The Value of College: Is Your Degree Worth the Debt?
A special report published in the Park University Stylus in January 2012.
By Andi Enns
Editor
If you are graduating this spring, you are probably thinking this will be the happiest day of your life. But, your joy may also be tempered by the realities of the rest of your life: Tens of thousands of dollars in debt. Twelve percent unemployment in your field. The degree you scraped and clawed for which may no longer be a ticket to the good life.
While we’ve been answering questions on tests this year, media outlets around the world have been asking a single question: Is college worth the cost?
With college costs rising faster than inflation, some analysts believe college is becoming a luxury the average American cannot afford. Seventy-five percent of Americans agree. Since 1978, college tuition has risen over 900 percent. Children born in 2011 will face at least triple the present day cost, according to projections by The Daily. If Park University follows this trend, the graduating class of 2034 will pay about $30,000 in tuition per year for 30 credit hours. In contrast, the average family’s income will only increase by one-third.
Despite all of this, college graduates overwhelmingly say they don’t regret going to college. Despite the debt, despite finances forcing a move back home, and even despite the entry level jobs that call for 60 hour work weeks, they say college was worth it.
What do they regret? For some, the answer is not following their dreams because of the ever-growing stack of bills.
Editor
If you are graduating this spring, you are probably thinking this will be the happiest day of your life. But, your joy may also be tempered by the realities of the rest of your life: Tens of thousands of dollars in debt. Twelve percent unemployment in your field. The degree you scraped and clawed for which may no longer be a ticket to the good life.
While we’ve been answering questions on tests this year, media outlets around the world have been asking a single question: Is college worth the cost?
With college costs rising faster than inflation, some analysts believe college is becoming a luxury the average American cannot afford. Seventy-five percent of Americans agree. Since 1978, college tuition has risen over 900 percent. Children born in 2011 will face at least triple the present day cost, according to projections by The Daily. If Park University follows this trend, the graduating class of 2034 will pay about $30,000 in tuition per year for 30 credit hours. In contrast, the average family’s income will only increase by one-third.
Despite all of this, college graduates overwhelmingly say they don’t regret going to college. Despite the debt, despite finances forcing a move back home, and even despite the entry level jobs that call for 60 hour work weeks, they say college was worth it.
What do they regret? For some, the answer is not following their dreams because of the ever-growing stack of bills.
“I was ready to take
the bulls by the horns
after walking across that stage,
but as the days go by,
I feel it all slipping away.”
After Graduation
“The debt didn’t [affect my career choice,]” said Richard Ashley, class of 2010 Park alumnus with $9,000 in education debt. “But the bills did. It’s more of a burden. It’s one more thing to worry about every month.”
According to the Pew Center, half of graduates with student loan debt have a hard time paying both their loans and their living expenses. A quarter of graduates with student loan debt report changing their career choice due to their loans.
Sara Moore, class of 2011 Park alumna, said it wasn’t her debt specifically that changed her major, but it was the financial aid offered by the local colleges.
“I really wanted to specialize in advertising,” said Moore, who has about $25,000 in student loan debt. “But Park doesn’t offer that, and coming out without a mountain of debt was more important.”
She said she did what she could to save money – as a freshman, she took one or two classes at a time at a local community college, paying as she could until they gave merit aid to her. From there, she transferred to Park on an academic scholarship.
“I was going to go wherever I could get assistance or a scholarship,” she said.
Since she graduated, the debt has caused more stress. She’s been able to defer her payments so far, but she said she is growing more anxious to find a position.
“I started out only applying to jobs that I really wanted and would pay decently,” Moore said, “but after searching with no bites, I’m ready to take anything that comes my way and make the best of it.”
Despite that, Moore said she wishes she had finished college faster, even if it meant she had graduated with more debt.
“I thought I was being responsible by trying to pay myself and waiting for assistance,” she said. “And I was in school for seven years.
Life happened in that time and I find myself in a position where I’m married, have kids and don’t want to start at the bottom. I need a decent salary. I can’t work crazy hours, and things like benefits are very important.”
Moore said she is happy with her education, and said she thinks it was a good investment. She said she believes her eventual job will be better than her pre-college position as a carhop at Sonic. Yet she has become anxious while watching her chosen industry, public relations, change without her.
“I was ready to take the bulls by the horns after walking across that stage,” she said, “but as the days go by, I feel it all slipping away.”
“The debt didn’t [affect my career choice,]” said Richard Ashley, class of 2010 Park alumnus with $9,000 in education debt. “But the bills did. It’s more of a burden. It’s one more thing to worry about every month.”
According to the Pew Center, half of graduates with student loan debt have a hard time paying both their loans and their living expenses. A quarter of graduates with student loan debt report changing their career choice due to their loans.
Sara Moore, class of 2011 Park alumna, said it wasn’t her debt specifically that changed her major, but it was the financial aid offered by the local colleges.
“I really wanted to specialize in advertising,” said Moore, who has about $25,000 in student loan debt. “But Park doesn’t offer that, and coming out without a mountain of debt was more important.”
She said she did what she could to save money – as a freshman, she took one or two classes at a time at a local community college, paying as she could until they gave merit aid to her. From there, she transferred to Park on an academic scholarship.
“I was going to go wherever I could get assistance or a scholarship,” she said.
Since she graduated, the debt has caused more stress. She’s been able to defer her payments so far, but she said she is growing more anxious to find a position.
“I started out only applying to jobs that I really wanted and would pay decently,” Moore said, “but after searching with no bites, I’m ready to take anything that comes my way and make the best of it.”
Despite that, Moore said she wishes she had finished college faster, even if it meant she had graduated with more debt.
“I thought I was being responsible by trying to pay myself and waiting for assistance,” she said. “And I was in school for seven years.
Life happened in that time and I find myself in a position where I’m married, have kids and don’t want to start at the bottom. I need a decent salary. I can’t work crazy hours, and things like benefits are very important.”
Moore said she is happy with her education, and said she thinks it was a good investment. She said she believes her eventual job will be better than her pre-college position as a carhop at Sonic. Yet she has become anxious while watching her chosen industry, public relations, change without her.
“I was ready to take the bulls by the horns after walking across that stage,” she said, “but as the days go by, I feel it all slipping away.”
Beating the odds
The lists are published over and over – which major is the best investment? How can students make the most money? Science majors always top the list as most employable and best salaries, whereas majors like art and music hang somewhere around the bottom. How much do these statistics matter for today’s college students?
“If you ask a manager what major she hires most,” said Layne Prenger, director of career development services, “chances are, she won’t know. Maybe – and I mean, there’s a chance – that a human resources manager might know, but it really doesn’t matter.”
Prenger said students should be concerned with developing soft skills, rather than job skills, while in college.
“Employers look for transferable skills,” said Prenger. “Things like critical thinking, conflict resolution, enthusiasm, being a team player… If you have these, you can learn almost anything else at the office.”
She said while majors don’t have the weight students assume, they need to remember to begin developing their career before they walk across the graduation stage.
“Develop those transferable skills,” she said. “Be tenacious and persistent. Some cultures are uncomfortable bragging about themselves, but it’s something you have to learn to do. You have to be able to say, ‘I’m the right one, and this is why’.”
She said liberal arts colleges, like Park University, provide majors that are flexible for a changing job market. She said an element of career uncertainty is normal for the social sciences and liberal arts.
“If ambiguity isn’t your thing,” said Prenger, “you may want to look at a tech school. That’s where they teach you specific skills for a specific job.”
Prenger said which major you pick is not as relevant as the college advice books may have you believe.
“It’s more important to pick something you like studying,” she said. “Or a major with a professor you really connect with.”
The most important thing about an education?
The people.
“Get internships and go to events,” she said. “Get involved. Make connections.”
The lists are published over and over – which major is the best investment? How can students make the most money? Science majors always top the list as most employable and best salaries, whereas majors like art and music hang somewhere around the bottom. How much do these statistics matter for today’s college students?
“If you ask a manager what major she hires most,” said Layne Prenger, director of career development services, “chances are, she won’t know. Maybe – and I mean, there’s a chance – that a human resources manager might know, but it really doesn’t matter.”
Prenger said students should be concerned with developing soft skills, rather than job skills, while in college.
“Employers look for transferable skills,” said Prenger. “Things like critical thinking, conflict resolution, enthusiasm, being a team player… If you have these, you can learn almost anything else at the office.”
She said while majors don’t have the weight students assume, they need to remember to begin developing their career before they walk across the graduation stage.
“Develop those transferable skills,” she said. “Be tenacious and persistent. Some cultures are uncomfortable bragging about themselves, but it’s something you have to learn to do. You have to be able to say, ‘I’m the right one, and this is why’.”
She said liberal arts colleges, like Park University, provide majors that are flexible for a changing job market. She said an element of career uncertainty is normal for the social sciences and liberal arts.
“If ambiguity isn’t your thing,” said Prenger, “you may want to look at a tech school. That’s where they teach you specific skills for a specific job.”
Prenger said which major you pick is not as relevant as the college advice books may have you believe.
“It’s more important to pick something you like studying,” she said. “Or a major with a professor you really connect with.”
The most important thing about an education?
The people.
“Get internships and go to events,” she said. “Get involved. Make connections.”
Academically Aimless
Students spend less time studying than ever. Reports in the 1970s suggested student spent 25 hours per week studying and preparing for class, on average. Today, it’s half that at best – and often, modern students spend less than five hours a week studying.
Some academic researchers suggest the new emphasis on building teamwork skills may be hurting students in the long run. Richard Arum, author of “Academically Adrift: Limited Learning on College Campuses,” said students whose educations have heavy emphases on group projects and study groups tend to have lower grades than those in more independent majors.
According to Arum’s report “Academically Adrift,” students show little academic progress during their first two years at college. Surveys and assessment tests suggest half of students have not made any progress in critical thinking, analytical reasoning or college writing skills before their junior year. By the time they graduated, more than a third had still not made any progress.
Half of college presidents believe the quality of incoming students is declining, according to the Pew Center. They report believing high schools are not providing the adequate standard of education and the majority of students expect to study far less in college than students of the past.
Students spend less time studying than ever. Reports in the 1970s suggested student spent 25 hours per week studying and preparing for class, on average. Today, it’s half that at best – and often, modern students spend less than five hours a week studying.
Some academic researchers suggest the new emphasis on building teamwork skills may be hurting students in the long run. Richard Arum, author of “Academically Adrift: Limited Learning on College Campuses,” said students whose educations have heavy emphases on group projects and study groups tend to have lower grades than those in more independent majors.
According to Arum’s report “Academically Adrift,” students show little academic progress during their first two years at college. Surveys and assessment tests suggest half of students have not made any progress in critical thinking, analytical reasoning or college writing skills before their junior year. By the time they graduated, more than a third had still not made any progress.
Half of college presidents believe the quality of incoming students is declining, according to the Pew Center. They report believing high schools are not providing the adequate standard of education and the majority of students expect to study far less in college than students of the past.
A Journey to Employment
Tiffany Benson knows she wants to be a writer, and she says she is not letting $40,000 in student loan debt deter her dreams.
“Since the money had to be spent no matter what, I chose the major closest to the lifelong career goal I have,” Benson said.
She is an English major, and has accumulated debt transferring from school to school. USA Today reported transfer students have higher debt than those who stay at one institution.
“Obviously, my first priority when searching for a career is to survive,” Benson said. “Student loan debt will simply drive me to have a more responsible and reasonable budget. It’s not so much about how much money I will make as it is about how I am spending and saving what I have available to me.”
Benson said she is not afraid of her debt. She takes the same fearless attitude towards her degree – often the subject of comedic routines by those who disdain college – as photojournalism major Tori Marshall.
“I knew I always wanted to be a writer and photographer and no matter if I had to get loans or not I would still go for the same major,” said Marshall, who has no student loan debt.
She said education has always been important to her, but she doesn’t focus on the opportunities – or lack thereof – her major offers.
“Growing up, my parents taught me that education was important,” said Marshall. “I think all aspects are important. It doesn’t matter what your major is or what your goals are. Education is the key.”
Tiffany Benson knows she wants to be a writer, and she says she is not letting $40,000 in student loan debt deter her dreams.
“Since the money had to be spent no matter what, I chose the major closest to the lifelong career goal I have,” Benson said.
She is an English major, and has accumulated debt transferring from school to school. USA Today reported transfer students have higher debt than those who stay at one institution.
“Obviously, my first priority when searching for a career is to survive,” Benson said. “Student loan debt will simply drive me to have a more responsible and reasonable budget. It’s not so much about how much money I will make as it is about how I am spending and saving what I have available to me.”
Benson said she is not afraid of her debt. She takes the same fearless attitude towards her degree – often the subject of comedic routines by those who disdain college – as photojournalism major Tori Marshall.
“I knew I always wanted to be a writer and photographer and no matter if I had to get loans or not I would still go for the same major,” said Marshall, who has no student loan debt.
She said education has always been important to her, but she doesn’t focus on the opportunities – or lack thereof – her major offers.
“Growing up, my parents taught me that education was important,” said Marshall. “I think all aspects are important. It doesn’t matter what your major is or what your goals are. Education is the key.”
Dreamers
College has been a critical part of the American dream for modern citizens. While 75 percent of Americans believe college is becoming too expensive for working class people, the Pew Center reported 86 percent of college graduates believe they made a good investment – even with an average of $24,000 in student loan debt.
College students, known to be idealists, are especially so when it concerns their debt versus their future. While financial counselors recommend taking a total student debt totaling less than your anticipated starting salary, many Park students take out much more – using loans to subsidize both their tuition and living expenses.
“When we were in school, we only used aid to pay tuition,” said Lora Cohn, associate professor of communication arts. “Now, students have to pay tuition, a car payment, their cell phone bill, rent on an apartment, nights out with friends, and so many other things we never worried about.”
Students interesting in reducing their loans should be advised the endowed scholarship application deadline is Feb. 1.
College has been a critical part of the American dream for modern citizens. While 75 percent of Americans believe college is becoming too expensive for working class people, the Pew Center reported 86 percent of college graduates believe they made a good investment – even with an average of $24,000 in student loan debt.
College students, known to be idealists, are especially so when it concerns their debt versus their future. While financial counselors recommend taking a total student debt totaling less than your anticipated starting salary, many Park students take out much more – using loans to subsidize both their tuition and living expenses.
“When we were in school, we only used aid to pay tuition,” said Lora Cohn, associate professor of communication arts. “Now, students have to pay tuition, a car payment, their cell phone bill, rent on an apartment, nights out with friends, and so many other things we never worried about.”
Students interesting in reducing their loans should be advised the endowed scholarship application deadline is Feb. 1.