Is College Worth It? An Update

by Patrick O'Connor, Ph.D.

A few years ago, there was a discussion about the value of college— two- year, four-year, even certificates. I wrote a column in response to that discussion, and most of it is below…

And in reading it, it seems like it might need updating, in light of new data. It’s clear parents, and even students, are seeing college as a vocational training experience, and not a life-shaping one. I get that; college costs money and for many, the time spent in the classroom is time that could be spent on the job, bringing home money for a household. In addition, there’s a question about the relevance of what’s being taught. Is Shakespeare really all that important today?

Three quick points:

• College doesn’t have to cost as much as you think it does. Tuition at a four-year public averages $11,000 a year. With any reasonable amount of help from the Federal government or the college, the family share is about a car payment each month.

• Yes, flipping burgers has become more lucrative in the post-COVID era, with full-time wages starting at $30,000 a year in most markets. Still the four-year college graduate will make twice that much a year over the course of a career—and if you marry a working college grad, your household has 4 times that much money. 4 years, for a million bucks.

• Your social media feed is full of stories of couples that divorce, politicians who lie, and rich people who break the rules. So is Shakespeare—except that, in reading his plays, you can see what happens at the end. You don’t need Shakespeare, but you don’t need McDonald’s fries either—and yet, life is so much better with both.

So read what’s below, and judge it as sentimental, if you wish. As society becomes more polarized, and mental health needs only increase, it could be that the sentimental part of life, and college, holds more value than we think.

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It’s October, and senior year is in full swing: 5 academic classes, one honors class, and 2 APs. If all goes well, you’ll be admitted to a college that’s right for you, where you’ll get to do this for four more years.

“Dude” you say to yourself, “is college worth it?”

Your parents come back from a dinner party in the neighborhood. “I ran into Jenny Smithers” your Mom says. “She graduated from State U this spring with Honors in Architecture, but with the slow job market, she’s an assistant manager at Burger World and living at home.” “She’s the eighth college grad in the neighborhood who came back home” says Dad. “One more, and the unemployed college grads can start a baseball team.”

“Dude”, you say to yourself, “is college worth it?”

You take a break from job hunting to catch the end of the sports show on TV. As you’re flipping the channels, you stop at a story that talks about Bill Gates, Abe Lincoln, and some woman in Connecticut. The story says Bill Gates didn’t finish college and Abe Lincoln never started, but this woman in Connecticut took out $115,000 in loans to go to college. She now has a Bachelor’s Degree in Philosophy, and can’t get a job.

“Dude” you say to yourself.

You head back to the computer, and make a scientific investigation. It turns out that the unemployment rate is lowest for students with college degrees. It also turns out that most of the job growth in the next 10 years will come in jobs requiring training after high school, but not a four year degree. It also turns out the average graduate with a Bachelor’s Degree has $30,000 in college loans.

“Whoa!” says you.

You’ve decided your homework can wait, and you head down to Maggie’s Pizza. Dave’s the manager on duty tonight, and he’s the smartest guy you know.

“’Sup, bro?” he says, without looking up from the pizza he’s cutting.

“Dave, is college worth it?”

Dave looks up, puts down the pizza cutter, and wipes his hands on his apron.

“Let’s see. Moved in the day before classes started, and I was so scared, I didn’t unpack til November 12th. My roommate was from Brooklyn, and he taught me how to eat pizza the right way. Read my first book of poetry. Worked my summers cleaning dorm rooms, and swore I’d never do that again. Went to Scotland for three weeks, and got to see the sun set at midnight. Learned how to footnote a paper, why camels spit, how to write the business plan that led to this store and the four others in the chain, and why it matters to me who wins the elections in Turkey.”

“What happened November 12th?”

“I met Maggie.”

“Hmm.”

“What about you, man? You know what you want to study?”

“No.”

“Where you want to live?”

“No.”

“Do for a living?”

“No.”

“Yeah. That’s about where I was, before I went. Slice to go?”

Dave shows you how to eat pizza Brooklyn style, and you head for home.

“Where’ve you been, champ?”

“Sorry, Dad. Just needed to clear my head.”

“Well, it’s a busy time for you.”

“Yeah. Hey Dad?”

“Yes?”

“Who’s running for president in Turkey?”