Is college worth it?

Is college worth it?

By Adam Rauscher

Poll

Does it make economic sense to go to college?

• Yes

• No

Does it make economic sense

to go to college?

Money facts about college:

• The average high school graduate earns $35,000 per year. 

• The average salary for a college graduate is about $59,000 per year. 

• Predicted costs of attending a university in Michigan and living at home is almost $20,000 per year.

• A bachelor’s degree usually takes 4 years.

Open Ended

Opportunity cost is what you sacrifice in your choice. It is the value of your next best choice which you give up by making your choice. The opportunity cost of going to college is what you would gained doing your second choice to college.

What is the most common thing people do with their four years instead of going to college?

Most people who don't go to college will begin working right out of high school

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​Work

Multiple Choice

$80,000 for tuition + $140,000 in lost wages = $220,000

Which of those numbers represents the opportunity cost?

• $80,000

• $140,000

• $220,000

Opportunity Cost

cost of the next-best alternative use of money, time, or resources when making a choice.

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You must subtract the opportunity cost from what you gain from your top choice.​

Subject | Subject

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Open Ended

Is that worth it? Would going to college pay off in the long run?

Start by asking how much more do you make over your lifetime with a college degree?

You need to figure out your solution and it requires three steps in math. You need to know the average age people retire at is 64 and that most people graduate from college at 22. It takes 9 years for a college degree to start paying off. College graduates earn $24,000 more per year than high school graduates.

How much do college graduates earn over there lifetime?

On average, a college degree earns you $800,000 more.

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$800,000