While that’s a comfortable income for most, many graduates will earn less than that. The average starting salary for college graduates right out of school is about $51,000, according to the National Association of Colleges and Employers. High-Paying Jobs Aren’t GuaranteedĮspecially in light of the coronavirus pandemic-which caused tens of millions of people to file unemployment claims in 2020-finding a well paying job after graduation may be difficult. Thanks to your minimum monthly payments, you may feel pressure to put off other financial goals, like saving for retirement or buying a home.
According to The Institute for College Access and Success, 62% of 2019 college graduates left school with student loan debt, with an average balance of $28,950.ĭepending on your student loan repayment plan, you could be in debt for 10 to 30 years. You Likely Will Graduate With Student Loan Debtīecause college costs have increased so much, it’s unlikely that you’ll be able to cover the entire cost out of your savings or earnings from a part-time job instead, you’ll probably have to use student loans to cover at least some of the expense. Before attending college, make sure you consider the following drawbacks: 1. While a four-year degree can be valuable for many students, a bachelor’s degree isn’t necessary for everyone. In fact, once you start to read the stories that highlight these amenities, you’ll find that these may be more of an exception than a rule.Īt Knox, we are mission-driven in all that we do and have worked diligently to control costs so that our tuition dollars are used to support the core inputs of a liberal arts education- high-quality faculty and staff who are dedicated to undergraduates, small class sizes, modern scientific equipment and instructional technology, and opportunities for students to put their education to practice outside the classroom.
But a large number of college and university campuses haven’t entered into what some call the new “arms race,” either because they choose not to or face budgetary or other constraints don’t allow for such amenities. The additions to campus aren’t always paid for by tuition for example, Louisiana State University covered the cost of its new recreation center, which includes a lazy river, with student fees.
MYTH: Colleges spend too much money on fancy residence halls and climbing walls.Īs the competition for students has risen among colleges and universities, climbing walls, lazy rivers, and other amenities are now found on some college and university campuses as a means to make their schools more attractive to prospective students. The average price for a college education is $16,164 per year at Knox, that average price is $20,804, and 98 percent of our students receive some form of aid, whether that be financial aid or merit scholarships. At Knox, the increase in net price (tuition, board, and fees) has mirrored inflation over the last decade.įurther, the vast majority of students who attend college do not pay the sticker price, thanks to scholarships, federal financial aid, and institutional aid. A college education does cost more today than it did a decade ago, but when you account for inflation, the growth in tuition, room, and board is not accelerating. Even in-state tuition at many public colleges and universities is upwards of $20,000 per year. Tuition, room, and board can add up quickly, particularly if you attend a private school, where the sticker price can exceed $50,000 per year.
So how do we know what’s a myth and what’s real? Knox Magazine set out to take on a few of the headlines-or bust a few of the common myths-about higher education to help us all better understand why a college degree is still worthy of pursuit. Yes, College is Worth It: Busting Myths about Higher Education