yourself up for success in all areas of life post-graduation.

Cons of going to college

A degree may be unnecessary

While there are certainly many fields that require a college degree, it is important to recognize that higher education is not always necessary for every career. In some cases, on-the-job training, apprenticeships, or vocational programs may provide more direct pathways to success.

For example, many skilled trades such as plumbing, electrician work, or construction can be learned through apprenticeships or certification programs.

Similarly, some professions such as sales, customer service, or creative writing may place more value on practical skills and experience than on academic credentials. Ultimately, the decision to pursue higher education should be based on personal goals, interests, and career aspirations.

Student loan debt

How much debt you might graduate with depends on a lot of different factors, including family income, field of study, university of choice, and whether you have the ability to work during school.

Statistics on this vary based on whether private loans are taken into consideration, but a typical student these days has about $38,000 in outstanding student loan debt. Some people graduate with less, while others graduate with tens of thousands more.

You may find it useful to analyze statistics about the average debt upon graduation specific to each university you’re considering. You can find comprehensive statistics for colleges across the country from U.S. News & World Report’s college rankings.

You may spend money on a degree you don’t use

College is a time to take risks and explore what you’re interested in, but it can also be expensive to take too much time figuring out what you want to do.

If you decide you want to study politics, and then you graduate and realize you really want to be a doctor, you may need to go back to school and essentially start over. That will cost a lot of extra money. It’s also important to remember that you have to pay back your student loans even if you don’t finish your degree.

If you’re not sure of your course of study or if you get confused part way through, it’s OK to take some time off to reevaluate. You might find it helpful to take a gap year between high school and college, and/or to take some classes at a less expensive community college to explore your interests.

Is college worth it?

Ultimately, you’ll have to decide for yourself whether college is worth the expense. While most college graduates earn more money in their lifetimes than people without bachelor’s degrees, everyone’s experience is different — and some people do struggle to pay off their loans if they borrow more than they can easily afford to pay back on entry-level salaries.

If you want to pursue a career that requires specialized knowledge, you may not be able to get into your field without a degree, even if you’re incredibly smart and talented. In this case, if money is a barrier, you can try decreasing the cost by taking College Board-certified Advanced Placement classes, which can earn you college credit to help you graduate early. You should also fill out the FAFSA to find out whether you’re qualified for federal aid you won’t have to pay back.

If you’re not ready to decide just yet, that’s completely fine too. You can always take a gap year and apply later, after you’ve had some work experience and saved up a bit of money.

Learn more about Earnest student loans

Are you trying to fill the gap between financial aid and college expenses? Earnest offers flexible terms, no fees, an autopay discount, and a 9-month grace period compared to the 6-month grace period offered by other lenders. Want to see what you could be eligible for? Try Earnest’s rate calculator. It’s fast, free, and won’t affect your credit score.