Cost Of College Education Essay

Different people perceive college education differently, based on one’s background and life experiences. For some, college education is the gateway to a better future while for others, it is an unnecessary taxing endeavor that most American children are forced to undertake. In this paper, the worthiness of college education in the United States is explored. Is college education worth it today? In this context, the term ‘it’ implies the cost that one must pay to acquire college education. Are these expenses justifiable? In other words, do the benefits of college education offset the expenses incurred in its pursuit?
On one hand, college education is expensive, a situation created by society’s over-emphasis on its importance. The average annual cost of college education in a public two-year college in the US is about $11,052 while in a public four-year college is $18,943. Consequently, students take up loans to facilitate their college education. These loans eventually become a burden to the students once they complete college. It is even worse when the student is unemployed or does not receive a salary big enough to pay the loan and fulfil other needs. Around 43% of college graduates have a debt and this cripples their financial growth after college
It is not surprising that a good percentage of college graduates who are around 30-years old and have taken college loans are unable to own a home, save for retirement, marry and buy a car, compared to their counterparts who never took such loans. 29% of college graduates delay in buying a home, 41% delay in retirement saving, 15% delay in marriage and 40% delay in car purchase (Ellis). In the meantime, those with high school education have no debts to pay and can use their time and earnings on the things that matter, hence transit to adulthood