Argumentative Research paper on Getting a 4-Year College Degree: Is worth the cost?

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Title: Rising college costs push students to technical schools Authors: Grant, Tim Source: Pittsburgh Post-Gazette (PA). 06/13/2014.

Document Type: Article Accession Number: 2W63716136132

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By Tim Grant

While most high school students still plan to go the traditional route of attending four-year colleges and universities when they consider educational options after graduation, a significant number say they are open to the idea of attending community colleges and technical schools.

The Washington, D.C.-based College Savings Foundation's fifth annual "How Youth Plan to Fund College" survey of high school students across the country found many are broadening their perception of what higher education means. One in five, or 21 percent, said they think of vocational or career schools in the same way they think of public or private college.

Prior surveys did not ask that question, so there is no way to compare past attitudes toward community college and vocational schools.

"What this says is that some form of higher education is more important than ever. It just may take different forms," said Mary Morris, College Savings Foundation chairwoman. "I hope it means families are talking more, planning more, thinking about what their goals and resources are, and finding ways to make college education more affordable."

Cost continues to be a hot topic for families and students _ a reality reinforced earlier this month when President Barack Obama issued an executive order attempting to ease loan- related stresses many face following graduation from college or other post-high school educational programs.

Obama signed an executive order last week that would allow millions of people to cap their monthly student loan payments at 10 percent of their income, as well as reducing payments for others.

The Consumer Financial Protection Bureau has reported that student loan debt has reached a new milestone, crossing the $1.2 trillion mark _ $1 trillion of that in federal student loan debt.

The College Savings Foundation's survey showed 76 percent of high school students said the price tag associated with higher education will affect their college choice, and 71 percent plan to choose a more affordable option.

According to the 2014 World Almanac and Book of Facts, the average annual cost of tuition and fees at two-year institutions in the U.S. from 2011 to 2012 was $13,879 versus $23,479 for tuition and fees at four-year institutions.

A main focus of the College Savings Foundation is building public awareness and providing public policy support for 529 savings plans, which have grown in popularity as a way to save for college. The foundation's members include investment managers, law firms, accounting firms and nonprofit agencies that sponsor or administer 529 plans.

College Savings Foundation members reported holding a record $143 billion in 529 plan assets, or about 68 percent of the total 529 marketplace assets of $210 billion, according to the foundation's first-quarter financial report.

While four-year institutions often focus on teaching students critical thinking skills such as how to analyze, solve problems and do research, vocational schools and community colleges tend to prepare graduates to jump right into a specific occupation. Community colleges also have a history of working closely with employers to offer job training programs focused on serving industries important to the local economy.

Part of the beauty of community colleges and vocational schools, Morris said, is that they can help students pursuing a bachelor's degree to obtain one more inexpensively and they can even help people who already have a bachelor's degree obtain a new set of job skills.

Community colleges offer certificate programs that only last three to six months, as well as two-year associate degree programs.

A growing number of students are taking advantage of Two-Plus-Two programs, in which they start their higher education studies at a two-year community college and finish the last two years at a four-year college. Some four-year institutions will guarantee admission to community college students as long as certain conditions are met, such as grade point average minimums.

"It's a great path for students who graduate from high school and are not sure what they want to do or don't have all the resources for a four-year school and might benefit from an additional two years of maturing," Morris said. "If they do well, they could end up being accepted to a four-year college they might not have been admitted to straight out of high school.

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"It's a chance to prove yourself," she said. "It's a different path to a four-year school, but that is where your degree will be from. Tuition and fees are lower, and you can live at home and reduce the cost of attendance, and reduce substantially the cost of a four-year degree."

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References

LYONS, M. Which colleges pay off the least in the long run? Dayton Daily News (OH), [s. l.], 18 jul. 2017. Disponível em: http://search.ebscohost.com/login.aspx?direct=true& AuthType=ip,custuid&custid=s8455861&db=pwh&AN=2W63750078500&site=pov-live&authtype=custuid. Acesso em: 30 mar. 2021.

Which colleges pay off the least in the long run?

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Melisa Lyons

July 18--A list was recently released by the website 24/7 Wall St. to judge the value graduates will receive from their alma mater.

The list of 50 Top Ranked Colleges That Pay Off the Least compared the median earnings of former students against the cost and student debt. These colleges were chosen based on the U.S. News & World Report 2017 rankings of the 206 best national and liberal arts colleges.

Below are the rankings of schools from Ohio and surrounding states:

5. Earlham College (Ind.)

* Typical salary 10 yrs. after entry: $33,400

* Cost of four-year degree: $75,676

* Typical student debt: $18,500

* Most common degree awarded: Biological and Biomedical Sciences (16.7%)

8. Berea College (Ky.)

* Typical salary 10 yrs. after entry: $33,400

* Cost of four-year degree: $12,268

* Typical student debt: $5,428

* Most common degree awarded: Biological and Biomedical Sciences (9.9%)

15. Oberlin College (Ohio)

* Typical salary 10 yrs. after entry: $40,300

* Cost of four-year degree: $117,944

* Typical student debt: $24,000

* Most common degree awarded: Visual and Performing Arts (24.4%)

16. Transylvania University (Ky.)

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* Typical salary 10 yrs. after entry: $39,700

* Cost of four-year degree: $87,252

* Typical student debt: $23,320

* Most common degree awarded: Business, Management, Marketing, and Related Support Services (14.3%)

24. Ohio Wesleyan University (Ohio)

* Typical salary 10 yrs. after entry: $42,700

* Cost of four-year degree: $117,292

* Typical student debt: $22,191

* Most common degree awarded: Social Sciences (15.4%)

33. Centre College (Ky.)

* Typical salary 10 yrs. after entry: $43,300

* Cost of four-year degree: $89,624

* Typical student debt: $23,250

* Most common degree awarded: Social Sciences (28.7%)

34. Ohio State University-Main Campus (Ohio)

* Typical salary 10 yrs. after entry: $42,900

* Cost of four-year degree:$72,272

* Typical student debt: $16,188

* Most common degree awarded: Business, Management, Marketing, and Related Support Services (17.5%)

39. Kenyon College (Ohio)

* Typical salary 10 yrs. after entry: $44,700

* Cost of four-year degree: $116,812

* Typical student debt: $17,525

* Most common degree awarded: Social Sciences (28.9%)

46. Miami University-Oxford (Ohio)

* Typical salary 10 yrs. after entry: $45,500

* Cost of four-year degree: $94,364

* Typical student debt: $16,500

* Most common degree awarded: Business, Management, Marketing, and Related Support Services (24.8%)

47. Indiana University-Bloomington (Ind.)

* Typical salary 10 yrs. after entry: $44,700

* Cost of four-year degree: $57,480

* Typical student debt: $19,000

* Most common degree awarded: Business, Management, Marketing, and Related Support Services (19.1%)

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References

HO, J. D. College Education and Student Loan Debt: An Overview. Points of View: College Education & Student Loan Debt, [s. l.], p. 1, 2018. DOI 10.3331/pov_us_2017_20170407_17. Disponível em: http://search.ebscohost.com/login.aspx?direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=124170740& site=pov-live&authtype=custuid. Acesso em: 30 mar. 2021.

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College Education and Student Loan Debt: An Overview

Introduction

Since the 1930s, the US government has introduced various measures, including both grants and loans, to assist students with financing higher education. These pieces of legislation have been shaped by historical events and the economy, and they in turn have changed how Americans think about higher education. Thanks in part to these measures, college, once the privilege of a few, became an option for many. Early legislation to increase college attendance had roots in the belief that a greater number of college graduates would increase America's competitiveness and create civic-minded citizens who form a strong foundation for a democratic society.

The cost of attending college rose dramatically in the closing decades of the twentieth century, however, and it continues to rise in the twenty-first century, increasing at a rate greater than inflation. Because students and their families increasingly depend upon loans to finance education, many ask whether the risk of borrowing huge sums of money is worth the reward of obtaining a degree. Economists and other experts are divided on the question, and they provide strong evidence to support each point of view.

The primary argument for going to college focuses on financial and intellectual rewards. While college is a significant expense, it also qualifies students for higher salaries and a wider range of challenges and opportunities. Others acknowledge the benefits of college, but they argue that the burden of debt has come to outweigh the opportunities college provides. In fact, debt may keep people from experiencing other fulfilling aspects of life, such as buying a house or starting a family. It is therefore important for students to understand their current options and future outcomes before making a decision about borrowing money for college.

Understanding the Discussion

Default: In lending, the failure to repay a loan.

Direct loan: A college loan made directly to a student (or student's family) from the federal government. Direct loans may be subsidized or unsubsidized; under the terms of a subsidized loan, the government pays the interest for a period of time.

Grant: Financial aid that does not need to be repaid.

Interest: A fee based upon the amount borrowed. Interest is paid to the lender and is usually calculated as a percentage of the amount borrowed.

Private loan: A loan from a bank, credit union, or corporate lender, such as Sallie Mae.

Work-study: Part-time jobs meant to assist qualifying students by letting them earn money for tuition, fees, and other school-related expenses.

History

Current patterns of college attendance and student debt in America had their beginnings in policy changes during the Great Depression of the 1930s. Before the Depression, many students had taken out small loans or worked part time to pay for school, but neither of those options were viable ways to pay for college during the economic crisis, because jobs and loans were increasingly difficult to obtain. As a result, fewer people enrolled in colleges and universities, causing many schools to face severe financial stress.

When Franklin D. Roosevelt became president in 1933, he instituted aid to both public and private universities and their students through the Federal Emergency Relief Administration and the National Youth Administration. Both of these agencies included programs that helped students by creating jobs to help them stay in school, a type of aid now called "work- study." As a result of Roosevelt's efforts, enrollment went up and 620,000 students received financial assistance. Roosevelt's work-study programs were discontinued in 1943.

World War II triggered the next shift in higher education policy with the Servicemen's Readjustment Act of 1944 (known as the G.I. Bill), which was meant to assist veterans with returning to civilian life by providing funding for education and living expenses. Of sixteen million World War II veterans, half had used the G.I. Bill for education of some type by 1956. Enrollment in colleges and universities soared as a result, with veterans accounting for about half of college admissions in 1947. Because the G.I. Bill opened up educational opportunities for so many, Americans began to view college as something every citizen had a right to experience in a democracy.

During the 1950s, Cold War competition with the Soviet Union shaped education policy because the US government did not want America to fall behind in science and technology. The National Defense Education Act (NDEA), enacted in 1958, provided funding for education from childhood through adulthood. While the G.I. Bill had supported veterans, the NDEA extended aid to everyone regardless of military service. The government distributed money to educational institutions, which then extended loans to individuals. Loans could be tailored to support fields of study that were in demand in the jobs market. The NDEA loans were significant because they had low interest rates of 3 percent with a term of ten years, which meant that interest did not accumulate over a long period of time. Further, loans were forgiven for those who taught for a certain amount of time in public schools. The most lasting shift that resulted from the NDEA was that the federal government became the primary provider of education loans.

The federal government continued to expand its role in financing education with the guaranteed student loans included in the landmark Higher Education Act of 1965. These loans were provided by private banks and lenders, but if a student defaulted on a loan, the government took responsibility. Students were exempt from payments until six months after graduating. Also under the Higher Education Act, President Lyndon Johnson, who had headed the Texas branch of the National Youth Administration under President Roosevelt, brought back some of the work-study options that had existed before and during World War II. Building upon Johnson's work, in 1980 Senator Claiborne Pell of Rhode Island introduced the Basic Educational Opportunity Grant, a need-based program that offered college money to low- and middle-income students that did not need to be repaid; these became known as Pell Grants.

During the 1970s and 1980s, the cost of tuition skyrocketed, for reasons that scholars debate. Some, like historian Christopher Loss, suggest that the recession of the 1970s caused financial difficulties at colleges and universities, and they increased tuition to offset these losses. Others, such as law professor William Quirk, suggest that readily available money from loans caused colleges and universities to spend excessively, building campus facilities that were more ostentatious than necessary. Raising tuition was therefore a way to maintain spending patterns. Whatever the cause, the effect was the same: students needed more money in order to obtain a degree, and they increasingly turned to private lenders. Writing in American Scholar in 2013, Quirk noted that Harvard's tuition was $1,520 in 1960. That amount adjusted for inflation was equivalent to $11,990 in 2013; however, that year, Harvard's tuition was just over $40,000, meaning that adjusted for inflation, Harvard's tuition more than tripled over fifty years. He noted similar trends at other major institutions.

While past education legislation was sweeping in its changes, legislation of the late twentieth century was more conservative in its goals. The 1978 Middle Income Student Assistance Act was intended to boost aid for those too wealthy to qualify for Pell Grants and too poor to pay tuition directly. The Higher Education Act Amendments of 1992 increased access to unsubsidized loans (loans that did not involve support from the government). Despite these policy changes meant to aid students, the pattern of high tuition and large loans has persisted.

College Education and Student Loan Debt Today

In the twenty-first century, due to the rising cost of college, loans constitute a growing proportion of higher education financing. The National Center for Education Statistics reports an average annual cost (tuition, fees, and room and board) of $26,120 for the 2015-16 academic year at four-year colleges and universities. Public institutions averaged $16,757, while private nonprofit institutions averaged $43,065, and private for-profit institutions averaged $23,776. The Pew Research Center found that students and their parents paid 23 percent of the cost of college with loans in the 2008-9 academic year. That percentage grew steadily. Just a few years later, in the 2012-13 academic year, 27 percent of tuition was paid with loans. Loan amounts include not only interest but also fees based upon the amount of the loan, and therefore the total amount borrowed can be more than initially apparent.

Since 2000, efforts to address tuition costs include President Barack Obama's 2009 Student Aid and Fiscal Responsibility Act, which, among other provisions, increased the amount of money available for Pell Grants; adjusted income-based payments on loans so that a smaller percentage of the borrower's income would go toward repayment; and instituted debt forgiveness under certain conditions. Another important aspect of the legislation was that it ended the federal government's subsidy of private loans, making all federal college loans direct loans, thus lowering interest rates for borrowers by cutting out the private banks. Private loans, which students increasingly used from the 1980s to the early 2000s, often charge higher interest rates (sometimes 18 percent). In the 2016-17 academic year, interest rates on direct government loans for undergraduate education were 3.76 percent.

Much of the significant education legislation of the twentieth century took place at the federal level, but policy changes occur at lower levels of government as well. For instance, in 2017, New York governor Andrew M. Cuomo introduced the Excelsior Scholarship, which enables middle-class students, often too well-off to qualify for assistance but too poor to afford tuition, to attend two- and four-year state colleges and universities in the state tuition-free.

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These essays and any opinions, information, or representations contained therein are the creation of the particular author and do not necessarily reflect the opinion of EBSCO Information Services.

About the Author

J. D. Ho has a BA in English from Williams College, an MFA in writing from the University of Texas in Austin, and an MA in literary and cultural studies from Carnegie Mellon University, where she taught first-year composition. She has published on minorities and women in STEM fields, careers in science, and the intersection of the humanities and the sciences.

Bibliography

DeSilver, Drew. "Chart of the Week : How Americans Pay for College." Pew Research Center, 26 July 2013, www.pewresearch.org/fact-tank /2013/07/26/chart-of-the-week -how- americans-pay-for-college-2. Accessed 26 Apr. 2017.

Loss, Christopher P. Between Citizens and the State: The Politics of American Higher Education in the 20th Century. Princeton UP, 2012.

Selingo, Jeffrey J. College (Un)Bound: The Future of Higher Education and What It Means for Students. Houghton Mifflin Harcourt, 2013.

"Tuition Costs of Colleges and Universities." National Center for Education Statistics, 2018, nces.ed.gov/fastfacts/display.asp?id=76. Accessed 22 Oct. 2017.

US Department of Education. "Types of Aid." Federal Student Aid, studentaid.ed.gov/sa/types. Accessed 26 Apr. 2017.

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By J. D. Ho

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Works Cited

Kanaley, Reid. “Web Winners: Is College Worth the Cost?” Philadelphia Inquirer, The (PA), 7 Oct. 2010. EBSCOhost, search.ebscohost.com/login.aspx? direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=2W61730465381&site=pov-live&authtype=custuid.

Web Winners: Is college worth the cost?

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By Reid Kanaley

As college costs rise, students and parents wonder whether college is worth the time and expense. Conventional wisdom still says yes. But the conversation is worth having.

_What it's worth: CollegeStats.org rounded up 20 reasoned answers to the question of what a college degree is "actually worth." This page summarizes those answers, though some of the accompanying links were broken. Sources range from newspaper and magazine articles to the Census Bureau and a Wikinomics site that suggests the ROI (return on investment) in higher education is no longer a convincing reason to pursue a degree. Yet other sources here put the lifetime value of a sheepskin in the neighborhood of $1 million, on average. http://go.philly.com/altcollege1

Given the huge variables, the American Enterprise Institute takes issue with the commonly mentioned $1 million figure for the lifetime value of a degree, but insists the payback of college is still substantial (though someone should tell them they've got the wrong graphs on this page). http://go.philly.com/altcollege2

_Don't go. Bent bloggers are often contrarian, and here's one of them suggesting that today's emphasis on four-year degrees denigrates technical training. "Evil HR Lady" Suzanne Lucas cites authorities such as Mike Rowe of TV's "Dirty Jobs" to posit that we promote a specific kind of education _ college _ at the expense of others. http://go.philly.com/ altcollege3

_Alternatives. Career counselor Randall Hansen (a Ph.D. and college professor, we note) insists that college isn't for everyone and isn't required for a good career. He details some alternatives that deliver short- and long-term benefits. They include learning a trade _ and Hansen links to his page of "hot" careers _ traveling, and joining the military. The travel idea comes with a link to "cool, unusual and seasonal jobs" for trekkers. Hansen's site is called QuintCareers.com, for quintessential careers. http://go.philly.com/altcollege4

___

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Works Cited

Sobota, Lenore. “Officials: College Still Worth the Cost.” Pantagraph, The (Bloomington, IL), 10 May 2012. EBSCOhost, search.ebscohost.com/login.aspx? direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=2W62353196442&site=pov-live&authtype=custuid.

Officials: College still worth the cost

~~~~~~~~

Lenore Sobota

May 10--NORMAL -- With rising student loan debt and tuition increases, there has been a lot of talk about the cost of a college education. Financial aid officials say it's also important to consider the value of an education.

Jana Albrecht, Illinois State University director of student aid, said, "It is still worth it. It is a good investment. You are investing in yourself. You are investing in your future."

Statistics show people with college degrees make more over their lifetimes than those with only a high school education.

The National Center for Education Statistics reported in "The Condition of Education 2011" that the median salary for adults ages 25 to 34 and employed full time in 2009 was $30,000 for those with a high school diploma or its equivalent, $36,000 for those with an associate degree and $45,000 for those with a bachelor's degree.

Those numbers have dropped in all three categories since 2000. But while the high school and associate degree category is still down from 2005, the bachelor's degree figure rebounded slightly from the 2005 median.

The unemployment rate also is lower for those with college degree. In April, the seasonally-adjusted unemployment rate for high school graduates was 7.9 percent, compared to 4 percent for those with a bachelor's degree or higher, according to the U.S. Bureau of Labor Statistics.

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CHARLIE ROSE, and GAYLE KING. “The Rising Cost of Higher Education May Leave You Wondering If College Is Worth the Money.” CBS This Morning. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=32U0122799141CTM&site=pov-live&authtype=custuid. Accessed 30 Mar. 2021.

The rising cost of higher education may leave you wondering if college is worth the money.

GAYLE KING: The rising cost of higher education may leave you wondering if college is worth the money. Over the past thirty years, the price for degree went up by two hundred and twenty-five percent, that`s at public universities and one hundred, and forty-six percent at private institutions. Dean Reynolds shows us how one man is out to prove that parents and kids can get their money`s worth thanks to a smartphone app.

(Begin VT)

DEAN REYNOLDS: If you`re shelling out something north of fifty thousand dollars a year for college it would be nice to know your children are at least showing up for class. Or if a student is benefiting from a state- sponsored scholarship, taxpayers may draw comfort knowing it`s money well spent.

MAN: Abu. He`s not here, whoever he is. Okay.

DEAN REYNOLDS: But studies showed that of the nearly two million students who enter college every year, close to forty-five percent will not graduate even in six years, largely because of low classroom attendance.

JEFF WHORLEY: We`ve been able to identify how much in tuition costs are wasted on classes that are paid for but not attended. That`s thirty-one billion dollars a year.

DEAN REYNOLDS: Jeff Whorley, CEO of an Indianapolis-based company called Core Principle thinks he has an answer. He calls it Class 120, an app for your smartphone that alert students and their parents or a designated third party when a class has been cut.

JEFF WHORLEY: We`ll know based on a geo-location pinging system that we developed to say whether that student and their smartphone is in class at the appointed time for the class.

DEAN REYNOLDS: Whorley believes the app`s time has come and has mapped out two thousand campuses so far. One thing, though, students have to upload class schedules on their phones or the app won`t work.

JEFF WHORLEY: We think that`s a reasonable conversation for a mom and dad to have with that son or daughter saying we`re all for you having great time. We just want to have one thing. You agree to go to class.

DEAN REYNOLDS: Does your app tell the parents where the student is other than class?

JEFF WHORLEY: No, no. We don`t--

DEAN REYNOLDS: What about in the dorm?

JEFF WHORLEY: We don`t tell them that they`re-- they`re sleeping in or that they`re in another state or anything.

DEAN REYNOLDS: But on the Butler University campus, the notion of tracking students met some resistance.

HAYLEY ROSS (Butler University Sophomore): If my parents don`t trust me enough to go to class, then they shouldn`t be paying for my college education.

DEAN REYNOLDS: And yet focus groups of failed students keep telling Whorley one thing about skipping class.

JEFF WHORLEY: No one noticed. And by the time someone did, their semester`s blown up and in many cases their whole college life is blown up.

CALEB HILTUNEN: There are a lot of people that don`t show up.

DEAN REYNOLDS: Caleb Hiltunen is a sophomore at Columbia College in Chicago who tested out the smartphone app for the manufacturer.

CALEB HILTUNEN: The message is: "We did not detect Caleb Hiltunen at art 101 on 1-27-15.

DEAN REYNOLDS: He told us the reminder makes him buckle down.

CALEB HILTUNEN: You feel better about yourself. You don`t feel like a bum, you know, for lying around and doing nothing.

DEAN REYNOLDS: And with so much money at stake now, flunking out can really cost you.

For CBS THIS MORNING, Dean Reynolds, Indianapolis.

(End VT)

CHARLIE ROSE: All right, boy and girls.

GAYLE KING: I like this. I love it. I love it.

NORAH O`DONNELL: I-- I--

GAYLE KING: I think as a parent the least you can do is go to class.

NORAH O`DONNELL: I-- well, I agree. What`s that that line eighty percent of life is just showing up.

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GAYLE KING: That`s right.

CHARLIE ROSE: Yeah.

NORAH O`DONNELL: Yeah.

CHARLIE ROSE: But some classes are not that great.

GAYLE KING: So you`re saying--

CHARLIE ROSE: You know what Ì m saying--

GAYLE KING: --it`s not worth my time, Ì m not going.

NORAH O`DONNELL: okay. Coming up next, Eric Church`s concert tour.

SAM COATS: Everything above our heads to the ground will go with us.

MARK STRASSMANN: A hundred thousand pounds of stuff. That`s a lot of stuff.

SAM COATS: Hundred thousand pounds to rock your city.

NORAH O`DONNELL: We are on the road with the Grammy nominee and more than one hundred members of his crew. You don`t want to miss this incredible story after your local news.

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Works Cited

“EDITORIAL: Suffering, Too, but Not as Much: Latest Recession Data Reaffirm Value of a Four-Year College Degree.” Anniston Star, The (AL), 10 Jan. 2013. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=2W61274276701&site=pov-live&authtype=custuid.

EDITORIAL: Suffering, too, but not as much: Latest recession data reaffirm value of a four-year college degree

Jan. 10--Earning a four-year college degree is expensive and time-consuming. More often than not, they're handy for those hunting for a job or wanting to keep the one they have.

Don't let critics of higher education's worth fool you.

As price-tags of four-year college degrees escalate, a steady stream of scholarship has emerged that states a somewhat obvious truth: Eventually, the cost of a college education isn't worth the salary its holder can earn.

Overt or hidden, that premise is embedded in programs that remind high school graduates that four-year schools -- and the education they impart -- aren't for everyone, and that trade-school vocations (plumbing, carpentry, construction, computer repair, etc.) are viable, honorable career paths to choose.

They're right. Those are viable, honorable career paths that can, in some cases, offer handsome salaries.

Nevertheless, 20-something college graduates with four-year degrees are better positioned to withstand the worst calamities of the U.S. economy. The last recession is proof -- and now, thanks to new information from the Pew Charitable Trusts, the evidence to that fact is irrefutable.

Pew researchers determined that the recession hammered Americans aged 21-24; by any standard -- college graduates or not -- young adults' employment rates fell dramatically during the downturn. But that same data showed that young adults who held four-year degrees had higher rates of employment before, during and after the recession, and that the recession affected them less severely than it did those with only a high school degree or a two-year associate's degree. Their salaries also were reduced less during the recession.

In other words, the long-standing view that a college degree holds immense value remains true -- not only in symbolism, but in real-world dollars and job security.

Guarantees don't exist in this discussion. College-educated workers aren't immune from the threat of joblessness. But as America moves forward in these early post-recession years, it's imperative that educators, administrators and lawmakers work together to make four-year colleges more fiscally accessible to those with the grades and the willpower.

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Works Cited

Morgan-Besecker, Terrie. “Majoring in Debt: Some Asking If College Is Worth Cost.” Times Leader, The (Wilk es-Barre, PA), 28 Aug. 2011. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=2W61144358978&site=pov-live&authtype=custuid.

Majoring in debt: Some asking if college is worth cost

~~~~~~~~

Terrie Morgan-Besecker

Aug. 28--Denise Williams entered Monmouth University in New Jersey in 2005 with hopes of earning a degree that would land her a job as a television news broadcaster.

At age 21, she didn't give much thought to the more than $20,000-a-year cost for tuition and room and board. The college had a great communications program, and nearly the entire cost was covered by student loans. She assumed she'd get a good enough job to pay back the loans after she graduated.

Six years later, the 27-year-old Hanover Township woman struggles to meet even her most basic needs as she deals with the reality of paying off the $45,000 in student debt she amassed.

That dream job as a broadcaster never materialized.

She instead works as a full-time customer service representative, earning just over $11 an hour -- ironically at Sallie Mae in Hanover Township, the nation's largest private student loan processor.

Each month, $376 -- or more than 30 percent of her net earnings -- goes toward her loans. That doesn't count another $50 a month she pays to her mother, when she can, to help cover a $500 monthly payment she makes on another loan on which Williams defaulted.

"I couldn't keep up. The payments were too high," Williams said. "They'd ask me, 'Why are you behind?' I have other bills. I have to eat. They don't understand or care. All they want is their money."

For Williams it was a painful lesson. And she's not alone.

She is among a growing number of college graduates who find themselves in financial trouble as they face the stark reality of just how much their education cost.

Average debt: $34K

Two thirds of college students who graduated in 2010-11 with a four-year degree had at least some debt, with the average debt being $34,430, according to an analysis conducted by FinAid.org, an award-winning website that provides extensive information regarding student aid and loans.

That's more than triple the $9,797 debt carried by the average graduate in 1992.

That debt has been fueled in part by the huge increases in college tuitions, which also have more than tripled since the 1980s, according a report released in May by the Pew Research Group, a national think tank that researches and tracks data on various social issues.

In the 2010-11 school year, the annual in-state tuition at a public four-year college averaged $7,605, compared to $2,119 in 1980-81 -- a 259 percent increase, according to the Pew report.

Private four-year colleges had an average tuition of $27,239 in 2010-11, compared to $9,535 in 1980-81, a 186 percent increase. (All figures are adjusted for inflation in 2010 dollars).

Worth the cost?

As the cost and debt associated with college continues to rise, it has fueled a debate: Is a college education worth the cost?

Educational experts agree there's no doubt that most college graduates will earn more during their lifetime than the typical high school graduate.

In 2008, the median earnings for a full-time worker age 25 and older with a bachelor's degree was $55,700, compared to $33,800 for a high school graduate, according a 2010 report by College Board Advocacy & Policy Center.

The Pew Group has estimated the average college graduate will earn $1.4 million over his or her lifetime, compared to $770,000 for a high school graduate -- a $650,000 difference.

Those figures are averages, however. The reality is that many college graduates find themselves faced with massive debt upon graduation and little income to pay it, said Dr. Richard Vedder, an economics professor at Ohio State University and author of the book, "Going Broke by Degree."

Vedder said he's convinced that, for more and more people, college is no longer the right choice. He has come to the conclusion, in part, by witnessing the fate of his own graduates, many of whom are working in fields that do not require a college degree.

"The mantra is 'go to college, go to college, go to college,' " Vedder said. "But I think for a significant subsection of the population, college today in an increasingly problematic investment. It is, for some students, probably an investment they should not make."

Vedder said he is particularly suspect of the value of college for students who did not perform well in high school.

"If you went to a good high school with good academics and got good grades ... the chances of getting a job after graduation that pays more than a job if you did not go to college is good," Vedder said.

"For every student that meets those standards, there are probably five or 10 who were in the bottom half of their high school class and for whom college was a struggle. For these people, college is a highly suspect investment," he said.

Isaac Bowers, an attorney with Equal Justice Works, a nonprofit organization that advocates for student loan reform, said he believes that for the majority of students, college is still a good investment.

The problem is many students fail to adequately consider all factors when deciding which college to attend, he said.

"If you go to a good college or university and can graduate with less than $30,000 in debt, you should still be making in the area that a college education pays off," Bowers said. "A lot of people, unfortunately, are graduating with more than that. They face an increasingly difficult economy and job prospects right now."

Make smart choices

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Bowers and other experts in college funding say students need to carefully consider a variety of factors, including the cost of the school, the amount of financial aid that is being offered and the estimated salary level of the career they expect to enter.

"People need to approach where they go to school and how they're going to pay for it like a business decision," said Deanne Loonin, director of the Student Loan Borrower Assistance Project run by the National Consumer Law Center. "It's really important that you have a sense of what you want to do when you get out of college and a sense of what the salary will be."

Unfortunately, the business end of college is typically the last thing on students' minds when they enter school, Bowers said.

"If you are 18 years old, you may be thinking what is the most fun school I can go to and where are my friends going. You're not thinking of it so much as the business decision it really is," Bowers said.

That attitude is fueled by the easy access most students have to loans to fund their education.

"It looks like they're getting free money," Bowers said. "You sign a few papers and a check is deposited in your bank account. The long-term implication of that debt and how much they have to pay over time is not what an 18-year-old is thinking about when they go to college."

Justin Kozloski, a 19-year-old Dallas resident who is entering his sophomore year at Franklin & Marshall College in Lancaster, admits he hasn't given much thought to the cost of his education.

"I visited over 26 college campuses and reviewed more than 50 schools," he said. "I got on the campus and listened to the tour guide and knew, this was the place I want to go. I didn't even look at the tuition to be completely honest."

Tuition and room and board at the school for 2011-12 has been set at $49,840. He was able to attend the school last year as a bio-chemistry major thanks to roughly $44,000 in grants and scholarships, he said. He still had to take out a $10,000 loan to cover the remaining balance and other expenses.

Kozloski estimates he'll be $50,000 in debt by the time he graduates if he stays at the school. While that's a concern, it's not his main concern right now. He's more focused on deciding on a new major after determining that bio-chemistry wasn't for him.

"It's not like an every day on my mind, 'Oh my God, what am I going to do when I get out?' " he said. "I need to figure out what I'm doing in school first and try to get a good enough job where that won't be an issue."

Understanding finances

As for Williams, she said she wishes someone had taken her aside to more fully explain what she was getting herself into when she signed on the dotted line six years ago.

Part of her problem, she said, is most of her loans are from private banks, which have higher interest rates and fewer repayment options than federal student loans.

"I wish they had a college course to explain to students this is the difference between this loan and this loan. Students go into this not knowing anything," she said.

Williams said she thought she was going about her education the right way. She obtained a two-year associate's degree from Luzerne County Community College, which had much lower tuition, before transferring to Monmouth to obtain her bachelor's degree in communications.

She knew some day she would have to repay the money she was borrowing to attend the school. But that seemed an abstract concept at the time.

"I really didn't think much about it. I was just worried about bettering my education," she said. "I understood they were private loans and I'd have to pay them back, but I thought there would be more options out there for me to make the payments and not have one huge bill all at once."

Williams acknowledges the irony that she now spends her days giving advice to college graduates who are struggling to pay their own student debt.

"I do feel for these people. They're just like me, trying to make a living," she said.

She's struggling now to make her payments, and finances are about to get worse because she's due to give birth to her first child next month.

Looking back, she says she regrets her decision to seek a four-year degree.

"I wish I had just stopped at LCCC," she said. "It's helpful to have a college degree, but not a bachelor's degree. Just going to LCCC would have probably left me in a better situation than going on to get a bachelor's degree."

Tweet Follow @TLbreaking

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Works Cited

“Is the Debt Really Worth the Degree?” USA Today Magazine, vol. 146, no. 2868, Sept. 2017, p. 6. EBSCOhost, search.ebscohost.com/login.aspx? direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=124946258&site=pov-live&authtype=custuid.

Section: YOUR LIFE

IS THE DEBT REALLY WORTH THE DEGREE?

The average college student will graduate with $37,172 in debt. College grads generally make around $50,000 once they enter the job market (if, of course, they can find employment.) This causes many people to wonder: is university for everyone? Would entering a skilled trade be a smarter choice for many young adults?

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"We have this idea in our society that a college degree is the gateway to financial freedom and success, but the statistics don't necessarily bear that out," says Rob Wilson, president of Employco USA, Westmont, III. "Most college grads end up moving home after graduation to live with their parents, and it takes several months or more for them to find a job. In many cases, that job won't be in their field of interest, and these young people end up spending a good chunk of their paycheck paying off their hefty student loans."

In contrast, Wilson says that skilled trade workers make $50,000 a year (similar to a new college graduate's annual salary), and they have around $2,500 in student loan debt. "Getting a two-year degree can be a very smart move for many Americans. Baby boomers are retiring in droves and, as they do so, they will be leaving many of their jobs in skilled trades like carpentry and electrical work. Companies will need trained workers to replace this staff, and those few that can fill these positions will be in high demand.

"Alternatively, a college graduate with a degree in communications will be competing with millions of other equally qualified and motivated young people with similar degrees."

So, is a college degree worth the debt? "It really depends on your goals. Some careers certainly will require a four-year degree. However, the reality is that we need skilled workers in this country, and companies are willing to pay good money to get that. Some will even pay for your training, meaning you can actually get paid to learn invaluable job skills that will look good on your résumé no matter what career you end up choosing."

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Ho, J. D. “College Education and Student Loan Debt: An Overview.” Points of View: College Education & Student Loan Debt, Dec. 2018, p. 1. EBSCOhost, doi:10.3331/pov_us_2017_20170407_17.

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Purcell, Patrick J., et al. “Education, Earnings Inequality, and Future Social Security Benefits: A Microsimulation Analysis.” Social Security Bulletin, vol. 75, no. 3, July 2015, pp. 15–33. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=108945386&site=pov- live&authtype=custuid.

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Record: 1

Title: Costs and Benefits of Higher Education. Source: Society. Jan/Feb93, Vol. 30 Issue 2, p2-2. 5/6p.

Document Type: Article

Subjects: COLLEGE graduates ACADEMIC degrees

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UNITED States. Bureau of Labor Statistics BACHELOR of arts degree CLERKS (Retail trade) TYPISTS CLERKS

Geographic Terms: UNITED StatesReport Available

Abstract:

This article reports that one in five college graduates in the 1980s had a job that did not require a college degree, according to the U.S. Bureau of Labor Statistics. On average, workers with bachelor of arts (BA) degrees still fared far better during those years than those without a degree. But while the pay of the typical BA rose substantially, the income of the unfortunate fifth with nonprofessional jobs--more than five million--stagnated or declined. Economists have long maintained that a college degree is a good economic investment even after tuition and the time away from the workforce are taken into account. In the late 1960s, only one in ten graduates held a job that did not require a degree. In the 1980s, the ratio was one in five, with one million college graduates working as sales clerks; 1.5 million as typists, file clerks, and phone answerers, and another 1.3 million on assembly lines or in construction.

Lexile: 1320 Full Text

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692

ISSN: 0147-2011 Accession Number: 9302010204

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Section: Social Science and the Citizen

The Bureau of Labor Statistics reports that one in five college graduates in the 1980s had a job that did not require a college degree. Many of these jobs were low-wage, dead-end positions. On average, workers with bachelor of arts degrees still fared far better during those years than those without a degree. But while the pay of the typical B. A. rose substantially, the income of the unfortunate fifth with nonprofessional jobs--more than five million--stagnated or declined.

Economists have long maintained that a college degree is a good economic investment even after tuition and the time away from the workforce are taken into account. To calculate how much of a payback college graduates can expect, economists compared their earnings with the wages of workers without college. Labor Department economists Daniel Hecker and Kristina Shelley found that more college graduates than ever were holding jobs usually performed by those with only high school diplomas.

In the late 1960s, only one in ten graduates held a job that did not require a degree. In the 1980s--a time of economic expansion and long before the recession of 1990/91--the ratio was one in five, with one million college graduates working as sales clerks; 1.5 million as typists, file clerks, and phone answerers, and another 1.3 million on assembly lines or in construction.

The July issue of Labor Review, the Labor Department monthly, predicted that college enrollments will outpace the growth of professional and managerial jobs. This note of caution comes at a time when college enrollments are at record levels, tuition is at an all time high, and the most costly item in President-Elect Clinton's economic plan is a a program to send everyone to college who wants to go. It also comes at a time of high overall unemployment and when recent graduates have had to struggle to land work of any kind. Unemployment for college graduates in their twenties reached 6.9 percent in 1991, two percentage points above 1990.

Behind the Labor Department's gloomy prediction is a projection that jobs requiring college degrees will grow as fast in the 1990s as before--a projection that some economists dispute. At the same time, college enrollments are expected to climb. In the fall of 1991, 62.4 percent of all high school graduates went on to college as opposed to 49.3 percent in 1980.

Marginal students who go to "marginal" colleges could wind up in "bad" jobs where prospects for pay and promotions are poor. Competition among graduates will increase and erode their average pay advantage over those without degrees. This does not mean that young people would be better off not going to college. A college education may no longer be the automatic passport to a comfortable life it once was, it still pays dividends--social and intellectual--other than those of a paycheck. Still, the odds of working and earning more are greater for college graduates and are likely to remain so.

A recent analysis by two labor economists, David Bloom of Columbia University and Richard Freeman of Harvard University, showed that college graduates now earn an average of 52 percent more than high school graduates as opposed to 26 percent more a decade ago.

Labor Department predictions may well be off the mark, some economists point out. Despite the downsizing of the military industry, the demand for more educated workers in other manufacturing and in service industries could accelerate as technology becomes more sophisticated.

Also, the "baby bust" will hold down the total number of graduates even if the percentage in each high school class going to college increases, says John Bishop, an economist at Cornell. He is convinced that the supply of college graduates will swell much more slowly than in the 1970s, when a bumper crop of B.A.'s depressed relative pay.

Most economists agree that the Labor Department's findings serve to caution parents and students. No one should put down their money in the hope of some guaranteed average return. As college degrees become the norm, the type of school, grades, and major will come to matter more.

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“Costs and Benefits of Higher Education.” Society, vol. 30, no. 2, Jan. 1993, p. 2. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=ip, custuid&custid=s8455861&db=pwh&AN=9302010204&site=pov-live&authtype=custuid.

Section: Social Science and the Citizen

Costs and Benefits of Higher Education

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9302010204.pdf 121K

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Schrof, Joannie M. “A Cheaper Path to a College Degree.” U.S. News & World Report, vol. 119, no. 12, Sept. 1995, p. 88. EBSCOhost, search.ebscohost.com/login.aspx? direct=true&AuthType=ip,custuid&custid=s8455861&db=pwh&AN=9509297721&site=pov-live&authtype=custuid.

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Section: News you can use

A CHEAPER PATH TO A COLLEGE DEGREE

The benefits of a community college

Suppose you are graduating at the top of your high school class, with a 3.8 grade point average, and have ambitions to become a lawyer someday. And suppose every public university in your state and several good private colleges are trying to recruit you. Would you then be considered a little strange if you chose to attend your local community college instead?

Not according to an ongoing federally funded study of what the academic world calls "outcomes" or how college affects students. The study tested the cognitive ability of 800 students in areas such as mathematics, reading comprehension and critical reasoning both at the start and at the end of their first year at five two-year and six four-year colleges. After comparing the initial results, a team of researchers at the University of Illinois at Chicago and at Pennsylvania State University concluded that "at least during the first year of attendance, the cognitive impacts of two-year colleges may be indistinguishable from those of four-year institutions that enroll similar students."

As a result, they added, in an era of soaring tuitions "two-year colleges may be a cost-effective means to obtain the first two years of college without sacrificing job market competitiveness." The average annual tuition for a year of community college runs $1,392, substantially lower than the tuition at virtually all four-year schools.

Flat curve. Prof. Ernest Pascarella of the University of Illinois at Chicago, who heads the research project, says that "a student who chooses to attend a community college does not necessarily sacrifice intellectual gains. The myth that more-selective schools must offer a superior education just doesn't hold up under scrutiny. My bet is that there's a relatively flat curve in the quality of education schools offer until you get to the 15 or 20 most selective liberal arts colleges."

Other, smaller studies tend to confirm the results of Pascarella's National Study of Student Learning. For example, a continuing survey of students who transfer from Macomb Community College in Warren, Mich., to four-year universities in the area has found that these students consistently achieve higher grades than those who start at the four-year schools as freshmen. And a study of community college transfers to Arizona's state universities has found that the more courses students take at the community college level, the better they do once they reach a four-year school.

None of this was lost on Carrie Poplar, 22, of Amherst, Ohio. Poplar was a top student at Marion L. Steele High School and could have gained admission to a number of high-quality four-year schools. Instead, she enrolled at nearby Lorain County Community College, which offered her a full-tuition scholarship. "A lot of people were shocked that I would choose Lorain," says Poplar, who finished her undergraduate degree at Ohio's Kent State University last spring and this fall is beginning law school at the University of Akron. "But now I can tell them from experience that the courses you take during the first two years of a liberal arts degree are essentially the same whether you go to a community college or a university, so why not save your money for something like graduate school? If anything, I learned more in the basic-requirement classes at Lorain than at Kent State."

Keeping track. Poplar's explanation for the difference: "At Lorain, most students have a close relationship with all the professors, who keep good track of their pupils and come down hard if anyone slacks off. But at Kent State, more often than not, no one knows you in the big courses and lots of students fall through the cracks, skipping class all the time."

To be sure, no community college is likely to offer the equivalent of an Ivy League education. And not only do two-year colleges have higher dropout rates than four-year schools but the road to a degree can end up being slower. Students who start out at a community college intending to get a bachelor's degree are 15 percent less likely to do so in the same amount of time as those who start their college career at traditional four-year institutions. Nevertheless, Pascarella believes his study proves that this is more a reflection of how motivated a student is than evidence of the kind of education a two-year school can offer. "Highly motivated students can get a great education at community colleges, thanks largely to the schools' emphasis on hands-on teaching," he insists. "Four-year colleges would do well to learn a lesson or two about teaching from the two-year schools."

PHOTO (COLOR): Economical. Carrie Poplar saved money by starting at a community college.

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By Joannie M. Schrof

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