Pros of a college degree
Johnson’s economic analysis of her business marketing degree is pretty short-term. The long-term research into the value of a college degree shows that it’s almost always worth the money.
Bachelor of Science degrees, like engineering and pharmacy, can grant you six-figure salaries pretty early on in your career. Even Bachelor of Arts degrees bring “an immediate 25[%] wage premium within a year of graduation,” according to recent research by future of work think tank The Burning Glass Institute for enterprise software company Workaday.
And a degree’s value keeps growing. If you come from a college-educated family and you get a degree, your wealth will likely grow, according to 2018 analysis done by the Federal Reserve of St. Louis. The study adds that even if you’re a first-generation college graduate, you’re likely to increase your family’s wealth by going to college.
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Make Money NowCons of a college degree
Johnson’s right about one thing: a college degree no longer automatically gives you access to a high-paying, pension-securing job. Many may ask themselves whether paying $10,000 and $42,000 per year is worth it if there’s no guarantees.
Plus, like over 43 million Americans, she left school in debt. Johnson says her student loans racked up to $80,000. It’s a hard pill to swallow to know that you’ll have to pay for college up to 10, 20 or even 30 years after you graduated, depending on the type of loan you took out.
And it may not actually be necessary anymore. Companies like IBM, Google and Bank of America have publicly declared that they’re no longer requiring college degrees. It doesn’t make much sense to spend time and money on college when you can work a well-paid job at a major company where they prefer real-life experience over beer pong experience.
So is college worth it?
That all depends on your goals and the type of work you want to do. If you want to be a doctor, there’s no way around going to school. To figure out if you can afford med school, peek at your savings. Is that number somewhere around $218,792? This is the average tuition cost for your four years of medical school, according to the Education Data Initiative. If you don’t have that amount lying around, you need to explore your student loan alternatives — and see if the long-term payoff is worth the cost.
But if you want to be a marketer like Johnson, you may be able to skip the degree and get your foot in the door through internships and work experience — or even by having a popular TikTok account like hers.
Some students are finding a middle ground between the high cost of college and eschewing it all together by turning to vocational or community colleges to learn specific skills, like carpentry or electric wiring. These schools offer low-cost, low-time commitment and often result in a well-paid apprenticeship or job soon after graduation.
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