Getting a college degree - still a good value
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Getting a college
degree – still a
good value
A lot has been written and reported in the press about the rising
cost of higher education, and it’s true that the cost generally has
risen - especially for traditional, four-year, residential students.
However, there is some good news.
In spite of the rising costs, there is also overwhelming evidence
that earning a college degree still pays off in terms of employability,
future earnings and as a buffer against unemployment. Plus, there
are a growing number of opportunities for those seeking degrees to
lower tuition costs - through both careful planning and choice
of a flexible degree program.
The data shows that those with college degrees earn more during
their lifetimes than those who lack degrees. Even more importantly,
there are more available jobs that require a bachelor’s degrees than
there are people who hold them, which means having that degree
makes it more likely that an individual will not only get a job, but
have more options throughout the life of a career.
Additionally, the rate of unemployment for those with bachelor’s
degrees is far lower than those without. In fact, at the height of the
recession, when unemployment levels exceeded 10 percent nationally,
the unemployment level of those with bachelor’s degrees never
rose above 5 percent.
If you’re interested in talking
to one of our admission
counselors after reviewing this
guide, please email us at
www.hiram.edu/adultlearning
or call 855.315.4345.
1 GETTING A COLLEGE DEGREE – STILL A GOOD VALUEHere are some facts:
• Those with college degrees
earn significantly more income
in a lifetime than those without
a college degree.
Professional degree 2.74
Doctoral degree 2.58
1.97
EDUCATION LEVEL
Master’s degree
Bachelor’s degree 1.66
Associate degree 1.24
Some college, no degree 1.13
High school graduate 1.00
Not a high school graduate 0.71
0 .5 1.0 1.5 2.0 2.5 3.0
EARNINGS RATIO Source: The College Board. 2013
2 GETTING A COLLEGE DEGREE – STILL A GOOD VALUEEmployers value EDUCATED WORKER SUPPLY
AND DEMAND
college degrees. SHARE OF WORKERS BY EDUCATIONAL
ATTAINMENT VS. SHARE OF JOBS
OPENINGS BY EDUCATION REQUIRED
OCCUPATIONS WITH THE MOST JOB OPENINGS Job openings (Jan/Feb 2012)
JANUARY/FEBRUARY, 2012 Unemployed workers (2010)
Adults (all potential workers, 2010)
9,088 Health diagnosing and treating practitioners
BACHELOR’S DEGREE OR HIGHER
8,053 Computer occupations
27.7%
3,344 Engineers 41.6%
2,747 Other management occupations 16.2%
ASSOCIATE’S DEGREE OR SOME COLLEGE
2,655 Health technologists and technicians
2,536 Information and record clerks
33.1% 33.2%
2,442 Business operations specialists
30.1%
2,273 Financial specialists
2,273 Sales representatives, services
HIGH SCHOOL DIPLOMA OR LESS
2,100 Motor vehicle operators 25.3%
Those with college degrees have far greater opportunities for employment
50.6%
42.2%
compared to those with just high school diplomas. One recent study by
the Brookings Institute shows that a clear gap exists between the number
of jobs requiring at least a bachelor’s degree and the number of people
who hold bachelor’s degrees.
In this chart showing data for the Cleveland, Ohio area, 41.6 percent of
job openings required a bachelor’s degree, while only 27.7 percent of all
adults had bachelor’s degrees. Employers are looking to fill that gap of
Rate of job openings in
13.9 percent with qualified employees. Individuals with bachelor’s 2011 per existing job:
degrees are in high demand in the workforce. 3.0% (rank: 10/100)
3 GETTING A COLLEGE DEGREE – STILL A GOOD VALUEIndividuals with a
bachelor’s degree
are far less likely
to be unemployed.
98%
Americans with four-year
college degrees are not only
equipped for a fulfilling adult
and professional life, but earn
98 percent more per hour on
average than those without
a degree.
UNEMPLOYMENT RATES AMONG INDIVIDUALS AGES 25
AND OLDER, BY EDUCATION LEVEL, 1992-2012
Less than a high school diploma
High school diploma
UNEMPLOYMENT RATE PERCENT
16 Some college, no degree
14 Associate degree
12 Bachelor’s degree or higher
10
8
6
4
2
0
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
YEAR Source: Education Pays, The College Board. 2013
Even at the height of the recent recession when unemployment rates
exceeded 10 percent nationally, the rate of unemployment for those
with college degrees did not exceed 5 percent.
4 GETTING A COLLEGE DEGREE – STILL A GOOD VALUELowering your overall costs
Not all college degrees cost the same. In addition to the clear economic advantages
for earning a college degree, there are a number of ways you can reduce the overall
cost of your degree program to maximize the return on investment. Here is a list of
the best ways to evaluate cost options:
1
WHERE’S THE FINISH LINE?
When comparing degree programs and institutions, be sure to look
very closely at the path and the time to completion. Can you get
the courses you need on the schedule you want? The overall time
to completion is one important factor to control your cost - you will
likely pay less overall, or borrow less in loans and repay them sooner.
2
TWO SCHOOLS CAN BE BETTER
THAN ONE! Through dual enrollment programs,
18MONTHS
Look for completion programs where you it’s possible to earn your
cancombine an associates degree from a bachelor’s degree in as little as
community college with a bachelor’s
degree from a four year college. The cost
of your fist two years is much lower than
doing all four years at the four year college.
3
Colleges you thought were out of your reach may turn DON’T JUDGE A BOOK BY ITS COVER.
out to be affordable. The average family pays almost Don’t overlook a college because you think it is too
$13,000
expensive. Many expensive private colleges offer
special tuition rates for adult learners that are lower
than tuition charged to residential students.
Colleges and universities with adult learning
programs can be much more affordable than you
might think.
LESS THAN THE PUBLISHED PRICE FOR A
PRIVATE FOUR-YEAR COLLEGE.
5 GETTING A COLLEGE DEGREE – STILL A GOOD VALUE4 YOUR PREVIOUS EXPERIENCE
MAY TRANSLATE INTO EARNED
CREDITS.
Look for prior learning assessment
YOU CAN OFTEN EARN UP TO
12 OR 15 HOURS
opportunities. Many programs will
offer ways you can earn credit for
previous certifications, business
experience or other equivalencies.
You can often earn up to 12 or 15
credits hours with a little bit of work
based on previous experience.
on your part, but it can save you a
lot of money in the process.
5 SCHOLARSHIPS, SCHOLARSHIPS, SCHOLARSHIPS.
You have to look, but each year there is a lot of scholarship
money left on the table because students did not apply.
The amounts may not be large, but every dollar helps - and
if you can reduce the amount of loan money you borrow,
you can save two or more dollars for every dollar earned in
scholarship money.
There are more than
1800
Places to look: Local organizations and foundations
in your community or region.
Scholarship Databases:
Big Future by The College Board
Fastweb
Scholarships for Women:
Women 25 years or older
Adult Students in Scholastic Transition (ASIST) Scholarship
SCHOLARSHIP AWARDS Jeannette Rankin Foundation
Raise the Nation Scholarship for Continuing Education
with no age restrictions
WHATSOEVER.
Other Scholarships:
“Leading the Future” Scholarship
Kazimour Scholarship
Imagine America Foundation
FACT “Second Chance” Scholarship
6 GETTING A COLLEGE DEGREE – STILL A GOOD VALUE30%
6 YOUR EMPLOYER MAY HELP!
About 30 percent of adult learners receive
some assistance from their employer through
tuition reimbursement benefits. Ask your
employer if it sponsors such a program.
If you are changing jobs, ask about tuition
assistance benefits and look for employers OF ADULT LEARNERS
who provide assistance.
RECEIVE SOME
assistance from
their employer.
TUITION IS NOT THE ONLY COST!
7 When comparing colleges or universities don’t
just look at tuition costs - be sure to investi-
gate fees and other costs such as parking, lab
fees, activity fees, deferment fees and facilities
fees. Be sure to ask about the total cost of at-
tendance to avoid any surprises
when you get your bill.
8 BORROW SMART - NOT ALL STUDENT LOANS
ARE THE SAME!
MORE THAN
When taking out loans, be sure you understand the
loan repayment terms, the interest rate and when interest
73%
begins accruing. The interest rate on your student loans
will affect your overall cost of education. While you may
not have to pay back your loan until after your finish
college, the interest rate may accumulate while you are
still in school.
Look to borrow money through federal loan programs
first. These loans are guaranteed by the federal government
and have lower interest rates, better interest deferment
plans and have more flexible repayment terms than other of financial aid comes
types of loans. from federal government
When you borrow money look closely at how much you grants, loans, and other aid.
will have to pay back in principle and interest over how
many years. It is not just the monthly payment that
matters! Know your total loan costs up front and don’t
borrow more than you absolutely need.
7 HIRAM COLLEGE TUITION GUARANTEEYou can also read
