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It costs more to drop out of college than remaining

Lots of discussion has been ongoing about how the financial state is so bad and young individuals shouldn't bother with college, and just get jobs. That all being said, there is actually more evidence to the contrary. Resource for this article: Dropping out of college more pricey than staying

 

Value of education under fire

 

With the economy being declared all but dead, the value of getting a college education is being called into question by a lot of people. Earlier this year, founder of PayPal Peter Thiel controversially offered up to 24 individuals a $100,000 fellowship to drop out of college for two years, according to NPR, and start their own businesses. Thiel said it was to challenge popular notions about how much good college actually did for people and to show that relying too heavily on higher education would "stifle innovation.". Innovation is a concept that cannot be measured, and any person familiar with the history of science or business knows that most innovations are done "on the shoulders of geniuses" as Isaac Newton said. However, things like student debt, joblessness and amounts of compensation can be measured.

 

More jobs and better pay

 

According to Daily Finance, the U.S. Census found that workers with a Bachelor's degree or higher earned 40 percent more than peers with less than a bachelor's degree. The United States Bureau of Labor Statistics reports that in 2009, workers with a Bachelor's or higher had median weekly earnings of $1,137, compared to $726 for those with some college or an Associate's degree.. High school graduates had median earnings of $626, and high school dropouts had median weekly earnings of $454. Graduates also have a lower joblessness rate. There are adjustments for seasonal workers. The rate of unemployment in July, according to the Bureau of Labor, as 4.3%. Workers with Associates degree or just a little college's rate of joblessness was 8.3%, those with high school diplomas were at a 9.3 percent rate of unemployment, and high school dropouts saw a 15 percent rate of joblessness . A study from American Institutes for Research shows in the 6 years from 2002 to 2008 that lost wages, revenue from taxes and spending cost the United States $4.5 billion due to one half a million dropouts from a group of 1.1 million first-year college students, states the Huffington Post.

Get it done

Students who start should just work hard and finish college. Student loan debt cannot be discharged in bankruptcy, except in some cases. Graduates with a 4 year degree in 2008 had an average debt of $23,186 and 65.6% of all graduates did have student loans upon graduation according to FinAid.org . Lots of individuals have fantastic careers who never stepped foot in a college. Dropouts can do brilliantly well, like Thiel, Bill Gates or Zuckerberg all have. But you can see from all the statistics in this article, a 4 year degree increases your chances of a better job and better pay.

Articles cited

NPR Daily Finance Bureau of Labor Statistics Joblessness by Educational attainment Bureau of Labor Statistics median weekly earnings by Education Huffington Post FinAid

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