The escalating cost of a college education is forcing many to question whether or not it’s worth it. If you find yourself asking whether the high cost of tuition, the accumulation of thousands of dollars of debt, and the opportunity cost of foregoing full-time employment for college is really worth it, then consider the following:

According to the College Board, the average cost of tuition and fees for the 2015–2016 school year was $32,405 at private colleges, $9,410 for state residents at public colleges, and $23,893 for out-of-state residents attending public universities. 
 

People attend college for many reasons, but one reason is to boost their earning potential. Let’s take a look at average annual earnings from the United States Census taken from a study of full-time workers:

These statistics show that the “return on investment” is great. A college education is definitely worth whatever sacrifices you have to make in the short-term to get it.

So what about the prospects for the future? According to a study by Professor Robert E. Hall at Stanford University, the differences in earnings will only grow greater in the future. He says the reason is that industries using technology will be hiring the most new people, and their demand will be for college graduates.

For example, it is estimated that within 10 years, most new jobs will be created in the fields of business, engineering, finance and chemistry. Of those new jobs, more than 25% will require a college degree. In industries like hotels, restaurants, manufacturing and mining, the number of jobs will decline. These low-tech fields need only between 7-15% of their employees to be college graduates.

The areas hiring the most new people will be computer science and information technology. These are also the fastest growing college majors. Earnings in these fields have increased and will keep increasing. For example, computer specialists under 30 years old earned an average of $66,000 in 2016, up from $46,000 in 2006.

If you look at job openings, job creations and other forecasts from the U.S. Bureau of Labor Statistics, you can easily see that the job outlook is better for people with degrees. The Bureau also provides statistics and outlooks for every job and profession (click here).

The overall outlook is this: jobs for people holding associate and bachelor’s degrees could increase by 25% in the next 10 years, but jobs for people with less education will increase by only 11%.

What about the other benefits (besides earning potential) of a college degree? According to a 1998 study by the Institute for Higher Education Policy, college graduates enjoy these benefits:

• Higher levels of savings

• Increased personal and/or professional mobility

• Improved quality of life for their offspring

• Better consumer decision making

• More hobbies and leisure activities

Okay, so college graduates make more money, so it’s logical that they would save and invest more. But consider this: a degree increases your employment chances wherever you live, so it gives you more choices to live where you want.

A report published by the Carnegie Foundation found that college graduates tend to be more open-minded, rational, cultured, and consistent while less racially prejudiced and authoritarian. They have more hobbies and spend more time with their children, who tend to go to college at a higher rate than children of non-graduates.

See what you learned.