The other day I was reading the local paper while eating breakfast and noticed an article on the costs of higher education, an important topic at any time but especially in these difficult economic conditions. I was surprised to read some statements questioning whether a college education is worth the cost. I am obviously biased but I think the answer is clear: a college education is among the very best investments a person can make.
The data convincingly reveal that from a purely economic aspect, a college education is a sound individual investment. More and more jobs, especially in the highest demand fields, require a college degree. Over a lifetime of work, a person with a bachelor’s degree will earn $1 million dollars more than someone with a high school diploma. A master’s degree will mean an additional $1.6 million in lifetime earnings. And, an individual with a professional degree will earn $3.5 million dollars more than someone with a high school diploma.
A college education, of course, has important non-monetary benefits as well, leading to personal growth and development. As we say in our mission statement, Nazareth provides a learning environment that (1) fosters commitment to a life informed by intellectual, ethical, spiritual, and aesthetic values; (2) develops skills necessary for the pursuit of meaningful careers; and (3) inspires dedication to the ideal of service to communities. We prepare our students to develop the understanding, commitment, and confidence to lead fully-informed and actively engaged lives.
Besides the economic and non-economic benefits to individuals, investments in college education yield benefits for the entire society. The Council of Independent Colleges and Universities summed up these benefits: “[W]e all benefit from the higher tax revenues, the lower demands on social programs, and the higher productivity generated by the highly educated. Investments in higher education benefit all of society through service to communities, healthier citizens who live longer lives, regional economic growth, and innovations in science and technology.” I would add that an educated public is essential if the U.S wants to compete successfully in a global economy.
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