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Is College Always a good Financial Investment?

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Right after going through the painful experience of writing a tuition check for my daughter's next semester of college, I had to remind myself of exactly why we choose to dole out money for a post secondary education. Not that I've ever questioned any investment I've made in my kids (I am glad to get my daughter through school), but we have to make sure that the thousands we invest in sending our kids to college is the best use of our money. As a college professor and staunch advocate for education, I am typically inclined to always endorse college for any American who wishes to pursue a better life. In fact, going to college was the best decision I've ever made. My grades were very poor in high school and I only chose to continue my education because I didn't have anything else to do.

But after speaking with NPR's Michele Martin about the matter, I decided that the issue warranted a deeper discussion. After all, there are some kids who go to college and party the entire time. There are some who choose a major that doesn't pay the bills, and there are also students who simply don't believe they belong there. So, while the whole idea of a student being "college material" is debatable, there are certainly those who don't get the most out of their education and/or choose to exclude themselves from the group of students most likely to succeed academically.

With that said, there are ways to ensure that a) college is the right investment for you, and b) that you're getting the most out of that investment. Also, I should note that if you want to be college material, you can be. Even students with significant learning disabilities can be accomodated at most universities. Also, if your high school didn't adequately prepare you for college, there are remedial classes you can take, either at a four-year school or local community college. You must always remember that where you're going matters far more than where you are, so working consistently every single day always yields long-term benefits.

With regard to ensuring that your educational investment is the right one, there are a few things to remember. First, if you plan to use college as an avenue for economic fulfillment, you should ensure that your career is going to hook you up with a salary that will be high enough to pay off any debt. Fields like Business and Engineering are money-makers, along with Law and Medicine. Other fields, such as Sociology, English or Philosophy, are incredibly worthwhile endeavors, but aren't known for paying the big bucks. I am not saying that you should only go to college for the money, but if you are going after the dough, make sure you know what you're getting yourself into.

Secondly, college is NOT a good investment if the campus is used as party central or the place to spend all your time engaged in things that have nothing to do with education. While most of your learning does happen outside the classroom, the truth is that spending all your time wrapped up in greek life, gossip, hanging out, playing sports or partying does almost nothing to help you to achieve your long-term personal goals. So, the student is using the university as an expensive social gathering, then college is not the right investment.

For those who are thinking about going back to school, I argue that it's never too late to learn. In fact, learning should be a lifelong choice and empowers you in unimaginable ways. In that regard, I recommend seeking out fields that are in alignment with your career goals, and weighing the amount of debt you must incur against the long-term benefits. For example, if you have to borrow $30,000 in a field where you expect to increase your income by $12,000 per year, that might be a good financial investment. This doesn't even count the added benefit of having more career flexibility, job security and personal satisfaction. Debt is not fun to carry, but it's not nearly as difficult as spending your life in a career that you find to be psychologically draining. You deserve to be happy, no matter what the cost. But I recommend that you be responsible in the process.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the book, "Everything You Ever Wanted to Know About College." To have Dr. Boyce commentary delivered to your email, please click here.

 

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