Chopra

Joshua Chopra

Prof. Hellmers

ENGL 1201

30 April 2017

Research Paper

In our ever-changing, fast paced, advanced world, education is crucial for

success. Without education, an individual will not know how the world works, and will

not be able to understand key topics necessary for succeeding in professional fields of

work. A key element to a fruitful education, and a successful life is obtaining a college

degree. On an average, those who obtain college degrees are far more successful over

a lifetime in regard to income, than those who do not obtain a college degree.

Nowadays, a high school diploma simply isnt enough to earn a sizeable income to

support yourself, and your family. Also, most people are aware that graduating college

will help them in making more money in the long run compared to those who dont. In

the highly competitive world today, a college degree is essential to long term

accomplishment financially, and intellectually. Obtaining a college degree directly

correlates towards ones future income, and without one, it is nearly impossible to obtain

a well paying job to support ones self and family. In the past few decades, the income

gap between those who only have a high school diploma compared to college

graduates has been steadily growing in the past few decades, and it is only going to

continue exponentially growing as time goes by.

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One main misunderstanding associated with this topic is that, people think going to

college results in too much debt from student loans, and it isnt worth it in the long run.

Writer, Janel Davis from Politifact, helps debunk this theory and shows this is false,

because on an average, those who go to college Make $1 million more than a person

who does not (para 5.). Davis refers to a Georgetown study where it was deemed that,

high school graduates would make $1.3 million, meanwhile college graduates would

make $2.3 million (para. 14). This goes to show how the debt incurred from student

loans, most definitely does not outweigh the benefit that is seen in regards to income.

There is no college in which loans are going to cost anywhere near $1 million dollars for

a bachelors degree, therefore, once the loans are paid off there will be a large margin

of profit to the individual who obtained their bachelors degree. John Ebersole, a writer

for Forbes Magazine, discusses college degrees, employment rates and student loan

debt. He states that, As of the end of 2011, high-school only workers were unemployed

at a rate of 9.4% while those with a bachelors degree had an unemployment rate of

4.9% (4.1% as of July 2012) (para. 6). Clearly, the number of unemployed people

without bachelors degrees, is almost double compared to the unemployed people that

have bachelors degree. Ebersole goes on to discuss that, Most interesting is the fact

that the total cost of degree acquisition ($64,000) is repaid through the increased, salary

($1600 per month, or $19,200 per year) in less than four years. Not a bad ROI, [Return

on Investment] and with a 50% increase in job security to boot (para. 6).
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In addition to the other issues surrounding this topic, some people dont

understand how valuable a college degree really is. Some people think that for certain

jobs, a college degree wont help. However, no matter what type of job someone is

pursuing, being college educated typically deems them as more skilled. People truly

underestimate the value of a college degree, especially when it comes to jobs in a

professional environment. Janel Davis refers to a Bureau of Labor study and states,

The Bureau of Labor Statistics found that weekly median annual earnings in 2012 for a

high school dropout were $471; $652 for a high school graduate; and $1,066 for a

college graduate with a bachelors degree. Multiplying those weekly figures by 52, and

the annual earnings for a high school dropout were $24,492, compared with $33,904 for

a high school graduate and $55,432 for a college graduate (para. 8). One can easily

see from these studies and statistics, that the amount of education a person has and

the annual income they receive, follows a positive, linear relationship. This is accurate

as far as all types of jobs are concerned in varieties of companies.

Lewis and Burd-Sharps, the authors of the article Access to Knowledge discuss

some of the benefits of education. The authors say, Knowledge is a catalyst for a

productive lifefor surmounting limitations and for developing and realizing a

meaningful existence (Lewis & Burd-Sharps para. 1). The authors go on to mention

that, For individuals, more education is associated with a longer life, better job

prospects, and higher income. The advantages conferred by access to knowledge also

ripple out from the individual (Lewis & Burd-Sharps para. 1). This reinforces the fact

that without a college degree, there are many disadvantages people face, that they may
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not even realize until it occurs to them later in life. The two authors also discuss

statistics relating to unemployment and show how having a college degree enforces job

security and say, In the 2007-9 recession, college graduates faced a combined

unemployment and underemployment rate of 10 percent; those workers with only a high

school education faced rates twice as high, while a full 35 percent of high school

dropouts were either unemployed or underemployed (Lewis & Burd-Sharps para. 2).

Even during a time of excess unemployment and terrible economic conditions, a college

degree still helped people hold jobs despite others rapidly getting laid off, or being

unable to find work.

David Leonhardt, a writer for the New York Times wrote an article titled Even for

Cashiers, College Pays Off (Leonhardt). The article title itself explains the value of a

college degree, and Leonhardt goes on to say that, The evidence is overwhelming that

college is a better investment for most graduates than in the past (para. 5). Regarding

the income gap and how those who oppose the viewpoint of college degrees being

highly valuable, Leonhardt argues that, Skeptics like to point out that the income gap

isnt rising as fast as it once was, especially for college graduates who dont get an

advanced degree. But the gap remains enormous and bigger than ever (para. 11).

The value of a college degree can also be compared and contrasted to other

investments such as stocks, and or real estate. Leonhardt continues to refute the

opposing viewpoint of those who dont see the value of college degrees, and discusses

the Hamilton project. He says, The Hamilton Project, a research group in Washington,

has just finished a comparison of college with other investments. It found that college
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tuition in recent decades has delivered an inflation-adjusted annual return of more than

15 percent. For stocks, the historical return is 7 percent. For real estate, its less than 1

percent (para. 12). These statistics clearly show how useful and valuable a college

degree is, and how education is a worthy investment. Education as an investment for all

practical purposes, is considered to have a return of more than double than stocks, and

fifteen times the return of real estate. This is an eye opening statistic, and further

reinforces the ideology that a college degree is essential if one wishes to earn a good

salary within their lifetime.

One problem regarding the attendance of college is that many people legitimately

do not have the money to attend college. Throughout the country, there are millions of

children and adults who wish they had the privilege to further their education and attend

college, but they simply cannot afford it. James Ciment, the author of the article College

Tuition and Student Debt on the library database says, According to a U.S. Department

of Education study in 2011, the average annual tuition at all postsecondary institutions

rose from $7,759 in the 19801981 academic year to $18,133 in 20192011 (para. 2).

This shows the spike in tuition across the past few decades, and is a big issue of why

more people arent attending college. There most definitely are groups of people who

simply dont have the desire to attend college as well, but a large chunk of the

population that wishes to attend college, isnt able to due to financial difficulties. Ciment

goes on to mention that, Together, rising tuition rates and stagnant incomes have led to

exploding college debt, from an average of $14,700 for an undergraduate degree in

1994 to $24,700 in 2009, according to the Department of Education. At the same time,
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the percentage of American students borrowing for college went from just under 50

percent to nearly two-thirds, while the average monthly loan payment rose from $200 to

$280, an increase of 40 percent (para. 2). Due to the financial disadvantages certain

groups of people face, Ciment raises a good point and mentions that, The causes of

rising tuition costs, and hence rising debt, are varied and contentious, often pitting those

inside academia against those outside the institution (para. 3). Due to this, the

government should try to make college more affordable, to help those that want to

pursue a college education, so they can better support themselves and their families

from a financial standpoint.

Lastly, people could try to understand that college really is necessary if they want

to earn enough money for themselves and their family. They should not dismiss the

possibility of attending college due to the fact that studying is "too hard." It's

understandable that some schools for example like Ivy Leagues require a certain GPA

and criteria to be met to attend due to the very high standards, but most colleges are

relatively manageable if a person is willing to put in the work.

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A chart stating the median net worth of individuals considered the head of the household based on education level.

(Kurtzleben, Danielle. "Income Gap Between Young College and High School Grads Widens." U.S. News And

World Report. 11 Feb. 2014. Web. 9 Apr. 2017.)

This chart is a great demonstration of how education level directly correlates to

household income. Based on all the aforementioned statistics and information provided

by the numerous sources, it is easy to see how valuable and necessary a college

degree is. Without one, an individual is automatically placed at a disadvantage

financially, and intellectually. Stephen J Ross, a Georgetown professor says, The main

arguments in favor of earning a college degree are based on college graduates larger

earnings over a lifetime, lower unemployment rates, better health, higher marriage

rates, and greater civic involvement (2). Therefore, in order to reach a persons fullest

potential in all arenas of life, and pursue the career of their dreams, a college degree is

necessary and will assist them in achieving their goals. There are most definitely
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hardships associated with attending college, including financial debt, intense focus and

studying and relocation. However, college is an investment that has large dividends,

and obtaining in a degree is not only the best possible investment a person can make,

but also is the best plan of action a person can make towards a successful future.
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Works Cited

"Access to Knowledge." American Human Development Project: The Measure of America 2010-2011:

Mapping Risks and Resilience, Kristen Lewis, and Sarah Burd-Sharps, New York University

Press, 1st edition, 2010. Credo Reference,

http://sinclair.ohionet.org/login?url=http://search.credoreference.com/content/entry/nyupmoa/acc

ess_to_knowledge/0?institutionId=6043. Accessed 09 Apr 2017.

Ciment, James. "College Tuition and Student Debt." Culture Wars in America: An Encyclopedia of

Issues, Viewpoints, and Voices, edited by Roger Chapman, and James Ciment, Routledge, 2nd

edition, 2013. Credo Reference,

http://sinclair.ohionet.org/login?url=http://search.credoreference.com/content/entry/sharpecw/col

lege_tuition_and_student_debt/0?institutionId=6043. Accessed 09 Apr 2017.

Davis, Janel. "Educational Levels Generally Make a Difference in Earnings." PolitiFact. Tampa Bay

Times, 2 Aug. 2013. Web. 09 Apr. 2017.

Dropout Nation. Frontline. Documentary. Frontline: Dropout Nation. Public Broadcasting Service, 25

Sept. 2012. Web. 09 Apr. 2017.

Ebersole, John. "Why a College Degree?" Forbes. Forbes Magazine, 08 Aug. 2012. Web. 09 Apr. 2017.

Kurtzleben, Danielle. "Income Gap Between Young College and High School Grads Widens." U.S.

News And World Report. 11 Feb. 2014. Web. 9 Apr. 2017.

Leonhardt, David. "Even for Cashiers, College Pays Off." The New York Times 25 June 2011 The New

York Times. Web. 09 Apr. 2017.

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Rose, Stephen J. "The Value of a College Degree." The Value of a College Degree By Stephen

Rose (2013): 1-12. Georgetown Center on Education and Workforce. Georgetown University,

2013. Web. 09 Apr. 2017.