Many parents, new college students and working adults contemplating a return to college are concerned about the cost of a good education, and when faced with tuition and other associated expenses, it’s east to see why. Attending a college or university has never been cheap, but constantly rising tuition rates and the myriad of fees that most colleges now add can make it seem like an endeavor hardly worth undertaking. That, however, isn’t the real way to judge, or rather weigh, the cost of a good education. It has to be viewed in the context of your opportunity costs and earning potential over the course of a lifetime.
Opportunity costs are the same in a educational perspective as they are in an economic perspective, though the principles of the formula are decidedly different. It’s not only your money in the form of tuition that could be utilized for some other purpose, but your time as well. While the opportunity cost for money can be easily calculated, it’s not as simple for time.
Going to college is a serious decision to make, and for most, one that must be decided and acted on during their most formative years. During that time in a person’s life, the world can seem a lot more wide open than it actually is, leaving many to question the validity of spending their resources and time in a learning environment. Many take time off after high school to “find themselves” or get a better sense of direction, which is perfectly understandable. Still, there is little in the world one could do in lieu of attending college that will better broaden one’s horizons, expose them to people with different backgrounds and upbringings and provide as much information in as little time. The reality is that the opportunity cost of not attending college is far greater than tuition at even the most expensive private colleges.
This leads us to the next logical comparison, which centers on money. Yes, going to college isn’t cheap by any stretch, and yet the opportunity costs still favor college as a result of the increase in average lifetime earnings that a degree will provide. Of course, a lot of how much you earn over a lifetime depends on how far you go in academia and what field of study you pursue, but on average, bachelor degree program graduates earn well over a million dollars more than those with a high school diploma. Studies show that they also have a better standard of living, often have better healthcare and are more socially well rounded.
Even if these benefits were not part of the equation, it would be difficult for someone to invest the money they would otherwise spend on tuition, combine it with earnings from a career that can be had with minimal education and make as much as they would through the pursuit of education.
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