The value of higher education has been increasingly scrutinized in recent years, leaving many students and families questioning whether the cost of college is worth it. And while there are many viable career paths that do not require a college degree, there are also many misconceptions about the value of a college education. Asking the right questions, choosing the right school, and understanding misconceptions will help you make a more informed decision. Here are five factors to consider.
#1 – Consider net tuition cost, not just sticker price
A lot of the national scrutiny surrounding high tuition costs is focused on Ivy League schools, and it is important to note that the sticker price of these colleges and universities do not reflect most schools around the U.S. The $90,000+ sticker prices you might hear about are a rarity. Even more rare are the students and families who pay full price. These sticker prices do not factor in any financial aid like scholarships or grants which bring the out-of-pocket cost down significantly. That’s why it is crucial to look beyond the sticker price and focus more on the net cost. For instance, at Drake University, every undergraduate student receives a guaranteed presidential scholarship that covers 51-66% of tuition costs with numerous additional scholarship opportunities that can unlock more savings. Learn more about Drake’s net tuition cost.
#2 – Understand the lifetime return on investment of a college degree
Another factor to consider when weighing the value of college is the economic benefits of a college degree. On average, students who have completed a bachelor’s degree or higher earn a salary of at least $20,000 higher than students who have completed high school or some college. This leads to a lifetime of earnings of nearly $1 million more for a college graduate than the average worker without a college degree. And, for those with a bachelor’s or master’s degree, these earnings are at an all-time high. At Drake, those lifetime earnings are much higher than the national average, ranking among the top 3% in the nation with a lifetime return on investment of $1.5 million, according to the Bipartisan Policy Center.
#3 – Investigate the school’s internship placement rates
Internship placement rates are a key indicator of a school’s ability to prepare graduates for success in their career field. In fact, paid interns are twice as likely to land a job after graduation compared to non-interns. The national average in 2023 showed that roughly 60% of college students had internships. To maximize the value of your college degree, look for a school that surpasses this national average. For instance, at Drake, 92.7% of undergraduate students reported having at least one internship while in school.
#4 – Look at the school’s accomplishment rates
How will you know if you’ll be able to get a full-time job after graduation? That’s where accomplishment rate data comes in. Accomplishment rates are simply the percentage of students who were employed, enrolled in graduate school or involved in an activity related to their professional goals within six months of graduation. A school’s ability to deliver a high accomplishment rate is a reflection of the professional preparation it provides and the value of its degrees. While the national average is around 85.5%, looking at a school with a higher-than-average accomplishment rate is a good indicator of whether the college is “worth it.” For instance, Drake’s accomplishment rate is well above the national average at 97.3%.
#5 – Choosing a field of study
When choosing a field of study, you should look to marry your passions with your career aspirations. Understanding the future career opportunities of a chosen field of study can be done in collaboration with a school’s faculty, career services department, and admission counselors. When evaluating and visiting schools, take time to connect with and learn more about the faculty members teaching within the programs you’re interested in. Will you be learning directly from faculty members, or will your classes be taught by teaching assistants? Are the faculty members leaders in their field? Do they provide access to research or internship opportunities? Do their courses sound unique or interesting to you? At Drake, you can expect a 10:1 faculty-to-student ratio with all classes taught by faculty members who are leaders in their fields versus teaching assistants.
While college is an investment, it’s one that statistics undoubtedly show will pay off for a lifetime—particularly if you choose a school and field of study with proven career outcomes.
