Is college really worth the debt?

Daryn Gregory

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The average cost of public colleges for the 2017-2018 school year was $20,770 for instate and $46,950 for out of state. These numbers play a huge role in the college decision making process and taking out loans to pay for it is one of the most consequential financial decisions you could ever make. 

 In a report done by ThirdWay, they found that a college graduate would earn roughly $900,000 more than the typical high school graduate over the course of their working life. They also found that 74% of college graduates will make $500k more than the typical high school graduate if they have no college costs. 

A smaller poll by GoBankingRates came to a similar conclusion. They surveyed 500 Americans already with college degrees and found that 42% felt that their degree wasn’t worth the debt it created. However, 88% of lose polled said they ultimately did not regret their decision to college and when asked about specific regrets people said they wished they had studied harder or picked a different major. 

Some may say that college loans are too high to be a good investment, but I say that it all depends on how long you stay in college, how many loans you take out, and what job you plan to get in the future. If you plan to get a masters degree, you’re obviously going to have more student debt than someone who only went for 4-years. Also, it’s good to research whether you need a college degree or not for your future job of choice. Some jobs do not require a college degree and taking out loans for it would be unnecessary. 

Overall, college is expensive but can be only detrimental to your financial situation if you do not plan ahead and think for the future. College degrees are worth the debt and can be one of the best investments for your future.