Is your college degree worth the cost?

2014-11-20T07:54:14-05:00

http://www.washingtonpost.com/news/get-there/wp/2014/11/19/was-your-college-degree-worth-the-cost-depends-on-how-youre-paying-for-it/

Was your college degree worth the cost? Depends on how you’re paying for it.

A survey of millennials showed that people who borrow to pay for school are less likely to feel like they're getting their money's worth.

Response by LTC Jason Strickland made Nov 20 at 2014 7:55 AM

2014-11-20T07:55:04-05:00

Definitely not, if it's going to put an individual into debt that lasts years! There are so many ways to help offset costs; however, students need to be shrewd in order to take advantage of those benefits. Whatever you do, don't rack up student loans that you're still paying off decades later!

Response by LTC Paul Labrador made Nov 20 at 2014 9:05 AM

2014-11-20T09:05:54-05:00

Yes. Even though my Masters was paid for by the Army, in my field if you don't get an advanced degree, your career is going to go nowhere. Even if I had to pay for it out of pocket, the earning potential that was opened up by my grad degree is well worth the cost of it.

Response by Capt Richard I P. made Nov 20 at 2014 9:11 AM

2014-11-20T09:11:50-05:00

The article referenced in the above is an opinion poll: "People were asked if they thought"

The bookings institution says it is.

http://www.brookings.edu/research/opinions/2014/10/07-college-not-a-waste-of-money-burtless

Using the GI bill seems like a no-brainer. (But make sure it will be there for you: https://www.rallypoint.com/command-post/will-the-gi-bill-be-there-for-you-impacts-of-section-702-of-the-veterans-access-choice-and-accountability-act)

A.) particularly at a not-for profit school.

http://www.brookings.edu/research/opinions/2014/09/22-veterans-labor-market-rothwell?utm_campaign=Brookings+Brief&utm_source=hs_email&utm_medium=email&utm_content=14228200&_hsenc=p2ANqtz-_C0nAN8sLv7uSyBQPA1a30Qx8ncqF2Uu2MrkkBR83OIIoDR3CPm8Z-XhP61_etWeeOezvE--ln0Y3TgbLbu7zHW5IWe7WKzayWOZ-rnr8Uatuv8SQ&_hsmi=14228200

B.) Potentially in STEM

http://www.brookings.edu/research/interactives/2014/job-vacancies-and-stem-skills#/M39580

C.) Or Possibly go for an MBA if you already have an undergrad degree
http://blog.militarytobusiness.com/2014/07/4-reasons-i-brought-my-military-uniform.html

D.) Think about the Return on your Investment (ROI)
http://www.theatlantic.com/business/archive/2014/03/which-college-and-which-major-will-make-you-richest/359628/

College Is Not a Ludicrous Waste of Money

A couple of weeks ago former Secretary of Labor Robert Reich published an article under the unfortunate and misleading headline "College Is a Ludicrous Waste of Money." Readers who did not finish the article might have assumed Reich was arguing that a college degree is vastly overpriced, offering graduates little in the way of an economic return.

Response by CW5 Private RallyPoint Member made Nov 20 at 2014 9:29 AM

2014-11-20T09:29:16-05:00

Yes, SGM Private RallyPoint Member, absolutely. I'm sure it did help on warrant officer promotion boards to have a master's degree. And when it came time to be hired as a DA civilian, my college education had to be a plus there as well.

Granted, I used tuition assistance and VA benefits (the GI bill) to pay for most of my education, so the cost to me personally was a lot lower than if I had had to pay for everything with no military "subsidies."

Response by SGT James Hastings made Nov 20 at 2014 10:04 AM

2014-11-20T10:04:41-05:00

I was lucky enough to have a full time job while I went to college at night. My wife also was working so I was able to pay for all of my education excepting the first year or so that the GI bill assisted me. Back then it mainly covered tuition. Today's system is much better. Ending up owing maybe $60,000.00 or more for your education makes it hard to live and pay it back so i feel for those in that situation. If you end up working in the field of your education you can never stop taking classes to keep abreast of new information.

Response by PO2 Private RallyPoint Member made Nov 20 at 2014 10:36 AM

2014-11-20T10:36:21-05:00

That's a loaded question. No and Yes. I think college can be worth it, but I did not end up with the degree I wanted or needed for my goals. The program I ended up in happened because of poor goal planning and advising. I encountered the poor goal planning as a combination of factors including being the first in my family to attend college. I had a general career path I wanted to take, but not knowing what different colleges offered, I went to my hometown college that did not offer the degree I wanted and attempted to get something similar. When I ended up dropping out of that program for a liberal arts degree in conflict analysis I tried to justify the choice by calling myself a "well rounded candidate" when the job I wanted needed a very specific, scientific degree and my advisers didn't tell me no. I then job searched so much, the only job left to me was to become a professional job searcher (that's not sarcasm). Had I gotten my A&P license while I was in the military I could have saved 8 years of low wages and $20,000 of college loans (yes, I used my GI Bill) and gone right back to work. I have just now gotten back to my bachelor E-5 pay with BAH, but now I have 3 dependents and the civilian world does not care if you have dependents.

Response by COL Jean (John) F. B. made Nov 20 at 2014 10:39 AM

2014-11-20T10:39:19-05:00

My undergraduate degree was simply a means to an end... to get a commission in the Regular Army of the United States of America.

Although I am sure I used some of the "knowledge" I gained in pursuing my degree (BS in Marketing), it did not really matter what I majored in, as all I was after was a commission. I could have majored in Home Economics, Education, Communications, or a myriad of other disciplines and it would not have mattered.

Although I now have two Masters degrees, I can't say that any of the degrees have helped me in my career in any way, except, as I stated, the original BS degree that allowed me to be commissioned as a Regular Army officer.

As far as being worth the cost (which, honestly, I did not pay for .. my dad did) ... Absolutely. It enabled me to get into the career I wanted. When I ended that career, upon retirement, my military experience allowed me to get into a very good civilian career.

Response by Maj Chris Nelson made Nov 20 at 2014 4:20 PM

2014-11-20T16:20:42-05:00

For myself, YES. As a nurse, I MUST have the education. The advanced degree was mostly TA, but TA did not cover all, so about 33% was out of pocket and i am still paying on the student loans. Even with that being said, I am setting myself up for good employment options when i retire.

For my WIFE, unfortinately, no. She racked up a bunch of student loans, we are still paying (only about 50K to go?), and the income potenial that she is has is MUCH MUCH less.

Daughter is in 8th grade, so not an issue YET, but I hope that she can find a school AND a degree path that will be cost effective AND have good earning potential in the long run. She likes animals, so I am HOPING to guide her to Vetrinarian....

Response by 1LT Private RallyPoint Member made Nov 23 at 2015 11:37 AM

2015-11-23T11:37:26-05:00

Costs in the U.S are ridiculously expensive. I still remember that I paid less than $1000 to spend a year in a French law school, right after high school (yes, it does make sense in France.)

I have been recently awarded a 2.5y scholarship to attend a very expensive private school, but before that I was taking classes at a community college. No education should cost 60k a year. Period. Education you should give you tools to start your future, and a 25 years long loan is nothing close to it.

Response by MAJ Ken Landgren made Dec 4 at 2015 1:47 PM

2015-12-04T13:47:37-05:00

Absolutley

Response by SPC Private RallyPoint Member made Apr 23 at 2016 7:48 PM

2016-04-23T19:48:11-04:00

No just because you have a degree means nothing. Plenty of people have degrees and are still paying them off. Plus when you retire your supposed to be debt free what's the point of retiring and your still in debt?

Response by SSgt Donnavon Smith made Sep 8 at 2017 5:09 PM

2017-09-08T17:09:36-04:00

My BS, yes. My MS no. I have had my MS for 10 years and have not seen one tangible return on it, but I do see the Car payment going towards the Student Loan every month.

Response by LTC Private RallyPoint Member made Sep 8 at 2017 6:13 PM

2017-09-08T18:13:46-04:00

My undergraduate degree was only good to get me into medical school or grad school. I would never recommend my degree plan to someone who wasn't going to graduate school unless they wanted to be a bartender with a fancy degree.

Response by CPT Private RallyPoint Member made Sep 8 at 2017 6:31 PM

2017-09-08T18:31:19-04:00

By getting creative with TA and the GI Bill I was able to get two different UG degrees without really going out of pocket. I don't think either of those degrees was worth much "on the outside", but I knew as I going to grad school and I needed a Bachelor's degree to check the block.