Is College Still Worth It in 2022? Half Of America Is Saying No!

Between sky-high tuition costs and hefty student loan debt, many people looking for a world-class education are asking themselves "is college worth it?" Are we seeing a generation opting out of the traditional college path? The numbers can shed more light on this topic.

In a recent poll by Gallup, 46% of parents said they'd prefer not to send their children to a 4-year college after high school. According to a Federal Reserve survey, 56% of graduates say the benefits of their education outweigh the costs. According to a new report by USA Today, 50% of people think the economic benefits of a college degree outweigh the cost. In another survey conducted by Public Agenda, that number is 49%.

It’s right down the middle. College graduates rarely regret their education, but they might regret the hefty price tag that comes with it.

When looking at a resume, a college degree won’t pop off the page like it did. Hiring managers look for experience, competencies, and dependability before looking at where you studied or what piece of paper you have framed above your mantel.

So is the degree really worth the price tag?

Recent surveys and reports show unanimously why college is not as hot an item as it used to be.

The simple answer is "it depends."

Over the last decade, Americans have increasingly lost confidence in the economic benefits of a college degree. In the face of increasing tuition fees, rising inflation, and never-ending student debts, Americans are questioning whether a college degree is even worth it.

College graduates rarely regret their education, but they might regret the hefty price tag that comes with it.

In that same Public Agenda survey, the respondents demonstrated an increased pessimistic attitude towards a college education. The poll shows that most Americans are concerned with the rising cost of pursuing a 4-year bachelor's degree program.

With the country so seemingly split, it makes me wonder: is there just a lack of alternatives?

Here’s what we know…

1. College is Expensive

And that’s an understatement.

According to CBNC, the cost of college increased by more than 25% in the past 10 years.

Let's take a look at the cost of college in 2022.

And that’s JUST tuition.

Consider room and board, student fees, books and supplies, transportation, and other college-related expenses.

In 2022, for instance, the average overall cost of completing a bachelor's degree in-state amounted to $101,948 — $172,644 out of state. If you opt to attend a private institution, the cost could be upward of $200,000.

Bear in mind that the above cost only applies to a 4-year bachelor's degree program. These days, most students complete their undergraduate program between 6 and 8 years, and the tuition fees pile on top of one another into one big debt. It’s almost like a reverse of the Princess and the Pea, where all the mattresses are debt, and the pea is your education.

These costs are just too high. It’s rare that a student would be able to cover the entire cost out of pocket, even while working throughout the year and over the summers. 

As a result, many students graduate with hefty student loans. Data from the Institute of College Access and Success shows that in 2019, 62% of graduates left college with an average student loan debt balance of $28,950 and that number grows as tuition costs do.

2. High Paying Jobs Aren't Guaranteed

Earning a bachelor's doesn't guarantee you a job anymore. While a degree is sold as a path to prosperity, it can be tougher than you'd expect on the job market. You’d definitely want your heart surgeon to have gone to an accredited college, but you also definitely want them to have the practical experience too. Even surgeons get put in skills labs and residency and THOSE skills get them hired. Not solely their degrees.

Only 50% of those who graduated in 2020 got full-time jobs after 6 months. And 33.8% of all college graduates are underemployed, working in jobs that don't require their degree or aren’t even within their field of study.

This isn’t to say a degree isn’t worth it. Any surgeon would tell you that they needed their college degree before performing surgery! But a piece of paper won’t guarantee you career success in every field. Or a high enough salary to pay off mounds of student debt.

3. It can Take More than 4 Years to Graduate

A recent report published on the NPR website shows that about 58% of students who enrolled in 2012 completed their bachelor's degree program in 2018. That's 6 years in school and marks over half of the graduates of the 2018 class.

Everyone learns at a different pace. It only makes sense that 4 years may work for some and double that may work for others. But it’s also evidence of a broken system. Why should you pay more for the same information, and spend more time in school rather than doing something that generates income?

Like I said, most graduates complete their bachelor programs in 6 to 8 years, not 4. That can nearly double your tuition costs which is rarely a factor considered at the start when many are asking themselves "is college worth it."

4. College might not be your style

Most colleges transfer knowledge through lecture format or using the Socratic method which all involve a distance between you and your professor. Colleges tend to be a real score for auditory learners, who thrive by receiving information in large chunks solely through listening.

But auditory learners only make up 30% of the population. For the other 70%, college may be a struggle. Visual learners may struggle with absorbing information during long lectures without any PowerPoint, or visual cues. They may not grasp key concepts without handouts or watching others apply their theoretical knowledge to different scenarios. For Kinesthetic learners, lectures and demonstrations can be even more difficult. Knowledge often doesn’t sink in until they can apply concepts directly in a real-life situation.

Especially with college students moving — at least partially — online, the ability to tailor your learning experience to your learning style is really tough. Add any sort of neurodivergency or a need for learning accommodations to the mixing pot, and an alternative program may actually be VITAL to your success.

So Is College the Path for You?

So — "Is college worth it in 2022?"

There are a growing number of high-paying jobs that don't require a college degree in booming industries such as the tech sector. It takes a lot of time to pay back loans acquired in pursuit of a college degree, so often those who acquire one are more in debt than those who join the workforce early, or find an alternative education. If you don’t need a degree to reach your goals or pursue a career, is it still worth the piece of paper?

Many college programs haven’t found an efficient way to teach hands-on skills. Making industry connections can be difficult when you dedicate your time to a 4-year program. Some have described it as starting your career a step behind those who jumped right in. For many career paths, the theoretical knowledge that a college provides can easily be learned online and in a significantly shorter time.

If you can teach yourself the guitar from a YouTube video, it doesn’t make sense to spend tens of thousands of dollars to learn the same songs you already know. This is not to say you should learn how to be a heart surgeon through YouTube tutorials, but some skills in some fields can be learned online. Today, you can earn a 7-figure income with a high school diploma and a willingness to pursue knowledge in alternative ways!

It definitely raises questions about the necessity of a college degree.

Answering Is college worth it” is a harder question to answer than you might think. But you probably can feel comfortable saying college isn’t for everyone. It might be the type of learning you need for your desired career, or it might be incompatible with your learning style and your desired career. Regardless — in the year 2022 you have options.

Not to toot our own horn — but to toot our own horn — Uvaro’s courses can help you build a fulfilling career in as little as 4 weeks. We’re tech sales-focused, but the truth is, the tech industry is rich with opportunities that meet your career goals, whatever they may be! We pride ourselves on being a Career Success Company” which means there are practical skills you can learn that go beyond your field and are transferable to ANY industry.

If your passion lies in the arts, your interpersonal skills would make you an awesome BDRs for any B2B sales company in a creative industry. If your passion lies in governance or law, your information processing and reading comprehension serve themselves well for discovery and prospecting and would make you an excellent tech sales rep!

Love animals? Former Veterinarian? You can find a spot at tech startups like ModernAnimal, PetaByte, or AirVet where your knowledge can fuel your career.

Where colleges might try to pigeonhole you and have you asking "is college worth it", Uvaro will help you spread your wings.

Learn the skills, knowledge, and tactics you need to land your first roles in tech! Check out our Career Success Catalog today to learn more!