Is Expensive Education Really Worth It?

Is Expensive Education Really Worth It?

In today’s economy it is sometimes hard to justify spending the tens of thousands of dollars it takes to graduate from an ‘Ivy League’ university. However there are advantages to graduating from one, depending on the school and what it is you are studying. For example, if you wanted to graduate with a degree in engineering you would probably not want to consider Harvard University, one of the premiere universities in the United States. While Harvard is a fantastic school it is not known for its engineering program (although I’m sure they would disagree). Rather you would look to enroll at the Massachusetts Institute of Technology, better known as MIT.

The key is finding a school which is highly ranked in your particular field of interest. If you are interested in the law you would be best enrolling at Yale University. The aforementioned Harvard University is where you would go to learn medicine. One of the biggest advantages to obtaining an education through one of the top tier universities is the fact that companies actively recruit from these colleges before students have even graduated. Having the ability to place this information on your resume and mention it during interviews gives you an advantage that someone from a lower ranked university does not have.

Your next question may be, what about my return on investment? Attending college is all well and good, but with this expensive degree what will my lifetime earnings potential be? Again, it all depends on the college; this is one area that should be researched thoroughly before the initial investment is made. For example, a recent study concluded that in 2012 the cost of tuition at Maritime College was approximately $90,530 dollars. The projected 30-year return on investment is approximately $1,586,000 dollars. Obviously this degree was well worth the initial investment.

On the other side of that coin we have Miles College, with a 2012 cost of tuition at approximately $92,280 dollars. The projected 30-year return on investment is approximately $136,000 dollars. The reason for this is that the common majors for those graduating are in fields of social work, education and criminal justice, all professions which are severely underpaid.

Other colleges with great ROI’s are Harvey Mudd College, with 2012 costs listed at approximately $222,000 dollars and the 30-year ROI coming in at $2,113,000 dollars. The California Institute of Technology or Caltech’s 2012 costs were approximately $213,000 dollars, with an estimated 30-year ROI of $1,991,000 dollars.

As you can see, it really all depends on what it is you wish to study then researching the best university or colleges return on investment. Investing your money in a university that ranks high in the field of study you are pursuing is the best way to make sure you are going to get the highest ROI, and also the attention of high paying employers.

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