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College Education

Is a College Education Worth It?
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The American debate over whether a college education is worth it began when the colonists arrived from Europe and founded “New College” (later renamed Harvard University) in 1636. In spring 2024 there were more than 17.8 million college students in the United States. [133][269]

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College in America: 1600s–1800s

Colonial America produced nine colleges that still operate: Harvard University (1636), the College of William & Mary (1693), Yale University (1701), Princeton University (1746), Columbia University (1754), Brown University (1764), Dartmouth College (1769), Rutgers University (1766), and the University of Pennsylvania (1740 or 1749). These universities were funded by the colony or England and usually catered to a specific religious denomination, such as Congregational or Presbyterian (Puritan). Primary and secondary school systems were not yet established, so “college students” were sometimes boys as young as 14 or 15 years old and were admitted to receive preparatory education with the assumption that they would matriculate to college-level courses. [3][78][79][80][81][82][83][84][85][86]

Colonial colleges were mainly founded and attended by wealthy Puritans and followed the models of British and Scottish universities, which focused on general education and moral character. The goal of the college was to produce Christian gentlemen who would inherit family businesses, remain within the Congregational or Presbyterian (Puritan) faith, and be responsible leaders in the New World. Colonial college tuition costs and the loss of an able-bodied man from the family farm or business made the prestige and social status conferred by college unattainable for most families. About 1 percent of white males aged 18–21 attended college, and students frequently left college after their first or second year, with no “dropout” stigma. Out of 35 students, Yale conferred nine bachelor’s degrees by 1711. Colonial colleges excluded women but sometimes had “Indian schools” to spread Puritanism in Native American communities for religious indoctrination purposes. The American Revolution (1775–83) drained colleges of students who became soldiers and buildings that became barracks and of the funds from England, resulting in the closing of many colleges postwar. [3][87][88]

The late 18th and early 19th centuries created a college-building boom, increasing the number of schools from 25 colleges in 1800 to 241 colleges in 1860; the variety of schools to include seminaries, scientific schools, military service academies, and teaching schools; and the programs of study to include medicine, law, military science, and agriculture. State universities came into prominence beginning with the University of North Carolina (1795) and the University of Georgia (1801). In the spring of 1833, Oberlin Collegiate Institute (now Oberlin College) admitted women to a “ladies course” program and in 1837 admitted four women to the baccalaureate program, three of whom graduated in 1841 with degrees. [3][100]

The 1862 Morrill Land-Grant Act gave federally controlled land to states to open “land-grant” colleges, which were required to focus on “useful arts” like agriculture, mechanics, mining, and military instruction and thus often included “A&M” (agricultural and mechanical) in the names. The idea of a “useful” education also created schools like the Massachusetts Institute of Technology in 1851. Many craftsmen who relied upon apprenticeships were skeptical of college training and distrusted scholars and scientists. A college degree was still seen by many as a social marker rather than a marker of educational attainment. [3][89]

By 1865 most Southern colleges ceased offering classes because the American Civil War caused significant physical damage to many colleges, while others were made into hospitals and shelters for soldiers, and many Southern students and faculty left college for the Confederate Army. In 1870 the number of colleges was 560 (up from just nine colleges by the American Revolution). [3][87]

The Early 1900s

The early 1900s saw institutions created to educate groups excluded by traditional colleges: women, Black people, immigrants, and Roman Catholics. Black colleges remained restricted to grade-school and agricultural- or industrial-focused instruction with little college-level education offered. Iowa State University was the first co-ed land-grant college, though women remained segregated and were expected to study “domestic science” or similar topics. Colleges were built in the South to keep Southern sons “far from the dangerous notions circulating at a Harvard or a Yale,” with high tuitions and a code of honor that included duels amongst students. “Hilltop colleges” in New England opened to cater to older working students training to be teachers or ministers. Colleges built on the emerging Western frontier had small populations to support them and there were often less than a few hundred students who could attend the college. “Diploma mills” also popped up during this time, especially the “medical college,” which frequently had no campus or faculty but would confer degrees in exchange for donations. [3][90][91]

The goal of college attendance still was not completion of a bachelor’s degree. Some students took two years of courses in order to earn a license of instruction certificate to teach public school, but many did not complete the degree because, as explained by Roger L. Geiger, distinguished professor of education at Pennsylvania State University, “There was nothing to be done with a bachelor degree that could not also be done without one.” [3][92]

By 1900 5 percent (about 256,000) of 18–21 year old males attended college, up from 3.1 percent (32,364) in 1860 and 1 percent (1,237) in 1800. Students were normally accepted based on gender, religion, and race. Graduation rates continued to be low: about 30 percent of the 1903 freshman class at Kentucky State College graduated, while Transylvania University averaged a 50 percent dropout rate in the first year and barely 10 percent graduated with a degree in four years. [3][87]

Although tuition had seen no major increases, the price of college was still too high for the average family. For the 1907–08 academic year, Brown University published an average tuition budget: $105 for tuition, $48 for “incidental fees,” $60 for room, $150 for board, and $30 for books and lab fees, totaling $393 per year, or $9,535.67 in 2012 U.S. dollars. By 1910 “undergraduate life” came into prominence with mascots, school colors, college hymns, intercollegiate athletics, and other traditions. [3]

World War I dropped enrollments on the East Coast by 27–40 percent, but only 10 percent of Stanford men left college for the war. In total, 540 colleges were made into training campuses for the Students’ Army Training Corps to train 125,000 men. Around this time, the American Medical Association began lobbying for medical schools to require some college science (if not a completed college degree) for admission into medical schools, law schools followed Harvard Law School’s example to require baccalaureate degrees for admission, and seminaries were requiring at least a year of college. [3][92]

After 1920 college students became associated with parties, gambling, and “bathtub gin.” But such partying was tolerated because of the upward social mobility gained by making contacts and partying with the right crowd. [3]

Between 1920 and 1945 secondary schools expanded, increasing the number of high-school graduates, the number of college students from 250,000 to 1.3 million, and the percentage of college students from 5 percent to 15 percent. However, an 18- to 24-year-old white person was four times more likely to attend college than a Black person of the same age, and women constituted about 40 percent of college enrollments but were still being trained in segregation as teachers, good wives, and mothers. [3]

In the 1920s and 1930s college tuition started to rise. One national survey showed tuition at $70 in 1920 and $133 in 1940, or from $1,064.44 to $2,889.21 in 2023 U.S. dollars. In comparison, a 1940 new Pontiac car cost $483 ($10,492.38 in 2023 dollars). [3]

World War II through the 1980s

After World War II, colleges and universities moved toward advanced, selective programs and expanded the base of students admitted. Research universities, junior colleges (now called community colleges), and for-profit institutions thrived. [3]

In the 1939–40 school year student enrollment was under 1.5 million nationally, but by the 1949–50 school year student enrollment grew to 2.7 million. The 1944 G.I. Bill contributed to some of the enrollment gains, and by the beginning of the 1945–46 school year 88,000 veterans were accepted into the program; by 1946 over one million were accepted; and by 1950 14 million veterans were in the program. Women represented about 40 percent of enrollment in the 1939–40 school year, but that number dropped to 32 percent in 1950. Individual schools implemented honor programs, specialty seminars, study abroad, and smaller class sizes to attract more discerning students. By 1960 national enrollment was at 3.6 million and at 7.9 million in 1970. Society became interested in the college lives of “Joe College” and “Betty Coed” and created the college ideal of graduating in four years, marrying the college sweetheart, and finding a good job. [3]

The federal government created the Higher Education General Information Survey, later renamed the Integrated Postsecondary Education Data System, and collected data in the fall of 1968, the first time standardized data was collected about colleges and universities nationwide. [93]

Pell Grants were introduced in 1972 and increased the number of students for whom higher education was possible. By 1978 the financial aid focus changed from grants to loans, increasing the amount of debt a graduating college student owned. In the 1975–76 school year 75 percent of students received grants and 21 percent received loans, compared to the 1984–85 school year, in which 29 percent of students received grants and 66 percent received loans. [3][94]

The major shift in higher education during this time was the transition from mass higher education, expecting to educate 40–50 percent of high-school graduates, to universal higher education, expecting to educate all high-school graduates. The shift was seen in public school enrollments, which accounted for about 75 percent of enrollments in 1970, up from the almost equal split between public and private colleges in 1950. Community colleges and technical institutes also gained students: from 82,000 in 1950 to 1.3 million in 1980. [3]

Transfer students were accommodated, classes were offered at military bases, and courses were offered at extension sites for nontraditional students while colleges were opening to diverse student populations. Title IX (1972) and affirmative action demanded inclusive admission practices for women and Black students. [3][95][96]

The 1970s also saw the shift from higher education for education’s sake to a need for pre-professional studies and a translation to work after graduation. For many, to be considered middle-class or to get a middle-class job required a college degree. [2]

The 1970s and 1980s brought questions of whether the return on a college degree was worth the investment. In 1971 a male college graduate earned 22 percent more than a high-school graduate, but by 1979 a college degree increased earnings by 13 percent. By 1987 the earning gap was 38 percent, which was an improvement but added doubts about the stability of higher education as an investment. The 1980s also brought a dramatic increase in the cost of college, which was rising faster than inflation and the average family income. [7][29]

College Enrollment and Costs: 1990s to 2019

The 1990s and 2000s saw a rise in enrollment and tuition costs and a steadily lower unemployment rate for college graduates. College enrollment increased 11 percent between 1990 and 2000 and increased 37 percent from 2000–10 to 21 million students. The average college tuition in the 1990–91 school year was $10,620 and rose to $13,393 in 2000–01. Between the 2000–01 school year and the 2010–11 school year public college costs (tuition, room, and board) increased 42 percent to $18,133.

The unemployment rate for workers with a bachelor’s degree or higher in 1990 was 6.5 percent (compared to 24.9 percent for high-school dropouts) and was 3.7 percent in 2000 (compared to 18.4 percent for high-school dropouts). By 2010 the unemployment rate for college graduates increased to 5.5 percent, while the rate for college dropouts was 17.3 percent. [97][98][99]

A 2011 Pew Research survey showed 50 percent of college presidents said college is meant to “mature and grow intellectually,” while 48 percent said college should “provide skills, knowledge and training to help…[students] succeed in the working world.” [25]

The number of colleges and universities grew from 1,851 in 1950, to 3,535 in 1990, to 6,900 in 2013. In the 1949–50 school year 2.66 million students were enrolled in colleges and universities; by the 1989–90 school year 13.54 million students were enrolled. In fall 2013, 19.9 million students were enrolled in colleges and universities. [1][2]

According to the U.S. Census Bureau, 33.4 percent of the adult U.S. population had a bachelor’s degree or higher as of Mar. 30, 2017 (up from 28 percent in 2006), with 20.8 percent holding bachelor’s degrees, 9.3 percent with associate’s degrees, 1.5 percent with professional degrees, and 1.9 percent with doctorates. In 1940, when the U.S. Census Bureau began collecting education data, only 4.6 percent of adults held bachelor’s degrees. [109][110]

College Education amid COVID-19

As many colleges went online or to a hybrid online and in-person model during the COVID-19 pandemic, colleges overall saw a significant drop in fall 2020 enrollment. Undergraduate enrollment fell 3.6 percent (about 560,000 students) from fall 2019. Community colleges were hit especially hard, with a drop of more than 10 percent (more than 544,000 students). [130]

21.7 percent fewer high-school seniors (class of 2020) had enrolled in college, with a larger drop (32.6 percent) at high-poverty high schools. 14 percent fewer students in the class of 2021 filed Free Application for Federal Student Aid forms. [130][131]

Doug Shapiro, executive research director at the National Student Clearinghouse, called the drops “completely unprecedented.” [130]

One survey showed that 75 percent of households with at least one member attending college classes in fall 2020 changed higher education plans during the COVID-19 pandemic. Most often, households took classes in a different format (39 percent) or canceled plans altogether (37 percent), according to Anthony P. Carnevale, director and research professor, and Megan L. Fasules, assistant research professor and research economist, both at the Georgetown University Center on Education and the Workforce. [132]

Post-Pandemic College Experience

College enrollment continued to decline after the pandemic, with 17,153,317 students enrolled in spring 2023, a 7.1 percent decrease in college enrollment from 2019. Both college students and college instructors faced challenges of limited online learning during the pandemic. Rocky classroom experiences resulted in lower test scores, incomplete instruction in vital courses such as math, and increased mental health issues like anxiety. Colleges fear the fallout will last years as reports show that elementary students have experienced the same negative effects of the pandemic. [133][135]

After a widely expected decline, freshman enrollment surprisingly rose for the fall 2024 term. The 5.5 percent increase (about 130,000 students) comes about a year after there were enormous complications with the FAFSA (Free Application for Federal Student Aid) system that delayed application processing, which could have fueled a decline in freshman enrolling right after high school. The Department of Education reported it would award federal aid to 3 percent more students in 2024. [267][268][288]

Pros and Cons at a Glance

PROSCONS
Pro 1: Jobs increasingly require college degrees, and college allows students to explore careers and earn better job placements. Read More.Con 1: College is no guarantee of a job or better life. Read More.
Pro 2: Because they learn interpersonal and other skills in college, graduates are more productive as members of society. Read More.Con 2: Student loan debt strains college graduates, their families, and society. Read More.
Pro 3: College graduates and their children are healthier and live longer. Read More.Con 3: Many people would be better served learning a trade or pursuing work right out of high school. Read More.
Pro 4: College exposes young adults to a variety of diverse people and ideas. Read More.Con 4: College has become so politicized that it is no longer a place for unbiased curiosity and learning. Read More.

Pro Arguments

 (Go to Con Arguments)

Pro 1: Jobs increasingly require college degrees, and college allows students to explore careers and earn better job placements.

“By 2031, 72 percent of jobs in the U.S. will require postsecondary education and/or training. Between 2021 and 2031, there will be 18.5 million job openings per year on average, and some 12.5 million of these annualized openings will require at least some college education,” according to the Center of Education at Georgetown University. [270]

The projection above bears out historically: only 22 percent of American jobs required a high-school diploma or less in 2021, compared to 72 percent in the 1970s. In 2021, 48 percent of jobs required an associate’s degree or higher. During the recession between Dec. 2007 and Jan. 2010 jobs requiring college degrees grew by 187,000, while jobs requiring some college or an associate’s degree fell by 1.75 million, and jobs requiring a high-school degree or less fell by 5.6 million. According to researchers at Georgetown University, 99 percent of job growth (or 11.5 million of 11.6 million jobs) between 2010 and 2016 went to workers with associate’s degrees, bachelor’s degrees, or graduate degrees. [13][104][105][270]

College graduates are well-placed to get jobs because colleges offer networking opportunities, career services, internships, job shadowing, job fairs, and volunteer opportunities in addition to a wide variety of courses that may provide a career direction. Over 80 percent of college students complete internships before graduation, giving them valuable employment experience before entering the job market. [27]

The unemployment rate for Americans aged 25 to 34 with less than a high school education was 7.7 percent in December 2024. The rate drops to 4.4 percent if the person completed some college, to 3.6 percent with an associate’s degree, to 2.4 percent with a bachelor’s degree, and to 2.0 with a graduate or professional degree. [272]

In addition to being more likely to have a job, those who have attended or graduated from college are more like to like their jobs: 58 percent of college graduates and people with some college or associate’s degrees reported being “very satisfied” with their jobs, compared to 50 percent of high-school graduates and 40 percent of people without a high-school diploma. [11][101][106][116]

Plus, college graduates make more money. On average, men and women aged 25 to 35 working full time with a bachelor’s degree or higher earn $77,000 and $65,000 annually respectively. By contrast, the same age group of men and women with only high school diplomas earn $45,000 and $36,000 respectively. And because college graduates are more likely to have better jobs with better salaries, they are also more likely to have health insurance and retirement plans. [11][15][273]

Pro 2: Because they learn interpersonal and other skills in college, graduates are more productive as members of society.

Students have the opportunity to interact with other students and faculty, join student organizations and clubs, and take part in discussions and debates.

“American children party [in college]. But you know something, by partying, they learn social skills. They learn how to interact with each other.…They develop skills which make them innovative. Americans are the most innovative people in the world because of the education system,” according to Vivek Wadhwa, technology entrepreneur and scholar. [7][16][18]

According to Arthur Chickering’s “Seven Vectors” student development theory, “developing mature interpersonal relationships” is one of the seven stages students progress through as they attend college. Students ranked “interpersonal skills” as the most important skill used in their daily lives in a survey of 11,000 college students. [7][16][18]

Students live, go to classes, and socialize with other students from around the world and learn from professors with a variety of expertise. The community of people on a college campus means students are likely to make diverse friends and business connections and, potentially, find a partner and life-long friends. Access to a variety of people allows college students to learn about different cultures, religions, and personalities they may have not been exposed to in their hometowns, which broadens their knowledge and perspective.[106]

College students are also more civic-minded. According to the Bureau of Labor Statistics, 43 percent of college graduates did volunteer work, compared to 19 percent of high-school graduates and 27 percent of adults in general. They And, college graduates are more likely to vote, and even more likely to have donated blood in the past year (9 percent) than people with some college (6 percent), high-school graduates (4 percent), and people who did not complete high school (2 percent). [11][21][22][23][287]

Additionally, college graduates attract higher-paying employers to their communities. A 1 percent increase in college graduates in a community increases the wages of workers without a high-school diploma by 1.9 percent and the wages of high-school graduates by 1.6 percent. Plus, college graduates have lower poverty rates and lower rates of reliance on public services due to their lower unemployment rates. [21][28][29]

Pro 3: College graduates and their children are healthier and live longer.

About 83 percent of college graduates reported being in excellent health, while 73 percent of high-school graduates reported the same. A University of Southern California study found that adults over 65 with college degrees spent more years with “good cognition” and fewer years suffering from dementia than adults who did not complete high school. Another study found that 20 percent of all adults were smokers, while only 9 percent of college graduates were smokers. 63 percent of 25–34-year-old college graduates reported exercising vigorously at least once a week, compared to 37 percent of high-school graduates.

College degrees were linked to lower blood pressure in a 30-year peer-reviewed study and lower levels of cortisol (the stress hormone) by a Carnegie Mellon Psychology department study. Furthermore, only 23 percent of college graduates aged 35–44 years old were obese, compared to 37 percent of high-school graduates. College graduates, on average, live six years longer than high-school graduates. [11][15][19][20][120]

Plus, college graduates have had lower infant mortality rates than high-school graduates. Pregnant women with only a high-school education were 31 percent more likely to give birth to a low-birth-weight baby than one with a college degree. Children aged two to five years old in households headed by college graduates have a 6 percent obesity rate, compared to 14 percent for children in households headed by high-school graduates. 18 percent more children aged three to five years old with mothers who have a bachelor’s degree could recognize all letters compared to children of high-school graduates. About 59 percent of children in elementary and middle school with at least one college graduate for a parent participated in after-school activities like sports, arts, and scouting, compared to 27 percent for high-school graduate parents. [11][15]

Pro 4: College exposes young adults to a variety of diverse people and ideas.

“Diverse environments can help people develop empathy, build meaningful relationships, expand their worldviews, and become more innovative through collaboration,” summarized Purdue Global. [284]

A 2024 study of 24,000 British people found that those with a diverse social network were more likely to have “higher levels of social cohesion” (being connected and feeling like you belong) in their communities and reported higher levels of personal well-being. "While interacting with people with the same characteristics may offer a sense of familiarity and comfort, our study suggests that embracing diversity is crucial for fostering resilience and adaptability in an ever-changing world," noted study co-author Matt Bennett. [285]

As Kellogg School professor Nicole Stephens explained, “In a country that is highly segregated, like the United States, universities are one of the few places where people have the chance to have meaningful and substantive interactions across the lines of social class.” When diverse groups of college students interact, the students had higher GPAs and a greater sense of belonging. [286]

While we think of “diversity” as race, gender, sexuality, and other personal markers, diversity, called the “gold standard of bias reduction” by Stephens, can just as easily apply to ideas. “Higher education is not just about imparting academic knowledge; it’s about learning how to engage with that knowledge critically. The exposure to diverse perspectives made possible by a diverse campus challenges students to question assumptions and prejudices, seek new information, and consider alternative viewpoints. This dynamic learning environment prepares students to tackle complex real-world challenges with a well-rounded and informed new perspective. It encourages them to become active learners who seek out diverse sources of information and engage in meaningful discussions concerning their studies and interpersonal relationships,” as Thaís Roberto of Keystone Education Group explained. [283][286]

People frequently live in areas of homogeneity—where everyone looks like each other, has a similar culture, and similar political backgrounds. College is a place for young adults to experience the diversity of the world, especially as technology and globalization increases interactions with diverse people.

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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 percent of community college students were homeless and 51 percent had housing insecurity issues (inability to pay rent or utilities, for example), while 33 percent experienced food insecurity (lack of access to or ability to pay for “nutritionally adequate and safe foods”), though 58 percent of the students were employed and 42 percent 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 percent 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 percent), car purchases (40 percent), home purchases (29 percent), and marriage (15 percent). Fewer than 50 percent of women and 30 percent 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 percent of women and 65 percent 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 percent 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 percent reported a “moderate to severe shortage of talent.” According to the Bureau of Labor Statistics, “middle-skill” jobs made up 45 percent of projected job openings, but only 25 percent 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]

In fact, KIPP charter schools, which have long promoted “college starts in kindergarten,” have shifted focus to “broaden the celebration” of achievements after high school. KIPP joins the International Baccalaureate Organization and other that are rethinking college as a requirement for everyone. [289]

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 percent 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 percent 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.

(monetary amounts in trillions)
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 percent 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

  1. Is a college education worth it? Consider various ideas of worth, including financial, educational, political, and social. Explain your answers.
  2. Should college be more accessible to everyone? Consider various avenues of accessibility, including financial, educational, political, and social. Explain your answers.

Take Action

  1. Consider “America’s Top Colleges” at Forbes.
  2. Explore the College Scorecard at the U.S. Department of Education.
  3. Analyze the Occupational Outlook Handbook at the Bureau of Labor Statistics.
  4. 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.
  5. Push for the position and policies you support by writing U.S. senators and representatives.

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