- 1 Higher Education Costs and Value: Statistics You Need to Know
- 2 Is Higher Education Worth the Money?
As the costs of higher education keep growing worldwide many a parent wonders whether a university diploma is worth the small fortune. The increasing number of more affordable education options, like online courses, also contributes to this hesitation. However, a variety of data proves that people with higher education do make more money and have better professional opportunities.
Higher Education Costs and Value: Statistics You Need to Know
1. Higher education fees have grown by over 200% in the last 30 years
Parents are right to worry about tuition costs, especially in top universities, as those have risen by 213% since 1987. This number cannot be explained by inflation because it exceeds that by a lot.
And one shouldn’t forget that those are only tuition fees. The cost of living has increased as well. Therefore, a student of today must invest a fortune in their higher education, especially if they go abroad to get it. This is the reason why the global student debt is growing at an unprecedented pace. In the US alone it already exceeds $1.4 trillion. This is unsurprising as the US has the highest public tuition fees, according to Business Insider.
2. People with higher education have bigger salaries. Always.
The most important thing that parents need to know when deciding on investing in higher education is that this does give their kids better opportunities. There are many surveys that prove the simple fact, a higher level of education translates into a bigger salary. For example, you can see this from statistical data at OECD.Stat, US Department of Labor Employment Projections, and Statista.
There is no doubt that the level of education benefits one’s chances of making good money in the future. However, it’s not the only factor that matters. The school you choose for your child will also be important. Employers and recruiters favor candidates who graduate from schools that are close to the top of the world university ranking. This also proves that the investment in higher education of the highest quality makes a difference. What’s more, this is an immediate difference because this significantly increases the graduate’s chances of getting a good job right away.
3. Enrollment in tertiary education is the highest in North America
A detailed compilation of tertiary education statistics from OurWorldInData shows that the gross enrollment rate in tertiary education is the highest in North America. It’s a rather curious fact because the highest percentage of people with tertiary education is in South Korea. The explanation for that little discrepancy is that many of South Korean students enroll into Universities abroad. The majority of them go to the USA.
Receiving an education in foreign countries is another factor that can give a graduate an immediate edge when applying for a job. Experience of studying or working abroad is something recruiters focus on when looking through resumes, so if possible, you should give your kids a chance to do this. There are many specialized programs, grants, and scholarships that can help foreign students to get into some of the world’s top universities. Researching those while kids are still at school is essential as many of these have very specific requirements. This means that children will need to start working on their skill set and grades early on to be in a position to be eligible for this opportunity when they are old enough.
Is Higher Education Worth the Money?
No matter what some people might say, statistically, higher education is worth the investment. However, you shouldn’t forget that having a reputed school name in one’s resume doesn’t guarantee success in life. This only gives one a greater chance of landing a good job, but it’s the skills and ability that will determine how a person progresses in their career.