Pro Quotes
Chris Muller, a personal finance expert, stated:
While the data clearly shows that college remains a smart investment for most students, your individual success will depend largely on making informed choices about your field of study, institution, and financing options. The good news? The benefits extend far beyond just a bigger paycheck, creating positive effects that can last throughout your career and life.
Remember: The key isn’t just getting any degree—it’s making strategic choices that align with both your career goals and financial reality. By using the resources and strategies outlined above, you can make more confident decisions about your educational investment.
Chris Muller, “New Research Reveals True Value of College Education,” forbes.com, Dec. 29, 2024
Marisol Cuellar Mejia, Cesar Alesi Perez, Vicki Hsieh, and Hans Johnson, all of the Public Policy Institute of California, stated:
“Higher education is a critical driver of economic progress. It is also the key policy lever for improving mobility from one generation to the next, especially for low-income, first-generation, Black, and Latino students. As the state’s economy has evolved, the job market has increasingly demanded more highly educated workers, a trend that is projected to continue into the future.
In addition to having higher earnings and better job benefits, college graduates are more likely to own a home and less likely to be in poverty or need social services. Society as a whole is also better off, thanks to lower unemployment, less demand for public assistance programs, lower incarceration rates, higher tax revenue, and greater civic engagement.”
—Marisol Cuellar Mejia et al., “Is College Worth It?,” ppic.org, Mar. 2023
Richard M. Schulze, founder and chair emeritus of Best Buy Co., Inc. and founder of the Richard M. Schulze Family Foundation, stated:
“The truth is it [college] remains a crucial driver of success. But we must empower our students with the skills to be innovators, creators and entrepreneurs. Entrepreneurship education empowers students to think creatively, to seek opportunities and solve problems, to empathize with others, to take risks, to accept failure as part of the growth process, and to help take a passion or idea and turn it into a viable business. Learning to think and act like an entrepreneur emboldens students to take charge of their own destinies, and in doing so, it powers the American Dream. My success story [which includes no college education] is the kind of entrepreneurship story that people like to glamorize, but the reason those stories are popular is because they’re so unlikely. What we need right now aren’t idealized stories of success, but a reliable pathway for all bright young minds with the right ideas to make the most of their opportunities, and entrepreneurial education provides just that.”
—Richard M. Schulze, “Best Buy Founder: What Every US College Should Teach Their Students,” cnn.com, Mar. 6, 2022
Jim McCorkell, founder and CEO of College Possible, stated:
“The message that college is ‘no longer worth it’ is not only false but also dangerous for America’s low-income students …
On the whole, a college degree remains the surest bet for social and economic advancement. The economic returns of college are especially profound for low-income students, and yet they are far more susceptible to college avoidance than their more affluent peers, who are likely to go to college anyway.
Such views are hugely problematic for those of us hoping to improve economic mobility in the United States. Almost all the job and wage growth now goes to people with some form of postsecondary education.”
—Jim McCorkell, “The Dangerous Message in Telling Low-Income Students to Skip College,” hechingerreport.org, June 4, 2019
Con Arguments
(Go to Pro Arguments)Con 1: College is no guarantee of a job or better life.
Many college graduates are employed in jobs that do not require college degrees. A staggering 52 percent of college graduates had jobs that did not require their degrees, and 75 percent remain in those jobs for a decade after graduation. [274]
“Having a bachelor’s used to be more rare and candidates with the degree could therefore be more choosy and were more expensive to hire. Today, that is no longer the case,” says Rita McGrath, associate professor at Columbia Business School. A high unemployment rate shifts the supply and demand to the employers’ favor and has made master’s degrees the “new bachelor’s degrees.” In short, too many students earning degrees has diluted the value of a bachelor’s degree.[68][69]
Plus, college degrees do not guarantee learning or job preparation. A 2023 survey of 800 business professionals found “63 percent saying that recent graduates frequently can’t handle their workload, 61 percent saying they are frequently late to work, 59 percent saying they often miss deadlines and assignments, 58 percent saying that they get offended too easily, 57 percent saying they lack professionalism, 53 percent saying they struggle with eye contact during interviews and 52 percent saying they have poor communication skills.” [275]
“I don’t think there’s anything wrong with college itself—college is the right choice for a lot of people. The problem is the attitude that if you want to be successful, you have to go to college—that it’s the golden ticket. We’ve all heard this song and dance through our already confusing high school years. It’s college or bust—college or driving an Uber for the rest of your life. Frankly, that’s the stupidest thing I’ve ever heard. I didn’t go to college, and guess what—I don’t drive for Uber. I have a beautiful family, a wildly rewarding life, and a business that just made the Inc. 5000 list for fastest-growing companies in the United States. So, yeah, college is not the only path to success,” explained CEO of Windy City Equipment Service Josh Zolin. [276]
Con 2: Student loan debt strains college graduates, their families, and society.
In spring 2024 there were more than 17.8 million college students in the United States, and borrowers owed $1.75 trillion in total student debt. [271]
Tuition has risen quicker than income, making college unaffordable for many and forcing students to take out loans. The average annual income for men increased 18 percent from 1971 to 2023 and 132 percent for women. However, the average annual tuition rates for public colleges increased about 129 percent in the same time and about 156 percent for private colleges, making college unaffordable for most average people.
A study found that 14% of community college students were homeless and 51% had housing insecurity issues (inability to pay rent or utilities, for example), while 33% experienced food insecurity (lack of access to or ability to pay for “nutritionally adequate and safe foods”), though 58% of the students were employed and 42% received federal Pell Grants. [111][112][113]
Furthermore, student loan debt often forces college graduates to live with their parents and delay marriage, financial independence, and other adult milestones, especially for millennials. In 2013, when the generations was in their late 20s to early 40s, only about 20% were homeowners, and most millennials said their student debt has delayed home ownership by seven years on average. Student loan borrowers delayed saving for retirement (41%), car purchases (40%), home purchases (29%), and marriage (15%). Fewer than 50% of women and 30% of men had passed the “transition to adulthood” milestones by age 30 (finishing school, moving out of their parents’ homes, being financially independent, marrying, and having children). By contrast, in 1960, 77% of women and 65% of men had completed these milestones by age 30. [38][39][121]
Student debt also overwhelms many seniors. Whether they cosigned for a child or grandchild’s education, or took out loans for their own educations, there were 7.2 million student loan borrowers aged 50 and over who collectively owed $400.3 billion. About 8% were more than 90 days delinquent in payments. A significant percentage of older borrowers in default were having a portion of their Social Security payments garnished by the U.S. government. [277][278]
Student loan debt may not be forgiven in bankruptcy and may not have the same borrower protections as other consumer debt. Medical, legal, credit card, loan, and even gambling debt can immediately be discharged in bankruptcy, but getting student loan debt discharged is much more difficult and rare. Private student loans often do not have the same protections as federal loans like income-based repayments, discharges upon death, or military deferments. [61][70][71]
Plus, student debt could cause a larger, more general financial crisis for the country. According to the National Association of Consumer Bankruptcy Attorneys, student loans are “beginning to have the same effect” on the economy that the housing bubble and crash created. Former Secretary of Education William Bennett agrees that the student loan debt crisis “is a vicious cycle of bad lending policies eerily similar to the causes of the subprime mortgage crisis.” An advisory council to the Federal Reserve also warned that the growth in student debt “has parallels to the housing crisis.”[61][62][63][64][65]
Con 3: Many people would be better served learning a trade or pursuing work right out of high school.
Trade professions are necessary for society to function, require less than four years of training, and often pay above average wages. The high number of young adults choosing college over learning a trade has created a “skills gap” in the U.S., and there is now a shortage of “middle-skill” trade workers like machinists, electricians, plumbers, and construction workers. One survey of U.S. manufacturers found that 67% reported a “moderate to severe shortage of talent.” According to the Bureau of Labor Statistics, “middle-skill” jobs made up 45% of projected job openings, but only 25% of the workforce had the skills to fill those jobs. [53][54][55]
Many people succeed without college degrees. According to the Bureau of Labor Statistics, of the 20 projected fastest growing jobs, seven do not require college degrees. Plus, the following successful people either never enrolled in college or never completed their college degrees: Richard Branson, founder and chair of the Virgin Group; Charles Culpepper, owner and CEO of Coca-Cola; Ellen DeGeneres, comedian and actress; Michael Dell, founder of Dell, Inc.; Walt Disney, Disney Corporation founder; Bill Gates, Microsoft founder; Steve Jobs, cofounder of Apple; Wolfgang Puck, chef and restaurateur; Steve Wozniak, cofounder of Apple; and Mark Zuckerberg, founder of Facebook. [43][44]
Con 4: College has become so politicized that it is no longer a place for unbiased curiosity and learning.
Whether conservative or liberal, “When universities become overtly political, and tilt too far toward one end of the spectrum, they’re denying students and faculty the kind of open-ended inquiry and knowledge-seeking that has long been the basis of American higher education’s success. They’re putting its future at risk,” said New York Times columnist Pamela Paul. [279]
Americans are simultaneously convinced that higher education is placing “too much concern [on] protecting students from views they might find offensive” and that “professors are bringing their political and social views into the classroom.” About 59 percent of American adults believe college politics lean toward one side. [280]
Students are also bringing their strong political viewpoints to campus. Students with liberal views are avoiding colleges in conservative states that have limited abortion access, higher rates of racial inequality, lower levels of LGBTQ protections, and a lack of gun control laws. And students with conservative views are avoiding colleges in states with legal abortion, laws protecting people of color and the LGBTQ community, and gun restrictions. Almost 30% of students from all political backgrounds were concerned about political opinions being silenced and “canceled” on college campuses. “Perhaps reflecting the drift toward broad political polarization in the U.S. (and elsewhere), we found that students’ gender, race, household income, or region of residence did not arise as statistically significant predictors marking student comfort levels around attending a school in a state they perceive as having an undesirable political landscape,” explain the authors of a Art & Science Group survey. [281]
This climate makes students quick to judge and slow to understand because they’re not taking the opportunity to learn from people of varying political, cultural, social, or economic backgrounds. Living and learning in a political bubble only feeds confirmation bias and makes for more fervent, less tolerant political beliefs.[282]
Instead, students need to experience the real world, where not everyone agrees but where most people don’t yell about their politics.
Con Quotes
Scott Galoway, author, podcast host, and entrepreneur, stated:
“The reality is if you get into an elite university, it’s still a really strong ROI [return on investment]. For most of the majors. The contacts, the credentialing, the certification still pays off even as high as the prices are.
What I think a lot of parents are figuring out is the quote-unquote non-prestige schools, quite frankly, just may not provide the return on investment. And also there’s just a certain type of individual who’s not cut out for college. Unfortunately, in the U.S., there’s a Zeitgeist in our society where if your kid doesn’t get a four-year degree, the kid and the parents have failed—not recognizing that two-thirds of our kids don’t end up with traditional four-year degrees.
As the ROI on college has gone down, the compensation for trades jobs has gone up. In the next ten years, there’s going to be five people who leave trades jobs and only two who enter the field. The prospects for many of these jobs that don’t require a college degree are increasing, and all of this adds up to a really interesting and overdue conversation around, Can we stop shaming ourselves if our kid decides not to go to college?”
Kevin T. Dugan, “Scott Galloway on Whether College Is Still Worth It,” nymag.com, Apr. 22, 2024
Steve Siebold, certified financial educator, states:
“You won’t find as many college students heading back to class this fall. That’s because enrollment is down nationwide, and rightfully so. There are 4 million fewer students in college now than there were 10 years ago. It’s certainly easy to blame things like the pandemic and a strong labor market, but I believe what it really comes down to is students just don’t want to endure hundreds of thousands of dollars of debt, and it’s hard to blame them….
Many years ago, it wasn’t even a question. If you wanted a good job you had to go to college. For most kids across America, it was as logical as saying if you want to prevent cavities you have to brush your teeth and floss. Now we are living in a different time and a very different world. In fact, as recently as the last two years, confidence in the value of education has been declining, and college enrollment has fallen by more than 1 million students since spring 2020.
There’s no doubt that saying you are a college graduate holds some level of prestige and is necessary for certain occupations. If you want to be a doctor or lawyer, for example, it’s not even a question. On the heels of a recession, however, most high school grads would be better off either entering the workforce immediately and gaining practical real-world experience (which can take you much further than a college education), attending a specialty school geared specifically toward what you want to do with your life, and if college is a must, then considering a more affordable option like doing two years at a community college.”
—Steve Siebold, “Steve Siebold: College Not Worth the Debt,” triblive.com, Aug. 16, 2022
Mike Rowe, television host of the shows Dirty Jobs and Somebody’s Gotta Do It, states:
“[W]hen we gave the big push for college back in the 70s, we did it at the expense of alternative education. In other words, we told people, ‘If you don’t get your degree, you’re gonna wind up turning a wrench.’
That attitude led to the remove of shop classes around the country. And the removal of shop classes completely obliterated from view the optical and visual proof of opportunity for a whole generation of kids. The skills gap today, in my opinion, is the result of the removal of shop class and the repeated message that the best path for the most people happens to be the most expensive path.
This is why, in my opinion, we have $1.6 million in student loans on the books, and 7.3 million open positions, most of which don’t require a four-year degree. We’re just disconnected. We’re rewarding behavior we should be discouraging, we’re lending money we don’t have to kids who are never going to be able to pay it back, to train them for jobs that don’t exist anymore. That’s nuts.”
—Fox Business Live, “ ‘Dirty Jobs’ Star Mike Rowe Says America’s Workforce Is ‘Disconnected’ ” video.foxbusiness.com, Nov. 7, 2019
Tim Knight, hedge fund manager and author, states:
“Some of you know that I graduated from college rather swiftly (in just 2 1/2 years)….The information I garnered during those 2 1/2 years hasn’t been useful to me even once during the many years since I graduated, and there isn’t a single contact I made in college that was beneficial to me in any way at all. Simply stated, I could have gone straight from high school to work without any difference.”
—Tim Knight, “Is College Worth It?,” ZeroHedge, Mar. 7, 2017
Top Wealthiest Americans With and Without College Degrees
(rankings from 2024 Forbes Top 400)
The cumulative wealth of the top ten wealthiest Americans with College Degrees is about $1.5 trillion.
The cumulative wealth of the top ten wealthiest Americans without College Degrees is about $701.3 billion.
The cumulative wealth of the top ten billionaires with college degrees is 114% more than the cumulative earnings of those without college degrees.
| With college degrees | Without college degrees | |
|---|---|---|
| Source: Edited by Rob LaFranco and Chase Peterson-Withorn, “The Forbes 400: The Definitive Ranking of The Wealthiest Americans in 2024,” forbes.com (accessed January 13, 2025) | ||
| 1. | Elon Musk B.A. in physics B.A. in economics University of Pennsylvania Worth $244 billion via Tesla, SpaceX, and other companies 2024 Forbes rank #1 | Mark Zuckerberg Dropped out Harvard University Worth $181 billion via Meta 2024 Forbes rank #3 |
| 2. | Jeff Bezos B.A. in science Princeton University Worth $197 billion via Amazon 2024 Forbes rank #2 | Larry Ellison Dropped out University of Chicago University of Illinois Urbana-Champaign Worth $175 billion via Oracle and other software 2024 Forbes rank #4 |
| 3. | Warren Buffett M.S. in economics Columbia Business School Worth $150 billion via Berkshire Hathaway 2024 Forbes rank #5 | Bill Gates Dropped out Harvard University Worth $107 billion via Microsoft 2024 Forbes rank #9 |
| 4. | Larry Page M.S. in computer science Stanford University Worth $136 billion via Google 2024 Forbes rank #6 | Michael Dell Dropped out University of Texas at Austin Worth $101 billion via Dell 2024 Forbes rank #12 |
| 5. | Sergey Brin M.S. in computer science Stanford University Worth $130 billion via Google 2024 Forbes rank #7 | Thomas Peterffy Dropped out New York University Worth $40 billion via Interactive Brokers 2024 Forbes rank #23 |
| 6. | Steve Ballmer B.A. in applied mathematics and economics Harvard University Worth $123 billion via Microsoft 2024 Forbes rank #8 | Diane Hendricks Did not attend college Worth $21.9 billion via ABC Supplies 2024 Forbes rank #38 |
| 7. | Michael Bloomberg M.B.A. Harvard Business School Worth $105 billion via Bloomberg LP 2024 Forbes Rank #10 | Christy Walton Did not attend college Worth $16.4 billion via Walmart 2024 Forbes rank #48 |
| 8. | Jensen Huang B.S. in engineering Oregon State University M.S. in engineering Stanford University Worth $104 billion via Nvidia 2024 Forbes rank # 11 | Jan Koum Dropped out San Jose State University Worth $16.1 billion via WhatsApp 2024 Forbes rank #49 |
| 9. | Jim Walton B.A. in science University of Arkansas Worth $95.9 billion via Walmart 2022 Forbes rank #13 | Eric Smidt Did not attend college Worth $15.6 billion via Harbor Freight Tools 2024 Forbes rank #50 |
| 10. | Rob Walton J.D. Columbia University Worth $94.3 billion via Walmart 2024 Forbes rank #14 | Dustin Moskovitz Dropped out Harvard University Worth $14.3 billion via Facebook and Asana 2024 Forbes rank #55 |
| 10. | Alice Walton B.A./B.S. in science Trinity University Worth $89.2 billion via Walmart 2024 Forbes rank #15 | Ernest Garcia, II Dropped out University of Arizona Worth $13 billion via Carvana 2024 Forbes rank #67 |
(*Several families appear as collective units on the Forbes 400 list. Because the wealth is split among multiple people and this list is about individual wealth as related to college degrees, we have not included the families on this list.)
College Educations of U.S. Presidents
Of the 45 U.S. presidents, 32 had college degrees and 13 did not. Eight presidents did not attend college, five attended college but did not earn a degree, 21 graduated college with undergraduate degrees only, and 11 earned graduate degrees.
| President | Dates in office | College education | |
|---|---|---|---|
| 1. | George Washington[150][193][236] | Apr. 30, 1789–Mar. 4, 1797 | Surveyor’s certificate from the College of William & Mary |
| 2. | John Adams[161][204][247] | Mar. 4, 1797–Mar. 4, 1801 | A.B., Harvard College, 1755 A.M., Harvard College, 1758 |
| 3. | Thomas Jefferson[172][215][259] | Mar. 4, 1801–Mar. 4, 1809 | Attended College of William & Mary, Mar. 25, 1760–Apr. 1762 |
| 4. | James Madison[158][201][259] | Mar. 4, 1809–Mar. 4, 1817 | B.A., College of New Jersey (Princeton University), 1771 |
| 5. | James Monroe[159][202][245] | Mar. 4, 1817–Mar. 4, 1825 | Attended College of William & Mary, 1774–75 |
| 6. | John Quincy Adams[163][206][249] | Mar. 4, 1825–Mar. 4, 1829 | A.B., Harvard College, 1787 AM, Harvard College, 1790 Attended Leiden University |
| 7. | Andrew Jackson[137][181][224] | Mar. 4, 1829–Mar. 4, 1837 | No college education |
| 8. | Martin Van Buren[166][209][253] | Mar. 4, 1837–Mar. 4, 1841 | No college education |
| 9. | William Henry Harrison[175][218][262] | Mar. 4, 1841–Apr. 4, 1841 | Attended Presbyterian Hampden-Sydney College, 1787–90 Attended University of Pennsylvania, 1790–91 |
| 10. | John Tyler[164][207][250] | Apr. 4, 1841–Mar. 4, 1845 | Graduated College of William and Mary, 1807 |
| 11. | James K. Polk[157][200][243] | Mar. 4, 1845–Mar. 4, 1848 | Graduated University of North Carolina, May 1818 |
| 12. | Zachary Taylor[179][222][166] | Mar. 4, 1849–July 9, 1859 | No college education |
| 13. | Millard Fillmore[167][210][254] | July 9, 1850–Mar. 4, 1853 | No college education |
| 14. | Franklin Pierce[147][190][233] | Mar. 4, 1853–Mar. 4, 1857 | Graduated Bowdoin College, 1824 Attended Northhampton Law School |
| 15. | James Buchanan[156][199][242] | Mar. 4, 1857–Mar. 4, 1861 | Graduated Dickinson College, Sep. 19, 1809 |
| 16. | Abraham Lincoln[136][180][223] | Mar. 4, 1861–Apr. 15, 1865 | No college education |
| 17. | Andrew Johnson[138][182][225] | Apr. 15, 1865–Mar. 4, 1869 | No college education |
| 18. | Ulysses S. Grant[173][216][260] | Mar. 4, 1868–Mar. 4, 1877 | Graduated U.S. Military Academy, West Point, 1843 |
| 19. | Rutherford B. Hayes[170][213][257] | Mar. 4, 1877–Mar. 4, 1881 | Graduated Kenyon College, 1842 LL.B., Harvard Law School, 1845 |
| 20. | James A. Garfield[155][198][241] | Mar. 4, 1881–Sep. 19, 1881 | Attended Western Reserve Eclectic Institute (Hiram College), 1851–54 Graduated Williams College, 1856 |
| 21. | Chester A. Arthur[143][187][230] | Sep. 19, 1881–Mar. 4, 1885 | Graduated Union College, 1848 Attended State and National Law College, 1853 |
| 22. | Grover Cleveland[152][195][238] | Mar. 4, 1884–Mar. 4, 1889 | No college education |
| 23. | Benjamin Harrison[140][184][227] | Ma4. 4, 1889–Mar. 4, 1893 | Graduated Miami University, 1852 |
| 24. | Grover Cleveland[152][195][238] | Mar. 4, 1893–Mar. 4, 1897 | No college education |
| 25. | William McKinley[177][220][264] | Mar. 4, 1897–Sep. 14, 1901 | Attended Allegheny College, 1860 Attended Albany Law School, 1866 |
| 26. | Theodore Roosevelt[171][214][258] | Sep. 14, 1901–Mar. 4, 1909 | A.B., Harvard University, 1880 Attended Columbia Law School (posthumous J.D. awarded in 2008, class of 1882) |
| 27. | William Howard Taft[176][219][263] | Mar. 4, 1909–Mar. 4, 1913 | Graduated Yale College, 1878 LL.B., Cincinnati Law School, 1880 |
| 28. | Woodrow Wilson[178][221][265] | Mar. 4, 1913–Mar. 4, 1921 | Attended Davidson College, 1873–74 Graduated Princeton University, 1879 Attended University of Virginia, 1881 Ph.D., history and political science, Johns Hopkins University, 1886 |
| 29. | Warren G. Harding[174][217][261] | Mar. 4, 1921–Aug. 2, 1923 | B.S., printing and newspaper trade, Ohio Central College, 1882 |
| 30. | Calvin Coolidge[142][186][229] | Aug. 2, 1923–Mar. 4, 1929 | Graduated Amherst College, 1895 |
| 31. | Herbert Hoover[154][197][240] | Mar. 4, 1929–Mar. 4, 1933 | Graduated, geology, Stanford University, 1895 |
| 32. | Franklin D. Roosevelt[146][189][232] | Mar. 4, 1933–Apr. 12, 1945 | A.B., history, Harvard University Attended Columbia Law School, 1904–07 (posthumous J.D. awarded in 2008, class of 1907) |
| 33. | Harry S. Truman[153][196][239] | Apr. 12, 1945–Jan. 20, 1953 | Attended Spalding’s Commercial College, 1901 Attended Kansas City Law School, 1923–25 |
| 34. | Dwight D. Eisenhower[145][188][231] | Jan. 20, 1953–Jan. 20, 1961 | Graduated U.S. Military Academy, West Point, 1915 |
| 35. | John F. Kennedy[162][205][248] | Jan. 20, 1961–Nov. 22, 1963 | B.S., international affairs, Harvard University, 1940 Attended Stanford Graduate School of Business, 1940 |
| 36. | Lyndon B. Johnson[165][208][252] | Nov. 22, 1963–Jan. 20, 1969 | B.S., Southwest Texas State Teachers’ College (Texas State University), 1930 |
| Attended Georgetown University Law School, 1934 | |||
| 37. | Richard Nixon[168][211][255] | Jan. 20, 1969–Aug. 9, 1974 | Graduated Whittier College, 1934 J.D., Duke University Law School, 1937 |
| 38. | Gerald Ford[151][194][237] | Aug. 9, 1974–Jan. 20, 1977 | B.A., economics, University of Michigan, 1935 LL.B., Yale University, 1941 |
| 39. | Jimmy Carter[160][203][246] | Jan. 20, 1977–Jan. 20, 1981 | B.S., Naval Academy, 1946 Graduate work in reactor technology and nuclear physics, Union College |
| 40. | Ronald Reagan[169][212][256] | Jan. 20, 1981–Jan. 20, 1989 | B.A., economics and sociology, Eureka College, 1932 |
| 41. | George H.W. Bush[148][191][234] | Jan. 20, 1989–Jan. 20, 1993 | B.A., economics, Yale University, 1948 |
| 42. | Bill Clinton[141][185][228] | Jan. 20, 1993–Jan. 20, 2001 | B.S., foreign service, Georgetown University, 1968 Rhodes scholar, University of Oxford, 1968 J.D., Yale University, 1973 |
| 43. | George W. Bush[149][192][235] | Jan. 20, 2001–Jan. 20, 2009 | B.A., history, Yale University, 1968 M.B.A., Harvard Business School, 1975 |
| 44. | Barack Obama[139][183][226] | Jan. 20, 2009–Jan. 20, 2017 | attended Occidental College, 1979-1981 B.A., political science, Columbia University, 1983 J.D., Harvard Law School, 1991 |
| 45. | Donald Trump[144] | Jan. 20, 2017–Jan. 20, 2021 | Attended Fordham University, 1964–66 B.S., economics, Wharton School of the University of Pennsylvania, 1968 |
| 46. | Joe Biden[251] | Jan. 20, 2021–Jan. 20, 2025 | B.A., history and political science, University of Delaware, 1965 J.D., Syracuse University, 1968 |
| 47. | Donald Trump[144] | Jan. 20, 2025–Jan. 20, 2029 | Attended Fordham University, 1964–66 B.S., economics, Wharton School of the University of Pennsylvania, 1968 |
Highest and Lowest Tuitions of Ranked U.S. Colleges and Universities
U.S. News & World Report ranks colleges annually. Below are the colleges and universities with the highest and lowest tuitions among those ranked in the 2022–23 list. Note that U.S. News & World Report ranks colleges and universities in several separate lists (national universities, national liberal arts colleges, etc.), and we have indicated on which list the school is ranked below.
Top Ten Highest Tuitions among U.S. News & World Report-ranked Schools
| Tuition and Fees | College/University | U.S. News & World Report rank |
|---|---|---|
| Source: U.S. News & World Report, “Search U.S. News Best Colleges,” usnews.com (accessed January 13, 2025) | ||
| $71,647 | University of Southern California | #27 in National Universities |
| $71,312 | Brown University | #13 in National Universities |
| $71,030 | Vassar College | #12 in National Liberal Arts Colleges |
| $70,794 | Franklin & Marshall College | #31 in National Liberal Arts Colleges |
| $70,770 | Trinity College | #36 in National Liberal Arts Colleges |
| $70,704 | Tufts University | #37 in National Universities |
| $70,702 | Boston College | #37 in National Universities |
| $70,480 | Amherst College | #2 in National Liberal Arts Colleges |
| $70,398 | Haverford College | #24 in National Liberal Arts Colleges |
| $70,306 | Colgate University | #22 in National Liberal Arts Colleges |
Top Ten Lowest Tuitions among U.S. News & World Report-ranked Schools
| Tuition/Fees | College/University | U.S. News & World Report rank |
|---|---|---|
| Source: U.S. News & World Report, “Search U.S. News Best Colleges,” usnews.com (accessed January 13, 2025) | ||
| $726 | Berea College | #40 in National Liberal Arts Colleges |
| $2,505 | University of Holy Cross | #101 in Regional Universities South |
| $6,688 | Brigham Young University | #109 in National Universities |
| $7,519 | Louisiana State University, Shreveport | #95 in Regional Universities South |
| $7,584 (out-of-state) $3,584 (in-state) | Fayetteville State University | #62 in Regional Universities South |
| $7,648 (out-of-state) $3,648 (in-state) | University of North Carolina, Pembroke | #41 in Regional Universities South |
| $7,923 | Wayne State College | #96 in Regional Universities Midwest |
| $8,492 | Mississippi University for Women | #34 in Regional Universities South |
| $8,605 | Delta State University | #51inRegional Universities South |
| $8,630 (out-of-state) $4,630 (in-state) | Western Carolina University | #231 in National Universities |
Median Incomes vs. Average College Tuition Rates
A frequent argument both for and against college is future earnings of college graduates versus the potential income lost while at college. Below are median annual incomes for men and women as compared to average annual tuitions from 1971–2024. In terms of academic years (fall/spring), the year in the table corresponds to the fall term (i.e., 2024 is the 2024–25 school year).
| Median annual income (2023 dollars) | Average annual tuition, room and board, and fees (2024 dollars) | |||
|---|---|---|---|---|
| Year | Men | Women | At a four-year private nonprofit college or university | At a four-year public nonprofit college or university |
| Sources: College Board, “Trends in College Pricing,” research.collegeboard.org, October 2024 U.S. Census Bureau, “Historical Income Tables: People,” census.gov, December 3, 2024 | ||||
| 2024 | -- | -- | $58,600 | $24,920 |
| 2023 | 51,350 | 35,410 | $58,130 | $24,820 |
| 2022 | 50,380 | 34,090 | $57,930 | $25,010 |
| 2021 | 51,420 | 34,640 | $59,920 | $26,320 |
| 2020 | 49,950 | 34,410 | $61,390 | $27,050 |
| 2019 | 52,380 | 34,760 | $61,270 | $26,970 |
| 2018 | 49,920 | 32,480 | $60,410 | $26,770 |
| 2017 | 49,430 | 31,690 | $60,230 | $26,640 |
| 2016 | 48,400 | 31,000 | $59,350 | $26,370 |
| 2015 | 46,660 | 29,860 | $58,150 | $25,940 |
| 2014 | 45,570 | 27,920 | $56,330 | $25,120 |
| 2013 | 44,850 | 28,170 | $55,230 | $24,780 |
| 2012 | 43,690 | 27,730 | $53,970 | $24,380 |
| 2011 | 43,330 | 27,720 | $53,020 | $23,960 |
| 2010 | 43,620 | 28,140 | $52,540 | $23,310 |
| 2009 | 44,180 | 28,770 | $51,350 | $22,310 |
| 2008 | 45,340 | 28,530 | $49,310 | $20,970 |
| 2007 | 47,060 | 29,660 | $48,460 | $20,540 |
| 2006 | 46,910 | 29,100 | $47,520 | $20,010 |
| 2005 | 46,790 | 27,790 | $46,230 | $19,490 |
| 2004 | 46,980 | 27,200 | $45,680 | $18,920 |
| 2003 | 47,230 | 27,230 | $44,490 | $17,980 |
| 2002 | 47,100 | 27,080 | $43,430 | $16,880 |
| 2001 | 47,460 | 27,100 | $42,320 | $16,020 |
| 2000 | 47,270 | 26,810 | $40,570 | $15,400 |
| 1999 | 47,080 | 26,400 | $40,500 | $15,230 |
| 1998 | 46,650 | 25,410 | $39,430 | $14,970 |
| 1997 | 45,000 | 24,460 | $37,890 | $14,620 |
| 1996 | 43,450 | 23,360 | $36,760 | $14,290 |
| 1995 | 42,220 | 22,700 | $35,820 | $13,890 |
| 1994 | 41,610 | 21,960 | $34,970 | $14,030 |
| 1993 | 41,310 | 21,620 | $34,350 | $13,500 |
| 1992 | 41,030 | 21,490 | $33,650 | $13,050 |
| 1991 | 42,100 | 21,550 | $32,730 | $12,570 |
| 1990 | 43,260 | 21,470 | $32,400 | $12,190 |
| 1989 | 44,470 | 21,510 | $31,820 | $11,960 |
| 1988 | 44,120 | 20,730 | $30,960 | $11,840 |
| 1987 | 43,040 | 20,070 | $28,920 | $11,610 |
| 1986 | 42,810 | 19,040 | $28,230 | $11,610 |
| 1985 | 41,470 | 18,350 | $25,980 | $11,270 |
| 1984 | 41,010 | 18,060 | $25,550 | $11,130 |
| 1983 | 40,080 | 17,310 | $24,470 | $10,820 |
| 1982 | 39,810 | 16,800 | $23,210 | $10,420 |
| 1981 | 40,780 | 16,520 | $21,870 | $9,920 |
| 1980 | 41,550 | 16,310 | $21,310 | $9,720 |
| 1979 | 43,370 | 16,020 | $21,680 | $10,080 |
| 1978 | 44,080 | 16,400 | $22,210 | $10,360 |
| 1977 | 43,590 | 16,970 | $21,980 | $10,570 |
| 1976 | 43,220 | 16,400 | $21,970 | $10,710 |
| 1975 | 42,900 | 16,400 | $21,490 | $10,390 |
| 1974 | 44,370 | 16,180 | $21,790 | $10,510 |
| 1973 | 46,450 | 16,120 | $22,780 | $11,320 |
| 1972 | 45,580 | 15,900 | $23,220 | $11,650 |
| 1971 | 43,650 | 15,230 | $22,730 | $10,940 |
Student Loan Debt Compared to Other Household Debt
American student loan debt rose from $350 billion to $1.61 trillion between 2004 and 2024. Student loan debt was the second-highest household debt from 2010 through 2022, surpassed only by housing loans. However, in 2023 and 2024, auto loan debt exceeded student loan debt.
| Year | Student loans | Other debt | Credit cards | Auto loans | Housing loans |
|---|---|---|---|---|---|
| Source: Federal Reserve Bank of New York, Center for Microeconomic Data, “Household Debt and Credit Reports,” newyorkfed.org, 2024 | |||||
| 2024 | $1.61 | $0.55 | $1.17 | $1.64 | $12.98 |
| 2023 | $1.6 | $0.55 | $1.13 | $1.61 | $12.61 |
| 2022 | $1.6 | $0.51 | $0.99 | $1.55 | $12.26 |
| 2021 | $1.58 | $0.44 | $0.86 | $1.46 | $11.25 |
| 2020 | $1.55 | $0.42 | $0.82 | $1.37 | $10.39 |
| 2019 | $1.51 | $0.43 | $0.93 | $1.33 | $9.95 |
| 2018 | $1.46 | $0.41 | $0.87 | $1.27 | $9.54 |
| 2017 | $1.38 | $0.39 | $0.83 | $1.22 | $9.33 |
| 2016 | $1.31 | $0.38 | $0.78 | $1.16 | $8.95 |
| 2015 | $1.23 | $0.35 | $0.73 | $1.06 | $8.74 |
| 2014 | $1.16 | $0.34 | $0.70 | $0.95 | $8.68 |
| 2013 | $1.08 | $0.32 | $0.68 | $0.86 | $8.58 |
| 2012 | $0.97 | $0.32 | $0.68 | $0.78 | $8.60 |
| 2011 | $0.87 | $0.33 | $0.70 | $0.73 | $8.90 |
| 2010 | $0.81 | $0.34 | $0.73 | $0.71 | $9.12 |
| 2009 | $0.72 | $0.38 | $0.80 | $0.72 | $9.55 |
| 2008 | $0.64 | $0.41 | $0.87 | $0.79 | $9.96 |
| 2007 | $0.55 | $0.42 | $0.84 | $0.81 | $9.75 |
| 2006 | $0.48 | $0.41 | $0.77 | $0.82 | $8.84 |
| 2005 | $0.39 | $0.42 | $0.74 | $0.79 | $7.67 |
| 2004 | $0.35 | $0.42 | $0.72 | $0.73 | $6.83 |
Highest-paying Jobs and Fastest Growing Jobs
All but one of the top 20 highest paying jobs in 2021 required a doctorate or professional degree (such as an M.D. or RN), while only one of the fastest growing jobs required such a degree.
Conversely, two of the 27 fastest growing jobs required licensing or no degree, 12 required a high-school diploma (or GED) or no formal education, 11 required a bachelor’s or associate’s degree, and one required a master’s degree. 5% was the average rate of job growth.
Top 20 Highest-paying Jobs
All of the top 20 highest paying jobs require doctoral or professional degrees.
| Job | Annual median pay |
|---|---|
| Bureau of Labor Statistics, “Occupational Outlook Handbook: Highest Paying Occupations,” bls.gov, August 29, 2024 | |
| Anesthesiologists | $239,200 |
| Orthodontists | $239,200 |
| Oral and maxillofacial surgeons | $239,200 |
| Surgeons, all other | $239,200 |
| Pediatric surgeons | $239,200 |
| Orthopedic surgeons, except pediatric | $239,200 |
| Ophthalmologists, except pediatric | $239,200 |
| Radiologists | $239,200 |
| Psychiatrists | $239,200 |
| Physicians, pathologists | $239,200 |
| Obstetricians and gynecologists | $239,200 |
| Neurologists | $239,200 |
| Emergency medicine physicians | $239,200 |
| Dermatologists | $239,200 |
| Cardiologists | $239,200 |
| Physicians, all other | $236,000 |
| Prosthodontists | $234,000 |
| Dentists, all other specialists | $227,690 |
| Family medicine physicians | $224,640 |
| General internal medicine physicians | $223,310 |
Top 20 Jobs with “Much Faster Than Average” Growth
| Job | Annual median pay | Entry-level degree required |
|---|---|---|
| Source: Bureau of Labor Statistics, “Occupational Outlook Handbook: Occupation Finder,” bls.gov, August 29, 2024 | ||
| Animal caretakers | Less than $37,500 | High school diploma or equivalent |
| Bartenders | Less than $37,500 | No formal educational credential |
| Computer and information systems managers | $100,000 or more | Bachelor’s degree |
| Computer occupations, all other | $100,000 or more | Bachelor’s degree |
| Computer systems analysts | $100,000 or more | Bachelor’s degree |
| Cooks, restaurant | Less than $37,500 | No formal educational credential |
| Data scientists | $100,000 or more | Bachelor’s degree |
| Electricians | $50,000 to $74,999 | High school diploma or equivalent |
| Financial managers | $100,000 or more | Bachelor’s degree |
| Health specialties teachers, postsecondary | $100,000 or more | Doctoral or professional degree |
| Home health and personal care aides | Less than $37,500 | High school diploma or equivalent |
| Industrial machinery mechanics | $50,000 to $74,999 | High school diploma or equivalent |
| Information security analysts | $100,000 or more | Bachelor’s degree |
| Light truck drivers | $37,500 to $49,999 | High school diploma or equivalent |
| Management analysts | $75,000 to $99,999 | Bachelor’s degree |
| Medical and health services managers | $100,000 or more | Bachelor’s degree |
| Medical assistants | $37,500 to $49,999 | Postsecondary nondegree award |
| Nurse practitioners | $100,000 or more | Master’s degree |
| Personal financial advisors | $75,000 to $99,999 | Bachelor’s degree |
| Software developers | $100,000 or more | Bachelor’s degree |
Discussion Questions
- Is a college education worth it? Consider various ideas of worth, including financial, educational, political, and social. Explain your answers.
- Should college be tuition-free? Why or why not?
- Should college be more accessible to everyone? Consider various avenues of accessibility, including financial, educational, political, and social. Explain your answers.
Take Action
- Consider “America’s Top Colleges” at Forbes.
- Explore the College Scorecard at the U.S. Department of Education.
- Analyze the Occupational Outlook Handbook at the Bureau of Labor Statistics.
- Consider how you felt about the issue before reading this article. After reading the pros and cons on this topic, has your thinking changed? If so, how? List two to three ways. If your thoughts have not changed, list two to three ways your better understanding of the “other side of the issue” now helps you better argue your position.
- Push for the position and policies you support by writing U.S. senators and representatives.
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