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Old 02-11-2014, 11:30 AM   #1
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Default Is college still worth it? Pew research says yes

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WASHINGTON -- High unemployment has left many Americans questioning whether the soaring cost of college makes it a good bargain for today's young adults.

But there's strong evidence that a four-year degree pays off -- and in some ways that may be even more so for the current generation.

New data from Pew Research indicates that for people 25 to 32 -- part of the so-called millennial generation -- the gap in earnings between college graduates and those with a high school diploma or less has never been greater in the modern era.

Pew researchers, in a report released Tuesday, found that millennials who have college degrees made about $17,500 more in 2012, on average, than their peers with only a high-school diploma. In inflation-adjusted dollars, that compares with a gap of almost $10,000 for the early baby boom generation when they were the same age that millennials are today. For the so-called Generation Xers, who were born between 1965 and 1980, the pay disparity between college and high school graduates at the time they were young adults was $15,780 in adjusted dollars, according to Pew's analysis of federal data.

In percentage terms, millennial workers with only a high school education earned 61.5% of the annual income of similarly aged adults with a bachelor's degree. By comparison, for early boomers a high school graduate's pay was 77% that of a college graduate, and for Generation Xers it was 64%.

It's not surprising that the pay gap based on education has widened over the decades as the economy has become more service-oriented and specialized, and as globalization and an erosion of unions have further held down wages especially for blue-collar workers, analysts say. For young adults in the mid-1960s, when a much smaller share went to college and manufacturing was a much bigger part of the labor force, college graduates earned $38,833 in 2012 dollars, but employed high school graduates weren't so far behind. They had a median income of $31,384, or 81% of those with bachelor's degrees.

What these data show, then, is that the education pay gap has widened partly because the pay for college graduates has risen over the decades but even more so because the real earnings of the less educated have kept falling. The Millennial worker with only a high school diploma had a median income of $28,000 in 2012; that's down from $32,299 for comparably educated early Baby Boomers when they were young adults. And this difference is even larger than the increase in earnings for college graduates for millennials compared with the early boomers.


The Pew report also points up the severe effects of the Great Recession on young adults and how little real earnings have climbed for even college graduates, which is one reason people have questioned the value of a university education.

The median pay of millennial college graduates was $45,500 -- not that much more than the $43,663 that young adults made two decades ago and the $44,770 earnings of people ages 25 to 32 three decades earlier.

As the Pew report notes: "Young college graduates are having more difficulty landing work than earlier cohorts. They are more likely to be unemployed and have to search longer for a job than earlier generations of young adults."
What's more, other research has shown that these hardships tend to shadow their careers as low starting pay means future earnings are likely to be depressed as well.

Still to the question of whether a college degree worth it, the answer from the millennials is overwhelmingly yes. Nine out of 10 with at least a bachelor's degree said that college had already paid off or will in the future, Pew's survey found.

Moreover, in the work world, many employers see a four-year degree as a must, even for clerical jobs. So even if there are doubts about the value of a college degree -- many millennials in the Pew survey had regrets about their major -- what's clear is that the alternative is much worse. As the Pew report authors put it, "The picture is consistently bleaker for less-educated workers."


http://www.latimes.com/business/mone...#ixzz2t2GFj2y6
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Old 02-11-2014, 10:47 PM   #2
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Not worth it if you decide to major in a field where jobs are scarce or obsolete when you enter the market. I don't understand people who lack that hindsight and rack up debt. Especially in a global recession.

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Old 02-12-2014, 12:48 AM   #3
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absolutely.

If you're just in college to get a better job look into something that gives you a tangible skill but most importantly keep an eye on the fields that have demand, and most importantly fuck what you heard.
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Old 02-12-2014, 01:13 AM   #4
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Agreed. It's not worth it to go just for the hell of it. Unless you're loaded, going to college just because is one the easiest way to become poor & turned out. But if you're going for a very specific reason, to learn something you could not learn anywhere else, then it's a good move.


But for most things I still say GOOGLE > SCHOOL
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Old 02-12-2014, 07:07 PM   #5
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absolutely.

If you're just in college to get a better job look into something that gives you a tangible skill but most importantly keep an eye on the fields that have demand,
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But if you're going for a very specific reason, to learn something you could not learn anywhere else, then it's a good move.
This is how I've always looked at it. +rep
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Old 02-13-2014, 01:14 AM   #6
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College is just a scam like many things are in life.
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Old 02-13-2014, 12:53 PM   #7
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College is just a scam
Elaborate, please. (I know why you said this but I want you read your thoughts.)
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Old 02-13-2014, 01:05 PM   #8
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Old 02-13-2014, 11:27 PM   #9
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It's expensive, sells a lot of outdated products, and there are a lot of people not finding jobs after investing in it. I've watched a documentary on the last part.

It is also misleading. Some college booklets show the percentage of grads who get jobs, but do not state what kind of jobs (are they jobs related to what was studied or are they working at Starbucks?). And did they really ask each graduate if they got a job or did they pull the percentage out of their asshole? It is possible that colleges are having courses not based on what is out there in the job market, but based on how much money they can bring in. It is a business first.
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Old 02-15-2014, 01:29 PM   #10
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It's expensive, sells a lot of outdated products, and there are a lot of people not finding jobs after investing in it. I've watched a documentary on the last part.

It is also misleading. Some college booklets show the percentage of grads who get jobs, but do not state what kind of jobs (are they jobs related to what was studied or are they working at Starbucks?). And did they really ask each graduate if they got a job or did they pull the percentage out of their asshole? It is possible that colleges are having courses not based on what is out there in the job market, but based on how much money they can bring in. It is a business first.

(I think you watched the documentary called "The College Conspiracy" Good film!)

Is college expensive? Yes, there's no doubt about that. 20 years ago, college students could attend school full-time and work part-time with little to no student loans. Also, college was less expensive compared to today; the number of students attending college was a lot less not to mention the USA's population.

People who have degrees in engineering, math, physics, geology, agriculture, and other sciences are considered good because the world is in demand of people who possess these degrees. People who have degrees in psychology, liberal arts, business administration, etc are considered "useless", unless one has a great network and has major skills.

I'd say it's the business of education. Some of the courses taught in college are useless and it's simply for the college to make money! Also, on average, it takes five years to obtain a bachelors degree, six years if one is going for engineering or a science degree. Why? Colleges are forcing students to take more classes; Therefore, college is becoming more and more expensive, especially with the rate of student loans constantly increasing.

It's the business of education! Why do you think Obama said what he said?
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Old 02-15-2014, 04:55 PM   #11
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It's expensive, sells a lot of outdated products, and there are a lot of people not finding jobs after investing in it. I've watched a documentary on the last part.

It is also misleading. Some college booklets show the percentage of grads who get jobs, but do not state what kind of jobs (are they jobs related to what was studied or are they working at Starbucks?). And did they really ask each graduate if they got a job or did they pull the percentage out of their asshole? It is possible that colleges are having courses not based on what is out there in the job market, but based on how much money they can bring in. It is a business first.
A good point, and you can certainly make a lot of money without a degree. In general i'd say not having a degree rules you out from a lot of high paying jobs though. So just by having a degree statistically you're more likely to earn more.

As others have said though, you need to get the right degree in something with a good job market. Any kind of art/history/business related degrees are just going to rape you for years afterwards unless you're an exceptional person.
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Old 02-15-2014, 07:29 PM   #12
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As others have said though, you need to get the right degree in something with a good job market..
I agree with everything you wrote. This one I quoted is crucial. The job market is really bad and that is why the cause and effect of getting a college degree then finding a job is not working as much as it use to. Politicians are blameworthy.
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Old 02-15-2014, 09:26 PM   #13
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Well, idk where down the line we convinced ourselves the soul objective of going to college is to find employment. Some can do it to be a better employer, a more informed person, to network with people of a common interest for professional and personal reasons, as a personal challenge and accomplishment, or to meet mates (which oddly enough but to oddly enough is one of the primary reasons for women).

You can say college is a scam all you want but you'll be stuck working shitty jobs and associating, by force, with shitty people. It's too expensive, I completely agree with that, but the main problem is that it's being sold as a job training course and it's not.
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Old 02-16-2014, 05:58 PM   #14
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^I agree.

I am thinking about attending graduate school. I applied in 2012 and was then accepted. (I didn't attend because I was going through some things)

Overall, I wish I would've did a better job in my undergrad. I was enduring serious issues but I managed to pull through. I know of a few people who dropped out and they now regret it. "It's too hard" or "I don't like it" One thing I've noticed is you have to do something you'll enjoy. Don't do it for the money!
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Old 02-16-2014, 06:21 PM   #15
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Yeah a degree won't guarantee you a job, even if you do get a job most likely it won't be in the fuel you studied.

However having a degree in math, sciences, engineering or medicine will help you a lot. How much you earn however depends on the reputation of your college. There are two reasons for this, one is that its a top ranked college your bound to jump ahead of everyone else, the second and most important reason is that if you go to a top ranked college you will network with people in top ranking positions. So you will be meeting alumni who are managing directors at large firms. Getting a job from there on isn't that difficult, even if your final grade is bad.

Is college worth it though? It really depends, if you study something worthwhile and have the opportunity to go to a decent college then yes it is worth it. Apart from that if you factor in the massive costs its becoming harder to justify.
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