It is a WELL proven fact that people with college degrees earn far more during their lifetimes than those without degrees. See the second page of this report for a great graph: http://www.census.gov/prod/2002pubs/p23-210.pdf
College is more expensive and having a degree is much more common. Because of these factors, although I do think lifetime wage for college graduates will continue to outpace non-graduates, I also think that the relative payoff will decrease.
Apologies for over-reliance on wikipedia, it is remarkably hard to find quality sources in a minute or two. ;)
I honestly enjoyed college, and the experience I gained by going through it was invaluable. I didn't party. I didn't drink. I went to class every day, worked at a small web development shop when I wasn't in class, and I took it all in. I graduated on time, and with the knowledge that it had all been well worth it. That was college for me.
College is what you make of it. If you go into it hating the establishment, you're going to drop out. The school I went to had a foundation exam for CS students after their first 2 years. Basically, it filters out those who knew the material (or were passionate enough to study and take it 3 times, yes that was me) and those who were just doing the degree for a piece of paper. It works.
Then, subtract the opportunity cost of the money the college goers paid (i.e., cost * expected ROI in some other endeavor) before comparing lifetime earnings.
The studies I've seen to that for a lot of people (mediocre students, no-name school, etc) there is relatively little benefit to attending college.
The "educated people make more money, therefore get an education" arguments annoy me. There's rarely a mention that causation is presumed.
2. If you include debt, cost of servicing that debt, opportunity cost of the years needed for the degree, increasing tuition and fees, and reliance on credit cards to make ends meet, with the finance charges and exploding interest rates credit cards entail, surely at some point all of the increased lifetime earnings are completely offset? Especially taking into account the increased number of degree holders in the marketplace.
It may very well still be worthwhile to get a degree. But the decision is not as clear as it once was.
Here in the UK the govt. has the goal of getting 50% of people to have some sort of degree. When a degree in media studies from an ex-poly is the norm, what then? The brutal truth is if you don't get into a Russell Group university then you would be better off going straight into the job market at 18. Don't shoot the messenger.
not everyone should go to a standard 4 year university. some people are better off in a trade school or a 2 year tech school. or, the military where they'll train you well to do some specific things. i also think that associates degrees vary in success and pull reasonably more weight than the linked report shows they do.
i think that this should be the takeaway.