As a university student I am all too aware of the increased cost of post-secondary education and the many ways one can rack up debt in order to achieve that desired goal, attaining a university degree. This article recently caught my eye and made me think whether my own mounting debts are worth it in the long run. Recently, it has become painstakingly obvious, even to the casual observer, that a university degree will not guarantee even an average-income upon graduation. Studies show that many graduates barely even reach the average-income threshold within five years of obtaining their degree. Another problem graduates face is that a post-secondary degree has become a general requirement for many jobs. It seems that a degree is now a mainstay requirement for a majority of jobs. In years past degrees were looked upon as that little “extra” pushing one over their competition but now, due to the sheer number of people with a degree, it is expected of most people to obtain one. So, with an added pressure from the job market, increased costs, potential lifelong debts, and low paying jobs to look forward to, is it worth the investment, in terms of time and money, to obtain a post-secondary diploma? Better yet, do we truly have that choice or is it already made for us?
The argument against higher education is financially simple. Here is a broad overview without any exact figures of how it can play out (see article for a detailed analysis including exact numbers). The years spent obtaining any post-secondary education can instead be used to work a fulltime entry-level job. With this added experience, the income earned during the years one would normally use to obtain a degree, and some disciplined and careful investing, one can indeed have the ability to become financially independent by retirement. Therefore, one not only earns money and experience during those years but also avoids the expenses of university and the debt that piles up along the way. This debt can set many people back and often many people still pay off their student loans well into their thirties. So, if it’s possible to earn a decent income and save enough for retirement without earning a post-secondary degree, why still do it?
There are many reasons for this. Firstly, the above course of events does not take into account quality of life or lifestyle choices. Even with a mountain of debt, one can lead a comfortable lifestyle due to their job (a company can provide transportation, a Blackberry, accommodation, and other various benefits). So, while the yearly salary may not be significantly higher than non-degree folk, the lifestyle can be vastly different. Secondly, without a degree, one’s income ceiling is generally significantly lower when compared to persons with higher education. This is a broad generalization especially in today’s world but it proves true for many professions. A simple study of salaries of individuals in similar fields after ten years of experience can shed light on this principle. Lastly, the experience of university and the desire to better oneself and learn new things is just as important. While university can be a time of great debauchery, it is also a time of self-reflection and discovery where people slowly find out who they are and how they handle different situations. While nothing really prepares one for the “real world”, it is suffice to say that going away to university can teach one to integrate in different situations more smoothly than before. It is such social skills and not just academics that one learns during their higher education years.
Finally, it is important to note life can take many different twists and turns and one’s course through the years can be affected by countless factors which are wholly outside of this argument. Hence, while deciding whether a degree is the right choice for you, keep in mind that it will likely not be the most important decision in your life. In fact, some of the most successful people on this globe have never attended university or have dropped out before graduating. I chose to go down the route of pursuing a degree because that is what was ingrained in me since I was little. I never considered not attending a post-secondary institution and despite my ridiculous amount of debt, I do not regret it. While there is still plenty of time for me to change my mind, I doubt I will ever regret it because I am enjoying the experience and learning more than I could’ve imagined. Furthermore, I knew the career path I chose was one which required me to obtain a degree. In a sense, my choice was made for me. I would recommend higher education to everyone because I believe education is an important aspect of our society, even if its pursuit is solely for personal benefit and enlightenment. Does higher education make one superior to someone without it? Definitely not. Higher education should be a personal choice made by personal desires as opposed to potential financial incentives five to ten years down the line.