It is important to first examine the question on the value or importance of a college degree from a financial standpoint. Student debt continues to rise as tuition rates have increased to over 400 percent between the years 1982-2007 (London 361). Without adequate financial support or planning, for many individuals college may lead to overwhelming debt that will not be justified by the jobs that they will obtain. Too often students are graduating college only to find themselves employed in positions that did not require a college degree, yet the student loan payments remain a burden that cannot be escaped. Unlike other debts, student loans are unique because bankruptcy does not wipe out the pending debt amount. The reality of the situation is extremely important for any student who plans to fund their higher education via student loans, which is why one must consider all other options for social mobility before assuming that a college degree will guarantee a better future.
As the world shifts further towards technology, educational options begin to expand. Unlike previous decades, more options for obtaining specific skills in an affordable and rewarding manner are possible via online courses. In Gillen’s review of Jeffrey Selingo’s book College (Un)Bound: The Future of Higher Education and What it Means for Student, Gillen points out that computer based courses online and assessment software accurately provides certificates and degrees based on competency (502). It is important to understand the significance of this statement due to its realistic value in the workplace. Employers are not hiring strictly based on one’s degree, but rather on the skill set and experience they enter the workforce with. To spend thousands of dollars on a basic Bachelor’s Degree in Business Administration without the appropriate hands on skills that will be required in a job, one is not receiving the reward that may have been expected. The employer is much more likely to hire the individual that has been certified in a particular skill set than the individual who has the degree. In this competitive market where technology begins to become a necessity and priority, one must examine the type of degree that will best prepare them for the job market.
Now more than ever, if the individual feels passionately to pursue his or her higher education, it is critical to select a major that fits into the advancing technological world. By selecting the appropriate major, the individual will more likely secure his or her future in a manner that justifies the cost of college. A major in science, technology, engineering, or math are the most secure for future job stability, but many students find these majors too arduous (London 362). Most people assume or select a route towards higher education with an expectation of earning significantly more than those who have settled with a high school diploma; however, not all degrees can promise that outcome.
Going back to the discussion of college degrees guaranteeing social mobility for the individual who may be on the lower end of the social class spectrum; it is even more crucial for these individuals to reconsider their choice towards higher education if they are unwilling to commit to specializing in a science, technology, engineering or math major. An article by Strohush and Wanner, titled College Degree for Everyone?, examines a study done in 2013 by Owen and Sawhill on the true value of college for everyone. The evidence based on Owen and Sawhill’s study suggests that selecting the “right major or right school” is going to determine whether or not college is the best investment (Strohush and Wanner 262). Former Secretary of Education William Bennett agreed with the Owen and Sawhill study while stating that “only 150 of the 3500 colleges in the United States are worth the investment” (Strohush and Wanner 262). In addition to this information there is rumor of a “bubble in education” similar to the housing bubble that may be coming to an end.
The delinquency rate of student loans is reaching an all-time high as more people turn to college as the answer to a better life (social mobility). However, at the end of this insurmountable debt lie jobs that could have been obtained without a college degree. For example, consider the student that is graduating with a degree in Anthropology, he or she is not able to find a job in their field and must settle for work that they could have obtained straight out of high school or with very little skill. Many individuals who are on the lower end of the social class spectrum are the one’s incurring enormous debt in hopes that a college degree will help position them in a higher social class. The high delinquency rate on student loan repayment is something to consider as one makes this very important decision on whether or not to attend college.
Consumer credit debts generally fall into the three major categories of mortgages, credit cards, and student loans (Strohush and Wanner 264). It is these three areas that most people find themselves “owing money” towards. With the unfortunate events brought on by the recession, both mortgage and credit card debts declined, yet student loan debt continues to rise (Strohush and Wanner 264). Needless to say, this is an ominous trend for both the individual borrowers and the economy. Strohush and Wanner point out that in the third quarter of 2013 the delinquency rate of student loan debts was higher than both the credit card and mortgage debts (246). Furthermore, concern for an “education bubble” similar to the housing bubble is a concern that The Federal Advisory Council has expressed (Strohush and Wanner 266). “All these facts suggest that the U.S. market for higher education may display not only symptoms of an asset bubble, but probably already of the bubble bursting” (Strohush and Wanner 266).
Whether one wants to take the information provided as a warning to select wisely or be discouraged is a personal choice. Surely education is of utmost value and a college degree is a wise investment in one’s future, but selectivity is critical in a world that is changing dramatically. If a college degree is the path that one decides to take, then selecting a major in science, technology, engineering or math are highly suggested. The future brings with it a very different work environment than ones from previous generations whose degree was valued regardless of the major. A college degree is not a guarantee towards upward social mobility.
The aim of the paper is not to suggest that a higher education is worthless, rather it is to provide individuals with ample information that will best assist them towards making decisions that lead to a better future and an upward rise in social mobility. Not all people are interested or appropriate for the fields of science, technology, engineering or math and should not be forced to dedicate money, time or energy towards majoring in one of these areas. However, if the individual finds themselves forced to take out student loans to support their ability to attend college, than it is best to examine one’s goals and select wisely. After all, there are so many other fantastic options with online education that would be a fraction of the cost and could train one to be specialized in skill sets that are likely to land them a job or career that will not leave them drowning in debt.
Lastly, it is important to re-emphasize that a college degree by itself is no longer the answer that it was for the Baby Boomer generation. For Gen X and Millennials, if college is not going to paid for by one’s parents or from a savings account that will help avoid taking out student loans, it is extremely pertinent to consider all options. It is not ideal to owe 40-60k in student loan debt for a basic Bachelor’s degree, unless one selects a major in science, technology, engineering or math. Too much evidence exists showing that the value of a college degree is very particular in the modern world and the job market no longer justifies the debt that an individual will likely take on for just any four year degree. In conclusion, a college degree is important and valuable, but only under certain circumstances.
Works Cited
Gillen, Andrew. "College (Un)bound: The Future of Higher Education and What It Means for
London, Herbert I. "Is College Worth It? A Former United States Secretary of Education and a
Liberal Arts Graduate Expose the Broken Promise of Higher Education." Academic
Questions 26.3 (2013): 360+. General OneFile. Web. 8 Aug. 2016.
Strohush, Vitaliy, and Justin Wanner. "College degree for everyone?" International Advances in
Economic Research 21.3 (2015): 261+. General OneFile. Web. 8 Aug. 2016.
