Victoria Nelson

Mrs. Cramer

Comp Pd.2

9/26/18

Is a College Education Necessary?

Attending college is the best thing to do out of high school because most jobs require a college degree.
Although, if you do not plan on getting a bachelor's degree, it would be best to still take some vocational
classes. The Bureau of Labor Statistics said, “Earning a potential and educational attainment are directly
related.” In a study, the bureau learned that people with bachelor's degrees earn an average of $1,137
a week compared to those with only a high school education that earn on average $678 per week.
Having a degree on your resume allows you a better chance to get a higher-paying job or even putting
you above the person applying for the same job who never finished college. Therefore, a college degree
can improve your income and resume. Although, if you don’t know what career you want to pursue or if
you even want a professional job, college can help you discover your interests in the real world. Plus,
having a degree can help you be more flexible with your career choices. The main reason that people
overlook going to college is the price. Community college gives equal education with typically a lower
price and there’s always financial aid and scholarships that you can apply for to get help to pay for your
education. In the end, even though you payed thousands just for your degree, the degree you have will
give you career opportunities that could eventually pay off in the end. As of May 2018, about 44 million
graduated college students owe over $1.5 trillion in student debt alone. In 2014, the average student
owed about $28,950 in student loans and that has risen to an average of $37,172 in 2018. The US
Congress Joint Economic Committee stated that approximately 60% of 2011 college graduates have
student loan debts equal to 60% of their annual income. Missing or being late to payments could either
lower your credit score, which can affect major purchases in your future, or adding additional fees. In
December of 2016, about 8 million people who owed $137 billion in student debt had not made a
payment in at least 270 days. In contrast, Career earnings for college graduates are about 71% to 136%
higher than those with just a high school diploma. In 2016, the average income for people 25 years or
older with just a high school diploma was $35,615 while those with a bachelor's degree was $65,482 and
those with an even higher degree was about $92,545. In a 2012 issue of Forbes Magazine’s “Americas
400 Richest People”, 85% of those people were college graduates. Money is the biggest issue for
students who are trying to decide whether college is right for them or not. Although it is a lot at first, the
careers that require a college degree have been rising to 66% in 2017 and are still rising to this day. A
study in 2016 showed that 99% of job growth between 2010 and 2016 went to people with college
degrees. Georgetown University calculated with the economy and job projections in 2018, about 63% of
jobs will require at least a college education and/or a degree. 85.2% of college students, in 2015, have
said that “they attend college to be able to get a better job.” In January of 2017, the unemployment rate
for college graduates aged 25 years and older is 2.5% compared to the 5.3% for high school graduates
without a college education. In 2015, 6.2% of college graduates were doing insufficient work compared
to 12.9% of high school graduates. 58% of college students have reported being satisfied with their job.
Obviously, as stated before, money is the biggest concern, a.k.a. student loans, but these student loans
not only affect your money situation but can also affect major milestones in your future. Forget buying
your first house, you’re just going to live with your parents for a few more years. So, you want to marry
your long-time girlfriend, it’s probably not the greatest thing to do if you’re still living with your parents.
Basically, student loans can affect your entire future and financial independence. 20% of millennials are
homeowners and stated that, because of their student loans, were delayed in ownership of their homes
for about 7 years on average. In a 2013 survey, it was shown that students with student loans delayed
retirement (41%), car purchases (40%), home purchases (29%), and marriage (15%). In a 2008 study
done by the Department of Labor, 17 million college graduates with a degree were in positions that did
not require a college degree. In 2012, studies showed that 1 in 3 college graduates had a job that only
required a high school diploma or less. Those college graduates with a job that don’t require a college
degree are making less than 30-40% per week compared to those who work in a job that requires a
college degree. A study in 2011 showed that 50% of college graduates under 25 years of age either have
no job or just a part-time job. In February of 2013, the unemployment rate for college graduates was
8.8%, which is down from the 10.4% in 2010. 44% of recent college graduates were underemployed
according to the Federal Reserve Bank of New York. Of the 30 fastest growing jobs in the US between
2010 and 2020, 5 do not require a high school diploma, 9 require a high school diploma, 4 require an
associate degree, 6 require a bachelor's degree, and 6 require graduate degrees stated by the Federal
Bureau of Labor Statistics. People like Richard Branson, founder and chairmen of the Virginia Group;
Charles Culpepper, owner and CEO of Coca-Cola; Ellen DeGeneres, comedian and actress; Michael Dell,
founder of Dell, Inc; Walt Disney, Disney Corporation founder; Bill Gates, Microsoft founder; and Steve
jobs who is the co-founder of apple, have either never enrolled in college or never completed their
college degrees. Depending on the person and their views on life, college may or may not be for them.
Everyone is different and how they want their life to turn out is up to them.