Educational Degrees and Student Unemployment
Does Education Pay?
Education and Graduation - The Cost and Students Hope for Good Jobs
The unemployment issue of workers with college education still remains below the targeted standard as most graduates are trying hard in the search of well paying jobs. Similarly, tuition fee has increased making many students be overwhelmed with debts they took to pay for their education from the student loans. Due to voluminous debts and the rising costs of college education, attaining a degree is still a vital investment for students with average achievement. In the study, it is revealed that the importance of college when measured in the job earnings offset the degree cost which is given as tuition in addition of wages lost during school education. The students are said to recover the costs of learning when they reach 40 years. After the recovery one continues to enjoy the earnings as his own benefits until the retirement age. The value of getting college education is far more in comparison to the graduates from high school since your earnings premium are mostly high.
The gap between high school and college graduate in terms of earnings increases during the workers lifetime. College graduates are said to begin with high annual salary due to their experience. This shows that college education value continues to be beneficial in the life of a worker and cannot reduce over a life time. Graduates from college have a high advantage in the employment industry as they are mostly considered compared to graduates from high school that face unemployment issues. According to the Labor Statistics Bureau, during the period of recession, most workers with education of lower standard are excluded and those successfully employed get lower average salaries.
The irresistible cost of acquiring college education leads to many rising questions whether it is worth it or not. Voluminous amount is used on the tuition which is burdensome to most parents and guardians. For a lifetime period, one reaps by gaining compared to an average student who goes directly to workforce after the completion of high school. College education also enables one to major in his area of specialization. These fields differ according to costs and the long term earnings. Graduates taking fields that offer technical education like computers, math, and engineering have a tendency of getting high earnings due to their investments in education. Those students learning other fields like arts, architecture, agriculture, hospitality and leisure are mostly affected with poor earnings and underemployment. This suggests that despite of college education, not all degrees acquired are similar and worth investment. Graduates also can get extra wages in comparison to one who doesn't have the degree.
Although other factors can impact the college education value, attaining a degree is still vital and it acts as a better investment for the young generation. Furthermore, after the payment of the investment, the extra profit from the premium earnings precede as a benefit to employees with a degree from college.
Although it is said that some students skipped college education and attained success financially, the road to brighter future still requires one to take four years learning a degree. Due to future voluminous earnings, the value of attaining college degree will still be charged on a higher end as the cost will be recovered in a lifetime. After paying for the investment, the dividends will be paid throughout the lifetime of an employee making college graduates to have higher earnings in comparison with their friends having a high school education. Thus redoubling the energy to create college education being accessible to all would enable them to spent their money and time well.
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Bruni, F. Where you go is not who you'll be: An antidote to the college admissions mania.
Choi, J., Laibson, D., & Madrian, B. Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds.
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