Should We Reconsider the Tradition of Encouraging Kids to Pursue Higher Education? Insights from Specialists
Choosing college can feel like a gamble with high stakes, especially with tuition costs soaring and doubts about the return on investment (ROI) for many degrees. You're not alone if you're wondering if it's time to question the college advice we've been giving our kids.
For starters, let's address the finances. Some college degrees have a negative ROI according to a 2024 analysis by FREOPP. For instance, two-year liberal arts degrees, around 23% of bachelor's degree programs, and almost half of master's degree programs were found to have a negative ROI[1][3]. The cost of college also varies considerably between schools, so choosing one that fits your budget is crucial.
But what about the future of work and disruptions in the education sector? AI is set to change the landscape of virtually every industry in the coming years. Add to that the legal battles over the SAVE plan and the Trump administration's efforts to dismantle the Department of Education[2]. With so many unknowns, it's easy to see why college might seem less appealing.
So, should you tell your kids to skip college altogether and get a plumbing license instead? Not so fast. While it's essential to choose a degree program with a good potential ROI and a school that fits your budget, college can still be a valuable investment in more ways than just financial gains.
That's because college offers opportunities that can set you up for success in your career. It's not just about the degree you earn; it's about the network you build, the skills you acquire, and the experiences you gain that can open doors[4].
To make the most out of your college experience, it's important to consider your strengths and learning preferences. Not everyone learns best in a traditional classroom setting, and exploring alternatives such as trade schools, apprenticeships, community colleges, or industry-specific certifications might be a better fit[5].
Ultimately, whether college is worth it for you depends on your individual goals, abilities, and the ROI of your chosen degree program. If you're unsure, it's worth taking the time to carefully consider your options and make an informed decision that's right for you.
- Despite the worries around the high tuition costs, negative ROI for some degrees, and disruptions in the education sector, college can still provide valuable employability advantages, such as network building, skill acquisition, and experiential learning.
- In choosing a college, it's crucial to pick a school that fits your financial plan, as costs can vary significantly between institutions, and some degree programs may not offer a desirable return on investment.
- In 2024, an analysis by FREOPP revealed that several college degree programs - including two-year liberal arts degrees, some bachelor's and nearly half of master's degree programs - had a negative return on investment.
