Is A College Degree Worth The Price?

Jack Hough, an associate editor with SmartMoney Magazine, recently authored an article for msn.com. He opines that someone who invests the money they would have spent on college will make larger returns when it comes time to retire, despite earning less each year. “College degrees bring higher income, but at today’s cost they can’t make up the savings they consume and the debt they add early in the life of a typical student.” Gary Becker, University Professor of Economics and Sociology at the University of Chicago, offers a different perspective: “It’s wrong to say you shouldn’t have debt after college. It’s like saying you shouldn’t borrow money to buy a house.” Kim Clark of U.S. News & World Report writes, “Lots of research shows that those who study math, sciences, or career-related courses generally end up earning more than those who focus on the humanities, for example. And generally, graduates of better-ranked and more-selective colleges do far better financially than others, even better than similarly qualified students who turn those colleges down to attend lower-ranked colleges.” Clark references a study from Harvard University that found that students who don’t have a shot at first- or second-tier colleges might be better off if they chose their cheapest options. There are also other benefits to having a college degree. An article from the University of Chicago Booth School of Business reads, “College-educated people are healthier, their children achieve more, they respond better to crises, and they manage financial assets better.” - Do you think that your college degree was worth the cost? - How would you counter these arguments?