The economics of a 4-year degree have changed. So is it worth the high price tag for that diploma?
Point #1 For – One of the biggest selling points is that graduating from a university and becoming an alum makes you part of a network and network = net worth
Harvard just announced it was doing the entire Fall 2020 and Spring 2021 semesters online due to COVID-19. No onsite classes. But what didn’t change was the tuition! Students will stay have to pay the full $50,000/year.
Harvard is telling you what a college degree is worth! The tuition isn’t about classes. It isn’t about quality of professors. It isn’t even about facilities. It’s about brand and network. That’s it.
Point #1 Against – It’s never been easier to grow your network before!
If I don’t spend $50,000/year at Harvard or any other schools, I could probably develop a fantastic network if I took even $5,000 a year out to wine and dine potential employers and still have $45,000 leftover.
So if its all about network, having a degree isn’t necessarily the best way to go about that.
Point #2 For – College prepares you for the real world
You go from living with your parents and having a set schedule in high school to having to manage your time and day. You show up to class and a professor hands you a syllabus and then the rest is up to you to figure out! These are valuable life skills.
Point #2 Against – The real world prepares you for the real world, college is a bubble
Imagine taking $50,000 out to start a business instead. You’ll learn more about that industry and field in a year than you would in four years buried in books and running hypothetical models in your given field.
Point #3 For – People who have 4-year degrees earn more money over time
This is a fact. Have a college degree. Earn more. End of debate.
And while it does depend on what type of degree you get, the average high school degree earns $40,500, associates degree gets you $50,100 and a bachelors gets you $65,400 according to the College Board research.
Point #3 Against – People who have 4-year degrees have more debt and risk
Sure. People with bachelor’s degrees earn more. But they also owe more! Americans owe over $1.64 Trillion in student loan debt. That’s $587 billion more than all US Credit Card debt!
Depending on how you break it down, the AVERAGE student loan debt sits at around $35,000 upon graduation. The average interest rate as of today, with these low interest rates, is 6%.
Point #4 For – Having any four year degree opens doors
Many companies such as Verizon have required college degrees to even process an application for salespeople or store clerks.
Point #4 Against - Companies are doing away with the four year degree requirement
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About Lifebuilder
The Lifebuilder Podcast helps ambitious entrepreneurs and leaders gain clarity, eliminate distractions, and achieve their goals faster. Each episode gives practical strategies for personal growth, productivity, and building a meaningful life. If you want clear direction, better focus, and proven frameworks to win at life and work, this show gives you the tools to get unstuck and move forward.
