Higher education has increasingly become so expensive only for degrees to become less advantageous compared to the past. The College Board insinuates that the average tuition fee is $ 33,480 at private colleges. In public colleges, it's about $ 9,650 which is usually exclusive of housing, books, and meals (Yalnizyan, 2). It has become so costly for one to pursue an undergraduate degree due to the deregulations. The rising cost is due to the increased financial aid, surge in demand and the lack of state funding (Yalnizyan, 3). Most college students acquire high debts to maintain their school stay. Graduates' frustrations have led to many believing that expensive college education does not offer better employment returns.
Evidence proposes that graduates from higher education Institutions have suffered so much due to a lack of employment after they graduate. Unemployment rates were at 3.9 percent for the college graduates in April in comparison with the 7.5 percent for the whole workforce (Rampell, 1). This was according to the report released by the Labor Department. Over-education in the job market is one of the greatest causes of unemployment among graduates. Graduates seek employment based on their education level for better incomes. This is usually the cause of conflict since the only jobs available do not meet their expectations. The search for better income is so as one can balance the high education costs incurred in college.
College students are forced to source financial aids to support their school work. The student loans are not guaranteed and for one to access them it takes a lot of time. The loans are not consistent and the amount one receives for a certain year may be unavailable in the next year. Graduates feel pressured to seek high paying jobs so that they can pay off their debts. Despite having acquired high qualifications graduates settle for lower-paying jobs to pay their loans. 36 percent of students with loans were at very low chances of purchasing a house (Belanger, 112). Research also indicates that students with school loans were more likely to live with their parents and have worse credit scores.
According to (Yalnizyan, 2) the middle-skilled persons are open to the jobs do the low skilled people and the high skilled are willing to take those of the middle-skilled. This is due to the high unemployment rate and the need to satisfy their need and bills. Some employers are now taking the advantage and know needs one to get a degree for jobs that previously only needed basic training. The poor job market leaves the graduates with no option but to take up any job (Rampell, 3). The job market is so competitive especially for fresh college graduates since a lot of employees prefer people with working experience. This has brought a lot of frustrations to the graduates and some lose hope in the job-seeking despite their high qualifications. Graduates languish in poverty and have over-borrowed to sustain their lives due to unemployment frustrations.
Employers in the job market are willing to give jobs to people with knowledge and skill, not just job titles. There is a high mismatch for the jobs available and those that people want (Rampell, 2). Most jobs have a very different skill set requirements compared to those that the job seekers are offering (Lee Hansen, and Rhodes, 28). The number of college graduates keeps increasing and for some, their qualifications do not translate to work. Despite the costly college education employers normally complain that graduates only a few or no credentials to help them perform their jobs. Graduates feel less appreciated when asked to undergo extra training to fit the job market despite having schooled for four years in college. Employers are now willing to hire technically trained persons since they believe they have much to offer compared to college students.
The wage premium for those with university education is drastically falling especially among the men (Yalnizyan, 2). Some jobs have high incomes and do not require a college education. A college education is not for everyone; some students just enroll and end up being dropouts. The heavy investments in college education go to waste if the students engage in drug abuse and some illegal activities (Belanger, 78). Some college students enroll in colleges to bid their parents and friends pressure. This brings about a waste of four years and the education attained ends up benefiting no one. After the four years of schooling, the students now do what they like most and nature their talents.
One does not necessarily require a college degree to become successful. The examples of Bill Gates made millions even if they do not have college degrees. If one is determined to succeed and work towards it does not matter their education status (Lee Hansen, and Rhodes, 67). Success is determined by how one works towards it. One could earn a college degree and still be unsuccessful. One can sail up to their career path you don't need to start with a college degree. According to (Belanger, 309) graduates spend so much time in school only for them to be employed by people who started their careers from scratch. Some students just laze around for four years hence they waste time and money. Education is just an eye-opener to help one use the acquired skills to make a living. If one does not use the skills appropriately they have no difference with those the high school graduates.
College students are reported to have unrealistic expectations about what they will become. Gradates expects to have high chances of employment. College graduates expect to get white-collar jobs with high incomes immediately after college. They feel they should be leaders, managers, and heads of company's and everyone cannot become a leader.in the current job market, the fresh graduates are expected to first gain skill before they get high job ranks. Every student is working hard to get their dream job which is causing a crisis in the job market (Lee Hansen, and Rhodes, 62). Every graduate feels that college education is a great investment that is supposed to gain returns by one acquiring their dream job. It's such a waste for one to invest heavily in education only for them to get casual jobs a major belief by graduates.
In conclusion, a college education is a great investment especially due to the high fees required by the schools. Education is important but only if it is used appropriately. However, this investment is proving to be going down the drain due to the frustrations the graduates are facing in the job market (Rampell, 2). Students borrow heavily to sustain school life expecting to pay off the debt when they get employed and earn heavy incomes (Yalnizyan, 2). This is not the case as the job market is flooded and graduates take what is available. The little that they earn makes it even harder to pay off the debt thus they keep borrowing to pay other debts. Employers prefer technically trained students for they have the skills the graduate's lack. Higher education is there expensive and not offering better incomes in return.
Belanger, Gerard. "College Graduates And Jobs, Adjusting To A New Labor Market Situation, By The Carnegie Commission On Higher Education, New York, Mcgraw-Hill, 1973, 242 Pp.". Relations Industrielles, vol 28, no. 4, 1973, p. 896. Consortium Erudit, DOI:10.7202/028467ar.
Lee Hansen, W., and Marilyn S. Rhodes. "Student Debt Crisis: Are Students Incurring Excessive Debt?". Economics of Education Review, vol 7, no. 1, 1988, pp. 101-112. Elsevier BV, DOI:10.1016/0272-7757(88)90075-1.
Rampell, Catherine. "College Graduates Fare Well In Jobs Market, Even Through Recession". Nytimes.Com, 2013, https://www.nytimes.com/2013/05/04/business/college-graduates-fare-well-in-jobs-market-even-through-recession.html.
Yalnizyan, Armine. "Is A University Education Still Worth The Price?". The Globe and Mail, 2017, https://www.theglobeandmail.com/opinion/is-a-university-education-still-worth-the-price/article18493678/.
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