Post-Secondary Education at a Glance-
The degree, deconstructed
Tuition stock image; courtesy of Allegheny Financial
In the present day, many people across a wide demographic backdrop find themselves struggling to decide whether a degree is a worthwhile opportunity or a financial burden. But in most cases, it doesn't have to be about breaking the bank.
Now more than ever, college is not just for the youth, but for those looking to expand their window of opportunity and career advancement. To boot, we've seen technology give rise to new learning platforms that defy cultural, socio-economic, and geographic parameters.
The degree has been brought quite literally to our doorsteps. For most, however, a college education can and does hang suspended in the balance between financial responsibility and the perception of the outcome. The last decade or more has seen a slower rate of entry, though subsequently, there is still a rather wide college-educated wage premium in the job market, according to The Federal Reserve Bank of New York's vice president, Jaison R. Abel. We can reflect on this recent report that even with college costs rising, the return on a degree is still quite high in most cases. Still, this doesn't answer quite exactly the question of how people go about deciding whether or not college is worth the financial burden.
Let's take a look at three decades of college tuition for a local Maine school: The University of Maine at Presque Isle. The below figures reflect college tuition (for in-state residents) through 1999-2000, 2009-2010, and 2019-2020.
1999-2000- tuition rang in around $101.00 per credit hour
2009-2010- tuition was elevated to $201.00 per credit hour, reflecting an exact $100 dollar uptick over a decade.
2019-2020- tuition rises once more at $239.00 per credit hour, reflecting an additional $38 dollar difference.
We see the reality of tuition costs climbing with inflation, though for this particular school it is only a $138 jump in thirty years. While you would still need to consider housing costs, food costs, and other fees, the major bulk of college tuition goes into the degree itself broken down into credit hours.
It's important to note that selecting a college has everything to do with the facility. Private and public institutions will have substantially different price tags, allowing for informed decisions about tuition costs as well as funding options. These prices, as shown above, can aid in the deciding factor. College is no doubt an expense, but it can be a well-budgeted one all the same. Going to an ivy-league school may be appealing, but when it comes down to obtaining a degree and putting it to good use, there is room for opportunity along a large spectrum of cost-effective options.
In most cases, college tends to yield not just further education, but resources and tools to apply oneself to the workforce in new, successful ways. It can be invaluable. Determining if a degree is right on an individual basis in an ever-changing world and a fast-shifting global economy has everything to do with accessibility and is, in most cases, underscored by cost-effectiveness at the root.
Notes: I've included a link to the report aforementioned, for further analysis on the number breakdown in college trends in relation to the job and labor market in the U.S.
Despite Rising Costs, College Is Still a Good Investment - Liberty Street Economics (newyorkfed.org)