A 1998 Report Published by the Institute for Higher Education Policy Reviews
The Value of a College Degree
The escalating cost of higher education is causing many to question the value of continuing educational activity across high school. Many wonder whether the high cost of tuition, the opportunity cost of choosing college over full-time employment, and the accumulation of thousands of dollars of debt is, in the long run, worth the investment.
The risk is specially large for low- income families who have a hard time making ends meet without the additional burden of higher tuition and fees.
In gild to decide whether higher pedagogy is worth the investment, it is useful to examine what is known about the value of higher education and the rates of return on investment to both the individual and to society.
~THE Economic VALUE OF HIGHER EDUCATION
In that location is considerable back up for the notion that the rate of return on investment in higher didactics is high plenty to warrant the financial burden associated with pursuing a higher degree. Though the earnings differential between college and high schoolhouse graduates varies over time, college graduates, on average, earn more than high school graduates. According to the Census Agency, over an adult's working life, loftier school graduates earn an boilerplate of $1.2 million; associate's degree holders earn nearly $1.vi million; and bachelor'south degree holders earn about $2.1 million (Day and Newburger, 2002).
These sizeable differences in lifetime earnings put the costs of higher study in realistic perspective. Most students today—near fourscore pct of all students—enroll either in public four- year colleges or in public two-year colleges. According to the U.S. Section of Education study. Call back College Early on, a total-time student at a public four-twelvemonth college pays an average of $8,655 for in-state tuition, room, and board (U.Southward. Department of Education, 2002). A fulltime student in a public two-year higher pays an average of $1,359 per year in tuition (U.Southward. Section of Teaching, 2002).
These statistics support the contention that, though the cost of college teaching is pregnant, given the earnings disparity that exists between those who earn a bachelor's caste and those who exercise not, the private rate of render on investment in higher education is sufficiently high to warrant the toll.
~OTHER Do good! OF HIGHER EDUCATION
Higher graduates as well enjoy benefits beyond increased income. A1998 report published by the Found for College Education Policy reviews the private benefits that college graduates savor, including higher levels of saving, increased personal/professional mobility, improved quality of life for their offspring, better consumer decision making, and more hobbies and leisure activities (Institute for College Educational activity Policy, 1998). According to a report published past the Carnegie Foundation, nonmonetary private benefits of higher education include the trend for postsecondary students to become more open-minded, more than cultured, more than rational, more consistent, and less disciplinarian; these benefits are also passed along to succeeding generations (Rowley and Hurtado, 2002). Additionally, college omnipresence has been shown to "decrease prejudice, enhance noesis of globe affairs and enhance social condition" while
increasing economic and task security for those who earn bachelor's degrees (Ibid.). Research has besides consistently shown a positive correlation betwixt completion of higher education and good wellness, not only for oneself, but likewise for 1's children. In fact, "parental schooling levels (afterwards controlling for differences in earnings) are positively correlated with the health status of their children" and Increased schooling (and higher relative income) are correlated with lower mortality rates for given age brackets" (Cohn and Geske, 1992).
~THE SOCIAL VALUE OF Higher Teaching
A number of studies accept shown a high correlation between higher education and cultural and family values, and economic growth. According to Elchanan Cohn and Terry Geske (1992), at that place is the trend for more than highly educated women to spend more than time with their children; these women tend to utilise this time to better prepare their children for the future. Cohn and Geske (1992) written report that "college graduates appear to have a more optimistic view of their past and future personal progress."
Public benefits of attention college include increased taxation revenues, greater workplace productivity, increased consumption, increased workforce flexibility, and decreased reliance on government financial support (Institute for Higher Pedagogy Policy, 1998)....
Conclusion
While it is clear that investment in a higher caste, peculiarly for those students in the lowest income brackets, is a financial burden, the long-term benefits to individuals as well every bit to society at large, appear to far outweigh the costs.
Questions ane-4
Practise the following statements agree with the information in Reading Passage i? In boxes ane-4 on your Answer Sheet, write
Truthful if the statement is true according to the passage.
FALSE if the statement contradicts the passage.
Non GIVEN if there is no information about this in the passage.
i The cost of a higher education has remained steady for several years.
Answer: Fake
2 Some people take to borrow big amounts of money to pay for college.
Answer: True
3 About 80 percent of higher students study at public colleges.
Answer: TRUE
iv Public colleges cost less than individual colleges.
Answer: Not GIVEN
Questions five-9
Complete the fact canvass below.
Cull NO More THAN THREE WORDS from the passage for each answer.
Write your answers in boxes 5-9 on your Answer Canvass
Financial Costs and Benefits of Higher Education
— The average high schoolhouse graduate makes a piffling more than than one million dollars inv
— The average person with an acquaintance'southward degree earns 6$ 6
— The average 7 makes over two million dollars.
— The average student at a four yr higher spends 8 $ a year on classes, housing, and food.
— The average student at a 2-year college spends $ane,359 on9
five. Answer: developed'due south working life//a lifetime
6. Answer: 1.half-dozen million
7. Answer: Bachelor's Caste Holder
8. Answer: 8655
nine. Answer: tuition
Questions ten-13
The list below shows some benefits which higher graduates may enjoy more of as compared to noncollege graduates.
Which four of these benefits are mentioned in the article?
Write the appropriate letters A-Chiliad in boxes 10-13 on your Answer Sheet
A They own bigger houses.
B They are more optimistic nigh their lives.
C They salve more money.
D They enjoy more recreational activities.
East They take healthier children.
F They travel more oftentimes.
Grand They brand more purchases.
x. Respond: C, D, E, G IN ANY ORDERS
11. Answer: C, D, E, K IN ANY ORDERS
12. Answer: C, D, E, M IN Whatsoever ORDERS
xiii. Answer: C, D, Eastward, One thousand IN ANY ORDERS
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