Is College Worth the Cost?

A bachelor’s degree can pay off in many ways, but the costs and time involved can be significant. That means enrolling in an undergraduate program is not a decision to make lightly.

Before you decide whether a degree is right for you, it’s important to consider several factors, including your goals and priorities. Ultimately, the decision requires weighing potential earnings increases and other benefits against the financial and personal investment required. 

How Much Does College Cost?

In the 2022-2023 school year, the College Board reports that the average published tuition and fees for full-time undergraduates enrolled in a four-year program ranged from $10,940 for in-state students at a public institution to $39,400 for a private university. The costs of a public school degree can vary significantly between states, so be sure to look into your state’s costs and check that you meet residency requirements to understand what you might need to pay. 

Sometimes, tuition and fees are just the start of the costs involved in a degree. Additional expenses include everything from housing and transportation to books. In the 2022-2023 school year, estimated annual budgets for full-time undergraduate students at four-year institutions ranged from $27,940 for public four-year in-state students to $57,570 for students at private, nonprofit four-year schools.

However, most students do not pay the advertised or “sticker” price of a degree. According to the College Board, 78% of students at public four-year institutions and 88% of students at private nonprofit four-year institutions received federal, state, or institutional grant aid (this data applies to students enrolled in college full-time and for the first time). In fact, private institutions may be more affordable for some students since those schools often have larger budgets for financial aid and scholarships. 
 

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How Much Is a Bachelor’s Degree Worth?

One way to calculate the return on investment of a college degree is to compare the earnings of college graduates to those without a college degree.

In 2022, the Bureau of Labor Statistics reported that among full-time workers over the age of 25, bachelor’s degree holders took home a median salary of $1,432 each week, compared to $853 a week for professionals with a high school diploma and no college experience, equating a 67.9% increase in weekly earnings.

The median lifetime earnings for a professional with a bachelor’s degree are approximately $2.3 million, compared to $1.3 million for someone with a high school diploma and no college. That means that, on average, the cost of even the most expensive degrees represents only a fraction of graduates' potential earnings gains. 

What Are the Benefits of a College Degree? 

Besides higher earnings, a college degree can offer many other benefits. One of the most significant is access to more job opportunities and lower unemployment rates. According to the Bureau of Labor Statistics, the unemployment rate in the U.S. was just 2.2% in 2022 for professionals over the age of 25 who hold a bachelor’s degree, compared to 4% for people over 25 who hold a high school diploma and have no college experience.

“For most career paths, the bachelor’s degree still represents the ticket or pass to get into the game or ride the ride,” said Dr. Kody Kuehnl, dean of Franklin University’s College of Arts, Sciences and Technology and director of STEM. 

You’ll also have more potential to advance in many organizations since leadership positions are more likely to require degrees. Plus, if you decide you want to go even further in your career and need additional education, you’ll have the option to move on to a master’s or professional degree.

The benefits of a degree don’t stop with job applications, though. Throughout your career, you’ll have access to a broader career network and support from other professionals who share your academic experience. You’ll also gain an expanded worldview and the “soft skills” required to work in diverse, complex and increasingly global work environments. 

Is College Worth it for Everyone?

“You have to figure out what’s right for you,” said Kuehnl. “College may not be right for everyone.”

There are plenty of rewarding careers available to professionals without a bachelor’s degree or for those who receive other qualifications, such as certifications, instead of a degree. 

However, statistics on average earnings show us that for most people, it is difficult to achieve the same earnings as college graduates without earning a degree. A report from Georgetown University’s Center on Education and the Workforce found that only 14.3% of people whose formal education ended with high school earn as much as the median bachelor’s degree holder. 

How Can You Decide if College Is Right for You?

There are many personal factors to think about while you’re considering whether college is right for you, ranging from your family situation to your interests. However, it’s also wise to crunch the numbers. 

First, ask yourself what types of roles and industries you’re interested in. Look up job postings for those positions to learn more about the qualifications employers require (or prefer). Don’t just consider entry-level positions. Think about what your career trajectory might look like 10 years down the line, and research those positions too. If you wish to move into higher-level roles, do the education requirements change? 

You should also research realistic salary expectations with and without a degree. Will the salary increase of a degree be enough to offset the cost of a degree? What about in 10 years if you’ve advanced in your career and paid off your loans? 

We’re not fortune tellers and predicting specific outcomes perfectly is impossible. Even so, estimates can help you make a more informed choice. 

Earn a Degree that Pays Off

Franklin’s bachelor’s degree programs are designed to be accessible and affordable to all students, including adult learners who are starting or returning to college while working.

Since you can earn your degree 100% online, you’ll save significantly on costs like housing and transportation while enjoying small classes and extensive interaction with your classmates and professors. 

Franklin is dedicated to your academic and professional success and offers extensive resources to help you make the most of your degree and to help you prepare for a financially and personally rewarding career. 

Learn more about how a Franklin degree can pay off.

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