The Value of College

Learning Outcomes

  • Examine the value, both financial and otherwise, of a college education
Harvard campus with green lawns, trees, and brick buildings

What Is the Purpose of Higher Education?

The oldest institution of higher learning in the United States is widely acknowledged to be Harvard University. It was established in 1636 with the aim of providing instruction in arts and sciences to qualify students for employment. In the 1779 Constitution of Massachusetts, submitted by Samuel Adams, John Adams, and James Bowdoin to the full Massachusetts Convention, the following language was used:

Art. I.—Whereas our wise and pious ancestors, so early as the year one thousand six hundred and thirty six, laid the foundation of Harvard-College, in which University many persons of great eminence have, by the blessing of GOD, been initiated in those arts and sciences, which qualified them for public employments, both in Church and State.

Is “public employment” preparation still the goal of higher education institutions today? Indeed, it is certainly one of the many goals! College is also an opportunity for students to grow personally and intellectually. In fact, in a 2011 Pew Research Center survey, Americans were split on their perceptions of the main purpose of a college education:

  • 47 percent of those surveyed said the purpose of college is to teach work-related skills.
  • 39 percent said it is to help a student grow personally and intellectually.
  • 12 percent said the time spent at college should be dedicated to both pursuits—teaching work-related skills and helping students grow personally and intellectually.

These statistics are understandable in light of the great reach and scope of higher education institutions. Today, there are some 5,300 colleges and universities in the United States, offering every manner of education and training to students.

What Value Can Higher Education Bring to You?

Broaden Your Perspective and Thinking

The books you read and classes you take while in college will not only help you learn new information, but they will help you think in a different way. Whatever major you choose, you’ll find yourself having new intellectual experiences and approaching learning in new ways. This broadened perspective is something you’ll be able to take with you wherever you go in life.

Open Your Mind to Possibilities

Professional opportunities are evolving every day. You may already have an idea of what you’re going to school for before you even sign up for your first class, but while you’re earning your degree, you’ll learn more and more about the different professional opportunities available to you. You might learn more about different career paths through your schools career center, or through your peers who are likely to all have different experiences than you do. Take advantage of your time in school to really open your mind to the possibilities in the work world.

Widen Your Social Network

Going to school may bring you in contact with people from all over the country and the globe. Whether your peers are from halfway across the world, or if they went to the same high school as you did, you have the chance to broaden your social network by meeting and spending time with your peers while you’re pursuing your degree. Take time to really enjoy this opportunity, and remember, your social network can really help you in developing your career.

Learn Essential Skills

Whether you’re learning skills specific to your intended field of work or broader skills that can be applied widely to many areas of your life, you will acquire a wealth of skills in college as you work towards your degree.

Try It

Employers Value Higher Education

What do employers think about the value of a college education? What skills do employers seek in their workforce? In 2014, Hart Research Associates conducted a survey on behalf of the Association of American Colleges and Universities. The survey revealed that the majority of employers believe that having field-specific knowledge as well as a broad range of knowledge and skills is important for recent college graduates to achieve long-term career success.

Employers also said that when they hire, they place the greatest value on skills and knowledge that cut across all majors. The learning outcomes they rate as most important include written and oral communication skills, teamwork skills, ethical decision-making, critical thinking, and the ability to apply knowledge in real-world settings.[1]

is college worth it?

There are many different ways to think about the value a college education can bring to your life. Check out this video of John Green’s perspective on the topic.

Employment Rates and Salary Prospects

Let’s consider the following statistics on employment rates and salaries for college graduates. College does make a big difference!

  • In 2020, adults ages twenty-five to thirty-four with a bachelor’s degree or higher had a higher employment rate (eighty-six percent) than young adults with just some college (seventy-eight percent). [2]
  • The employment rate for young adults with just some college (seventy-eight percent) was higher than the rate for those who had completed high school (sixty-nine percent).[3]
  • The employment rate for those who completed high school (sixty-nine percent) was higher than the employment rate for young adults who had not finished high school (fifty-seven percent).[4]
  • Employment rates were generally higher for males than females at each level of educational attainment in 2020. [5]
  • Over the course of a forty-year working life, the typical college graduate earns an estimated $550,000 more than the typical high school graduate. [6]
  • The median gap in annual earnings between a high school and college graduate as reported by the US Census Bureau in 2010 is $19,550.[7]
Chart: Earnings and unemployment rates by educational attainment. The middle shows a range of degree levels, highest to lowest. On the left, in red, the unemployment rate in 2014 (%) is shown in a bar graph; on the right, in green, Median weekly earnings in 2014 ($) is shown. From top down: Doctoral degree: 2.1% unemployment, $1591 earnings. Professional degree: 1.9%, $1639. Master's degree: 2.8%, $1326. Bachelor's degree: 3.5%, $1101. Associate's degree: 4.5%, $792. Some college, no degree: 6.0%, 741. High school diploma: 6.0%, $668. Less than a high school diploma: 9%, $488. All workers: 5% unemployment, $839 median weekly earnings. Note: data are for persons age 25 and over. Earnings are for full-time wage and salary workers. Source: Current Population Survey, US Bureau of Labor Statistics, US Department of Labor.

Differences in Earnings between States

You may wish to use this Earnings and Educational Attainment (2011) interactive table to see how earnings for college graduates versus high school–only graduates in your state compare with those in other states.

All in all, college imparts a wide and deep range of benefits. The short video Why College, below, shows that with a college degree you are more likely to

  • have a higher salary.
  • have and keep a job.
  • get a pension plan.
  • be satisfied with your job.
  • feel your job is important.
  • have health insurance.

Note that the video has no narration. You can view the transcript for “Why College?” here (opens in new window).

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  1. "Falling Short? College Learning and Career Success." Hart Research Associates, 20 Jan. 2015, https://www.aacu.org/sites/default/files/files/LEAP/2015employerstudentsurvey.pdf. Accessed 31 Mar. 2016.
  2. "Employment and Unemployment Rates by Educational Attainment." National Center for Education Statistics, May 2021, https://nces.ed.gov/programs/coe/indicator/cbc.
  3. Ibid.
  4. Ibid.
  5. Ibid.
  6. Cohn, D'Vera. "Lifetime Earnings of College Graduates." Pew Research Center, 16 May 2011, https://www.pewresearch.org/social-trends/2011/05/16/lifetime-earnings-of-college-graduates/.
  7. "Is College Worth It?" Pew Research Centers Social Demographic Trends Project RSS, 2011, https://www.pewresearch.org/social-trends/2011/05/15/is-college-worth-it/. Accessed 31 Mar. 2016.