If you are like many children of the twenty-first century, you likely grew up being encouraged to consider a college education as a means to get ahead in life. To move beyond the circumstances of your birth. To ascend into the middle, the upper-middle, or even the upper classes. However, the pressure to take advantage of a college education often overlooks the costs. Taking into account student loan interest and the loss of income while pursuing studies, the ultimate cost of a bachelors degree may be more than $400,000. This a significant chunk of money to payback, or even just forego. It might even set back plans for the purchase of a home or starting a family.
Despite this, there are still significant incentives to attaining a college degree. Benefits include an improved skill set, increased access to job opportunities, a higher earning potential, and greater economic stability overall. The degree even brings with it a sense of personal growth as well as a bump in self-esteem and happiness. Overall, though it appears like the benefits of a university education will continue to outweigh the costs into the future, we should still be worried how much these costs are beginning to add up.
