3 reasons why college is worth the price tag

America’s trust in higher education is plummeting. A recent Gallup poll revealed confidence in the institution hit an all-time low with only 36 percent of people surveyed having "a great deal" and "quite a lot" of confidence in it.

With many colleges having raised tuition for the 2023-24 academic year and the resumption of student loan repayments, it’s no surprise that Generation Z is looking for alternative options to pursue their careers.

As the next generation seeks out new opportunities, a college degree may seem less appealing. Companies like Google, IBM and Delta dropped some four-year degree requirements; other corporations announced a substantial increase to minimum wage and many people are re-evaluating their careers due to growing concerns about inflation.

Yet studies continue to show that a college degree is still worth the price tag for one’s financial stability and well-being.

Here are three reasons why your student should consider getting a college degree.

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First, a college degree can give your student one of the best returns on investment for their future success. Studies reveal that people with a bachelor’s degree or higher earn more over their lifetime than those with a high school diploma. Bachelor’s degree holders earn a median of $2.8 million during their career, 75 percent more than those with no more than a high school diploma. And in our nation, the highest-paying occupations require at least a graduate degree.

A college degree also provides a higher chance of job security. Nearly two-thirds of employers still require a degree for entry-level jobs, according to a report by Cengage Group. Individuals with a bachelor’s degree or higher have the lowest unemployment rate (2.2 percent) compared to those with a high school diploma (4.5 percent).

While a college degree can add to your student’s financial stability, it also provides them the opportunity to discover their interests and learn a range of skills — whether in the classroom or from hands-on experience. Classes can give them insight into what it would be like to pursue a certain career and expose them to opportunities they might want to explore without having to make a lifetime commitment.

And, for students who participate in hands-on experiences like internships, it can give them a competitive edge in the job market — with 68% of students receiving a full-time offer from the company they interned with.

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Second, a college degree can positively contribute to your student’s well-being. One of the growing concerns about Gen Z has been an increase in mental health issues. More than two in five Gen Zers have been diagnosed with a mental health condition, and they are more likely to report mental health concerns than any other demographic group.

It’s a conversation that many higher education institutions are at the forefront of by providing services that can help young adults as they navigate through the many stressors in their lives. At our university, where I serve as president, students have access to licensed mental health care providers at our campus counseling center and through a 24/7 online service.

A new report by Lumina and Gallup found that bachelor’s degree holders are more likely to say their health is excellent or very good compared to workers with no higher education. They are also more likely to exercise and seek preventative health care when needed.

College can be the place where many students learn how to interact with peers from various backgrounds, build community and establish lifelong friendships. The same Lumina and Gallup report found that bachelor’s degree holders are more likely to engage in social behaviors with friends, family and neighbors, which can promote their overall well-being.

College students stand in their caps and gowns at graduation. (Silas Stein/picture alliance via Getty Images)

Finally, a college degree can increase your student’s civic engagement. Studies have shown that people with a four-year degree are more likely to participate in the political process (such as voting), volunteer in their communities and give to charities.

Higher education institutions help foster the importance of performing one’s civic duties. Through courses, guest lectures, seminars and school clubs, students learn the importance of being a good citizen. When it comes to election season, voting is a pivotal step in creating change, and many college graduates understand the importance of letting their voices be heard. In the 2020 presidential election, there was higher voter participation from those who held at least a bachelor’s degree.

College graduates also recognize the value of giving back to their communities through their time and finances. In fact, 67 percent of bachelor’s degree holders say they donated to charity in the last 12 months, compared with 38 percent of U.S. adults with no higher education, according to the Lumina and Gallup report. And the rate of those who volunteer nearly doubled from degree holders to those with no higher education.

Many colleges, like ours, provide students with opportunities to volunteer locally and globally so they can learn about the great needs of our world. Volunteering not only benefits where your student serves but also positively contributes to their physical health.

While it may be easy for your student to want to dive into a job right after graduating from high school, they need to think about their long-term investment. What may seem compelling now (such as a full-time job), may not be the best choice for their future when it comes to financial security and truly discovering what they want to do in life. After all, a college degree not only benefits the person who obtains it, but it can make a significant difference in the lives of those around them.

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