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Colllege students struggling with rising costs essay

On virtually every measure of economic well-being and career attainment—from personal earnings to job satisfaction to the share employed full time—young college graduates are outperforming their peers with less education.

The pay gap was significantly smaller in previous generations. But do these benefits outweigh the financial burden imposed by four or more years of college? Among Millennials ages 25 to 32, the answer is clearly yes: Of course, the economic and career benefits of a college degree are not limited to Millennials.


Overall, the survey and economic analysis consistently find that college graduates regardless of generation are doing better than those with less education. To be sure, the Great Recession and the subsequent slow recovery hit the Millennial generation particularly hard. On some key measures such as the percentage who are unemployed or the share living in poverty, this generation of college-educated adults is faring worse than Gen Xers, Baby Boomers or members of the Silent generation when they were in their mid-20s and early 30s.

The first is a nationally representative survey conducted Oct. The CPS is a large-sample survey that has been conducted monthly by the U. Census Bureau for more than six decades.

The Rising Cost of Not Going to College

Specifically, Pew analysts examined CPS data collected last year among 25- to 32-year-olds and then examined data among 25- to 32-year-olds in four earlier years: At the same time the share of college graduates has grown, the value of their degrees has increased. Taken together, these two facts—the growing economic return to a college degree and the larger share of college graduates in the Millennial generation—might suggest that the Millennial generation should be earning more than earlier generations of young adults.

The Declining Value of a High School Diploma The explanation for this puzzling finding lies in another major economic trend reshaping the economic landscape: The dramatic decline in the value of a high school education. This decline, the Pew Research analysis found, has been large enough to nearly offset the gains of college graduates.

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The steadily widening earnings gap by educational attainment is further highlighted when the analysis shifts to track the difference over time in median earnings of college graduates versus those with a high school diploma. Other Labor Market Outcomes To be sure, the Great Recession and painfully slow recovery have taken their toll on the Millennial generation, including the college-educated.

Young college graduates are having more difficulty landing work than earlier cohorts. They are more likely to be unemployed and have to search longer for a job than earlier generations of young adults.

But the picture is consistently bleaker for less-educated workers: On a range of measures, they not only fare worse than the college-educated, but they are doing worse than earlier generations at a similar age.

For example, the unemployment rate for Millennials with a college degree is more than double the rate for college-educated Silents in 1965 3. But the unemployment rate for Millennials with only a high school diploma is even higher: The same pattern resurfaces when the measure shifts to the length of time the typical job seeker spends looking for work.

In 2013 the average unemployed college-educated Millennial had been looking for work for 27 weeks—more than double the time it took an unemployed college-educated 25- to 32-year-old in 1979 to get a job 12 weeks.

According to the analysis, Millennial high school graduates spend, on average, four weeks longer looking for work than college graduates 31 weeks vs. But again, Millennials without a college degree fare worse, not only in comparison to their college-educated contemporaries but also when compared with similarly educated young adults in earlier generations.

But depending on their major field of study, some are more relevant on the job than others, the Pew Research survey finds. To measure the value of their college studies, all college graduates were asked their major or, if they held a graduate or professional degree, their field of study.

The remainder said they were studying or training for a vocational occupation. At the same time, those who majored in science or engineering are less likely than social science, liberal arts or education majors to say in response to another survey question that they should have chosen a different major as an undergraduate to better prepare them colllege students struggling with rising costs essay the job they wanted.

Major Regrets In addition to selecting a different major, the Pew Research survey asked college graduates whether, while still in school, they could have better prepared for the type of job they wanted by gaining more work experience, studying harder or beginning their job search earlier.

About three-quarters of all college graduates say taking at least one of those four steps would have enhanced their chances to land their ideal job.

Leading the should-have-done list: Half say taking this step would have put them in a better position to get the kind of job they wanted. The survey also found that Millennials are more likely than Boomers to have multiple regrets about their college days. The remainder of this report is organized in the following way. The first chapter uses Census Bureau data to compare how Millennials ages 25 to 32 with varying levels of education are faring economically.

It also examines how economic outcomes by level of education have changed over time by comparing the economic fortunes of Millennials with those of similarly educated Gen Xers, Baby Boomers and Silents at comparable ages.

It examines how all adults assess the value of their education in preparing them for the workforce and specifically how these views differ by levels of education. About the Data Findings in this report are based mainly on data from: Data on Labor Market and Economic Outcomes: Conducted jointly by the U.

The CPS is nationally representative of the civilian noninstitutionalized population. The Pew Research survey was conducted October 7-27, 2013, with a nationally representative sample of 2,002 adults age 18 and older, including 982 adults ages 18 to 34. A total of 479 interviews were completed with respondents contacted by landline telephone and 1,523 with those contacted on their cellular phones.

  1. Over time, however, something good is bound to come of it. Likewise, an affordable school does not always mean you will be doomed to a lesser education.
  2. Both the American public and the college administrators are aware of the effect a college education has on a person's financial success later in life. Knowing what you want to do can save you lots of money.
  3. On a range of measures, they not only fare worse than the college-educated, but they are doing worse than earlier generations at a similar age. The key to this is to stop going in circles.

In order to increase the number of 25- to 34-year-old respondents in the sample, additional interviews were conducted with that cohort. Data are weighted to produce a final sample that is representative of the general population of adults in the United States.

  1. For a long time, people did not pay much attention to tuition.
  2. Tuition hearings are a great opportunity to have your voice be heard.
  3. If you can't visit all the schools, ask if they have any video tours available. This is where what I call the 'run-around' begins.

Margin of sampling error is plus or minus 2. The Millennial generation includes those born after 1980 which would include adults ages 18 to 32 in 2013.