Was Your College Degree Worth It's Cost?

[dgies9156]

In the First Jobs discussion was an interesting sub-string on college costs and on the value of college education. So, the question is, "Was it worth the costs?"

I'll start and say absolutely! I have an undergraduate Journalism degree from MU and later earned an MBA from Loyola of Chicago. The earnings I've had since I finished my MBA could never have been accomplished without a BA and MBA. Never.

The problem for college degrees is a traditional present value equation. A student lays out an investment in college, which given Brother Sultan's Chart, on average should be about $25,000 to $35,000 annually (much higher for a rack rate Marquette education). The benefit accrues over time, so to overcome the time value of money associated with an upfront cost and delayed gratification, the benefit in the outlying years must be enormous. Benefit is calculated by estimating the compensation of college grad in your field less what you would earn as an apprentice and later fully licensed tradesman or tradeswoman.

As tuition gets bigger, the benefit gets smaller over time.

At days end, college is more than a sophisticated trade school. While there has to be a goal, there's a lot of things taught in college that have nothing to do with a profession or technical training. They're things that make a person more rounded and better equipped to deal with the challenges they'll face in the world.

[Pakuni]

This may depend on how one determines value, which in this case is going to vary from person to person.

In terms of just finances, college was probably about a wash for me. I wouldn't have the job/career I have now without a degree. But had I dropped out and stuck with the job I worked during college breaks, I probably would have done about as well financially (accounting for loans, etc.) and had better benefits.

That said, I would have missed out on so many great lessons, experiences, friendships and more that make college, as dgies puts it, more than a sophisticated trade school.
So, all in all, college was worth it for me.

[Galway Eagle]

Right out of college? Nope not even close, and my wife would say the same regarding her MU education degree. That said it was MU's name that helped me get into NUIG and my undergrad degree combined with my masters it allowed me to move up two levels rather quick after a career change. For my wife I think she'd say her math degree from MU was worth it now that she no longer teaches. For the logic, understanding of Econ, philosophy, life experiences it was 100% worth it to me. My BIL, FIL, SIL, sister and best friend can't seem to debate without pathos (though that happens here as well).

That said I'm 33 and everyone who didn't go to post grad or get extremely successful in sales is only now making more than what my trades high school friends and associates in nursing friends have been making for a decade.

[Scoop Snoop]

.

At days end, college is more than a sophisticated trade school. While there has to be a goal, there's a lot of things taught in college that have nothing to do withy a profession or a technical training. They're things that make a person more rounded and better equipped to deal with the challenges they'll face in the world.

Glad that you added what I bolded. Both on a personal and business decision making level, it is so true.

[MU82]

That said, I would have missed out on so many great lessons, experiences, friendships and more that make college, as dgies puts it, more than a sophisticated trade school.
So, all in all, college was worth it for me.

This, and then some.

I met my wife of 40 years at Marquette; I met the guys who are still my very best friends at Marquette; I had experiences I'll never forget at Marquette; I got my first job, in my field of study, due to Marquette connections.

Worth every penny to me and more.

My wife ended up changing careers and had to go back to school. Professionally, she got very little "value" from her Marquette degree. But again, she met me - and that's priceless! - and most of her best friends at MU.

And the same goes for my kids and the pretty expensive colleges they attended. I don't know how much "value" they got, but I think they'd agree that the experiences there helped them become the people they are today.

[GB Warrior]

I met my wife at MU so all of the money I spent for my degree was actually a down payment to spend the rest of my money

[Scoop Snoop]

I met my wife at MU so all of the money I spent for my degree was actually a down payment to spend the rest of my money

I came so close to proposing to my MU girlfriend. Way back then, checks, not credit cards were king. A bank closed her account for bouncing way too many checks and kicked her out.    OK, there were other reasons why I changed my mind at the very last moment, but I will say no more.

So glad for both MU82 and you. One of my brothers met his wife at Marquette. They celebrated their 54th anniversary last November.

 

[Dr. Blackheart]

Without MU, we wouldn't have this friendly, non-judgmental, rational, intellectual, and safe/welcoming Scoop community in common.

[BrewCity83]

Yes, my MU degree was well worth it just based on career earnings alone that wouldn't have been likely without my Business degree.  I graduated in '83, so I think my four year tuition was only around $20K total.  Having said that, I could have probably earned about the same had I gotten a similar degree from a cheaper school (say UW-Whitewater).  The experiences, friendships, well-rounded liberal arts education I got was all gravy.

[dgies9156]

I met my wife of 40 years at Marquette.

Met my wife in Spanish class. Both Journalism majors. Tall, thin woman from Iowa with a big smile and sharp mind. Caught my eye almost immediately.

47 years later, we've been married for 43 years.

She's still special!

[tower912]

The Jesuit influence made me a better person.   Learning history, political science, philosophy, and theology are wonderful things.   
    Financially, not a bit.  I always did well on standardized tests.  In 1983, I scored 1430 on the SAT and 30 on the ACT.   In 1989, I wrote 14th out of 1200 on the FD entrance exam.  I could have skipped college and applied 5 years earlier, right after I turned 18, had that been my plan.

I was engaged to my MU girlfriend.  She broke off the engagement because I did not care about money as much as she did.

[Dr. Blackheart]

Met my wife in Spanish class. Both Journalism majors. Tall, thin woman from Iowa with a big smile and sharp mind. Caught my eye almost immediately.

47 years later, we've been married for 43 years.

She's still special!

The woman is a saint.

[MU82]

Without MU, we wouldn't have this friendly, non-judgmental, rational, intellectual, and safe/welcoming Scoop community in common.

What an idiotic thing to say.

[lawdog77]

https://www.youtube.com/watch?v=aiqKK4ysI7g

[dgies9156]

The woman is a saint.

No argument, Doc.

[NCMUFan]

Went to Grad School at Marquette.
Was teaching and research assistant.  Free tuition with stipend (enough to pay rent and groceries).
MU is golden to me.

[Plaque Lives Matter!]

No. Marquette business didn’t teach enough CRT

[rocky_warrior]

Absolutely! 

Then again, as a software engineer, I think any EE/CE grad w/debt even today would say that 25 years into their career.

[JWags85]

I have a semi-unique perspective from the common Millennial college experience cause I nearly got booted from my Alma Mater after my freshman year due to academics and was rewarded with a much needed and deserved “semester abroad” back home in the Milwaukee suburbs.  I wasn’t a big partier, I actually partied more often and harder later in my college career when I did MUCH better academically. It was just the downtime of playing video games with friends, watching movies, shooting the sh** when I should have been reading or studying.

 worked basically full time between a catering/bartending job and running youth soccer camps/teams while I took a couple community college courses. My best friend from childhood was a freshman at Marquette so I had a social life and overall it was 6 months that would be pretty indicative of what life would have been like if I didn’t go away to a 4 year school.  It tremendously motivated me to go back to the same school, not to start over at a new university, and commit myself like I should have from the start.

At that point, I became a completely changed person.  Maturation wise, emotionally, confidence wise, found myself intellectually, etc… What I gained over the next 3.5 years was worth every penny.

Graduating in 2008 into a BLEAK job market, my degree didn’t do much in finding me a quality well paying job, but the person I became in achieving that degree certainly played a huge part in getting through it, building a network, and then allowing me to blossom when I finally got into a good position professionally.  I only have 1 friend my high school days, only actually regularly speak to 1-2 friends I made organically in my decade living in Chicago, but have at least a half dozen friends from college that I speak to at a minimum once a week and see a few times a year despite not living within 2 hours of any of them anymore.

I think the cost benefit value of college has greatly changed.  Even though I did it, I think there is very little value in paying big-ish premiums for going out of state for a non-“prestige” university.  I don’t think my experience was unique to my school, and I could have certainly gotten it at other schools.  So I absolutely see the value of learning and growing while away at school, but also acknowledge and realize it should be done in a financially feasible and responsible way.

[Skatastrophy]

Absolutely! 

Then again, as a software engineer, I think any EE/CE grad w/debt even today would say that 25 years into their career.

+1, with an engineering degree they always assume I can tackle every problem in front of me. Haven't had an engineering role for 10+ years but I still bring it up and it gives me credibility in conversations.

[Goose]

100% because I married the Dean’s daughter and she actually took advantage of her degree. Double win for me. Plus, I married into a family that I continue to learn from on a weekly basis. Biggest lesson learned, I can learn from someone who has very different beliefs than I do.

When my Father in law was still alive I spent countless, and I mean countless hours, drinking wine and learning from him.
That dining room was the second best classroom in my life, only behind watching my Dad at work for many, many years.

[Jay Bee]

My privilege is the only thing getting me by.

My chosen field now has a 150 hour requirement, but that was installed after my time. So I might be dumb for my field, but the education that I did experience was 100% required.

Gotta run and make this Hot Pocket to go with my Member’s Mark chips before Pickleball. #FineDining #RichInCarbs #Educated

[MuggsyB]

The Jesuit influence made me a better person.   Learning history, political science, philosophy, and theology are wonderful things.   
    Financially, not a bit.  I always did well on standardized tests.  In 1983, I scored 1430 on the SAT and 30 on the ACT.   In 1989, I wrote 14th out of 1200 on the FD entrance exam.  I could have skipped college and applied 5 years earlier, right after I turned 18, had that been my plan.

I was engaged to my MU girlfriend.  She broke off the engagement because I did not care about money as much as she did.

So it had no financial significance because of your SAT scores?  Perhaps those who do well on the ACT/SAT should forego college if they're not wealthy?

[tower912]

It had no financial impact as I ended up where I would have ended up had I simply written the FD test in 1984-5.    I am a better person, not a richer person.

[MU82]

I actually partied more often and harder later in my college career when I did MUCH better academically.

Absolute proof that college students, partying hard is academically helpful!