By Laura Hartford
A primary concern of adults considering a return to college is whether the value of
a degree is worth the time and money required to earn one, particularly when balancing
the demands of a busy life. Research suggests that the answer is 鈥測es.鈥�
While programs like 农夫导航鈥檚 online B.A. in Integrated Studies can significantly reduce the cost and accelerate the time it takes to earn a degree,
there鈥檚 growing evidence that finishing a degree under any circumstances is a wise
investment.
Brandon Busteed, education writer for summarizes, 鈥淭here鈥檚 no better investment on a return than college 鈥� not even close.
Long-standing economic analyses have shown that people who earn a bachelor鈥檚 degree
鈥� on average - make considerably more money over their lifetime than those with a
high school diploma.鈥� Busteed points to the research of Michael Greenstone and Adam
Looney when noting, 鈥渁n investment in a college degree delivers an inflation-adjusted
annual return of more than 15 percent, significantly larger than the historical return
on stocks (7 percent) and bonds, gold and real estate (all below 3 percent).鈥�
Similarly, , a blog by economists at the New York Federal Reserve, argues that despite much public
debate, college is still one of the best investments available. Co-authors Jaison
Abel and Richard Deitz calculate that the rate of return on a college degree 鈥渆asily
surpass(es) the threshold for a good investment,鈥� and describe a 鈥渟ubstantial鈥� College
Wage Premium: Adjusted for inflation and the demographic differences between bachelor
degree earners and those with only a high school education, a typical college graduate
earns nearly 75 percent more, with economic benefits lasting over an entire career.
For anyone suspecting that this simply suggests a correlation between high achievement
in both the classroom and the workplace, indicates that economic gains outstrip the cost of college even for the most academically
marginal student. Additionally, the benefits are multi-generational. Studies by the
shows that the children of college graduates are significantly more likely to earn
college degrees as well.
Not only do college graduates receive , the jobs they land tend to be more recession-proof and, as we are learning, . These jobs are also easier to find, as they鈥檙e more likely to be . Additionally, a college experience provides opportunities to build and maximize
professional networks, which can be enhanced by engaging with university career development opportunities.
However, college degrees offer more than simple economic benefits. Many adults return
to college in order to gain the satisfaction of meeting a lifegoal or serving as a
role model for loved ones, and a number of studies examine the broader personal impact
of a college education. The found that Americans with college degrees tend to make healthier choices and to engage
with their communities through volunteering and voting. The discovered correlations between college degrees and outcomes such as longer life
expectancies and healthier children. A report by the found that, in addition to higher incomes, good health and longer lifespans, college
graduates are more likely to have healthcare and retirement benefits, safe jobs, occupational
prestige and even greater happiness.
According to a conducted by Gallup in partnership with Purdue University, the level of happiness
and personal well-being reported by college graduates depended, more than any other
factor, on the mentorship and support they experienced while in college. Students
who felt that professors cared about their success, made learning engaging, and encouraged
them to thrive 鈥� along with students who themselves actively engaged with the campus
community and took advantage of career development opportunities and other resources
鈥� were the most likely to benefit from the positive long-term outcomes of a college
education.
There are many paths to financial success and personal well-being. For most people
college is a worthwhile investment in a bright future. Choosing the right college,
taking advantage of the opportunities it provides, and spending time getting to know
the faculty and staff while there, are ways students can enhance the value of that
investment.
Bellarmine values these outcomes and is helping more people achieve them. The university
has used leading research and best practices to create a degree completion program
specifically for adult students with some prior college credit who desire an accelerated online path to finishing their bachelor鈥檚 degree.
Benefits include affordable tuition, flexible scheduling, the possibility of earning credit for prior work and life experience, and faculty who are specially trained in the education of adult students.
Click here to learn more about Bellarmine鈥檚 Bachelor of Arts in Integrated Studies Degree Completion Program and how to connect with the admission team.
Laura Hartford is Associate Dean of the Bellarmine College of Arts and Sciences.
