Have you ever thought about saving for their childrens college education is such an important part of each parents financial plans? Why do many of them take heavy loans just to put their children through college?
It is understandable that parents do so because they have the best of their children in their hearts. They want to see their children succeed in life and consider a college education that is fundamental to that success.
But why does our government spend so much money every year in financial support for college students? How can they benefit from spending billions of dollars in grants, scholarships and loans, for something that seems to contribute only to a persons personal development?
Its because the value of higher education goes far beyond personal benefits. In addition to contributing to a persons individual development, higher education also contributes to national building.
According to a study conducted by the College of Higher Education in 2004 on higher education trends, the university has both individual and social benefits. Unfortunately, sufficient efforts have not been made to spread awareness about the value of higher education to society as a whole.
Advantages of Higher Education: Individual and Social
The debate about the value of higher education is probably as old as the university itself. We have all had animated living rooms and classroom discussions about the benefits of higher education for us as individuals. So, in addition to the personal benefits that the college has for individuals, it is important to also focus on the social benefits of higher education.
For an individual, college education has the potential to affect her personal, professional, economic and social well-being. Studies after studies have been conducted to show that higher education can lead to higher outcomes.
In its 2010 survey, the US Department of Labor (DOL) established that professionals with some form of college education have higher weekly wages compared to those who do not have any secondary education. In fact, the higher the level of an individuals education, the higher his income. Of course,
Professional or doctoral students have a higher earning potential compared to the bachelors degree or associated programs.
In terms of employment opportunities, college students are also generally much better than their upper secondary schools. The DOL survey showed an inverse relationship between higher education and unemployment. Unemployment among university degrees was 10.3 percent in 2010, compared with only 5.4 percent among those who held a bachelors degree and 4 percent among those who had completed a doctorate. (1)
The number of employment opportunities, but also the nature of jobs available to individuals, is enhanced by university education. A number of officials, including at the first level, are only available to academics. Those who do not have any secondary education can, however, get caught in an infinite bicycle with minimum wages and low-skilled jobs.
At a personal level, college education can build self-confidence and improve a persons position in her society. In addition, some of the bonds formed at the college can be a lifespan and can contribute to a persons overall lucky bonus.
As for the social benefits of higher education, some of the facts revealed by the College Board study can actually come as a surprise.
Because higher education can lead to lower unemployment and poverty, it can lead to higher tax revenues and lower dependency on social benefits.
Those who attend college are believed to be better members of society, as demonstrated by their contribution to their society through voluntary work, blood donation, voting in elections etc.
College students are also less likely to become a broker and have lower prison rates than those who have never been in college.
And finally, believe it or not, college education leads to lower smoking. This may be because college degrees have a higher sense of personal health and well-being.