Why It Still Makes Financial Sense to Go to College

All the doom and gloom about the economy and the difficulties with obtaining student loans may have you wondering if it still makes sense to get a college degree. Despite the tough economic times, earning a degree is still one of the smartest financial moves you can make.

Investing in Your Future

Paying for a college education is definitely a sound investment. The average annual cost of four years at a private college was $25,143 for the 2008-09 school year and four years at a public school was $6,585, according to the College Board. Earning a degree gives you the potential to earn more money over the course of your life. Workers with a college degree earn nearly double what those with only a high school education make. People with advanced degrees earn an average of four times more than people with less than a high school diploma, according to the U.S. Census Bureau.

More Job Opportunities

A college degree can open up the door to more job opportunities. Going to school can help you develop critical thinking and leadership skills, and you can gain specialized knowledge in your chosen career field. Some employers don't even interview job candidates who don't have a minimum of a bachelor's degree.

A degree can also open doors if you are already working and want to advance in your career. Earning an online degree can allow you to get the skills and training you need while continuing to work. Attending school can help you learn about business, management, technology, and other areas that help put you on track for a promotion. In some organizations, managers are expected to have advanced degrees.

Online Degree Can Cut Costs

Online degrees allow more flexibility than attending classes on campus. You also save on expenses because you aren't paying for commuting, parking, or various other activity fees. Depending upon the type of online degree you choose to earn, you may even be able to get tuition reimbursement from your employer. Some financial aid also may be available for study through online universities.

Changing Careers

Taking courses through online universities can be a smart move if you want to totally change careers. Many people can't afford to stop working at their current job to pursue a career change. Taking classes online is an affordable and convenient way to work toward this goal. Courses through an online school are also a good way to explore whether a career change even makes sense for your situation. Some online universities allow you to take classes before enrolling in a degree program to become more familiar with the courses.

Don't let the cost of a college education scare you. Find a school that is affordable and seek as much financial aid as you can find to pay for it.

Sources:
College Board, 2008-09 College Prices
U.S. Census Bureau, One-Third of Young Women Have Bachelors Degrees