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A College Degree Is No Guarantee of a Good Life
The benefits of college depend on the particulars of each person
While the evidence on the economic and happiness benefits is mixed, attending college depends on the particulars of each person.
A child's gifts, circumstances, and career ambitions all affect whether college is the right choice. But, the parents are often more excited that their child will get into college while the child does not want to be there in the first place. While college is the right choice for many, it is good to remember that there is not just one path to success.
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College as an investment
College is often described as an investment in the future. You pay upfront so you can benefit for years afterwards. According to research, as of 2011 a college degree delivered an inflation-adjusted annual return of more than 15 percent, which is a good deal.
However, past performance is no guarantee of future returns. Wage growth is stagnating for college graduates, with average starting salaries increasing by just 1.4 percent from 2015 to 2018.
College degrees are losing traction
It may be worth the cost for kids who want to go into a field that requires a college degree. But in 2019, just 66 percent of college graduates were in jobs requiring a college degree. As of 2010, only 27 percent were in jobs related to their college major.
People who go to college are slightly likelier to report that they are satisfied with their lives than those who don’t go to college. However, some believe that education is negatively linked to happiness, and thinks that some college attendees trade ambition for life satisfaction.
The benefits of college depend on the particulars of each person
While the evidence on the economic and happiness benefits is mixed, attending college depends on the particulars of each person.
A child's gifts, circumstances, and career ambitions all affect whether college is the right choice. But, the parents are often more excited that their child will get into college while the child does not want to be there in the first place. While college is the right choice for many, it is good to remember that there is not just one path to success.
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