Maidenberg 1

Ryan Maidenberg

Prof. Carter

English Composition 2

20 March 2022

Literature Review

Attending a university has become a seemingly necessary step in modern education, but

with it comes a major time commitment and financial burden. How can college set someone

apart in the workforce? Are there better alternatives to college in today’s society? On average, is

a college degree worth the time and expense when it comes to future wages, job satisfaction, and

job benefits?

One of the most common conflicts surrounding a college education is the expense and

time involved. Although these are certainly reasonable concerns, there are a major benefit for

those who attend college for at least 4 years. Information cited from the Pew Research Centre

argues that, “College graduates aged 25 to 32 who are working full time earn about $17,500

more annually than their peers who have only a high school diploma, according to the Pew

Research Centre” (The Economist). Surprisingly, in the same article it also states that, “a

residential four-year degree can set you back as much as $60,000 a year--many students end up

worse off than if they had started working at 18” (The Economist). This presents two sides of a

college education, either as a hinderance or as a gateway for future opportunity. The expense and

time are only worth it if the degree is equally useful.

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A very crucial part of a college education is the degree a student chooses to pursue and its

future applications. With the financial burden of paying for courses it is necessary for the

investment to pay off in order to fully benefit from higher education. Additionally, “Earnings of

college graduates depend in important measure on the program of study and eventual occupation

they choose” (Oreopoulos and Petronijevic 1). Oreopoulos and Petronijevic argue the importance

of an optimal college investment on future earnings. A publication from the College Board,

however, takes a different approach comparing the wages of 4-year college graduates and high

school students. College Board states, “Bachelor’s degree recipients … took home $17,800 more

in after-tax income than high school graduates” (Ma et al. 4). College Board takes a more

numerical approach to show the future wages of graduates while Oreopoulos and Petronijevic

focus on a return on investment based on future job placement.

The perception of value and satisfaction that comes with a job is important in having a

successful career. There is a noticeable disparity between education levels and job satisfaction.

Compared to high school graduates, “Bachelor’s degree holders report more job autonomy,

variety, job satisfaction, and status” (Janet Rosenbaum and James Rosenbaum). Analysis

provided by Janet and James Rosenbaum suggests that those with a degree receive far more non-

monetary benefits in their jobs. In contrast, the article from The Economist describes the stress

associated with student debt and the trouble of paying it off. There are some cases where job

satisfaction is less for a college graduate, especially when they are spending a large portion of

their income on tens of thousands of dollars in loans.

Another idea that is common across each source is the number of benefits that aren’t

monetary. For example, “Having a four-year college degree is associated with many positive

outcomes, including higher income and wealth, better health, a higher likelihood of being a
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homeowner and of being partnered” (Emmons et al. 1). Similarly, in the article by Janet and

James Rosenbaum, the idea of further benefits is explored. The study conducted explores how a

college degree can improve, “Nonmonetary job rewards, such as career-relatedness, benefits, and

working conditions” (Janet Rosenbaum and James Rosenbaum). While both explore the possible

benefits of a future occupation, Janet and James Rosenbaum spend more time studying the

individual. In contrast the research by Emmons, Kent, and Ricketts is based around households

headed by college graduates, not just singular graduates. Each demonstrates how a college

education, of varying levels, can impact the future work conditions and non-monetary aspects.

One of the most common misconceptions surrounding a college education is the return on

investment. Some believe that the years spent at a university could be better spent earning

income right out of high school. The risk of student debt is daunting and if a graduate does not

have a high paying job out of college they may not be able to pay their dues. It is also argued that

a college education does not add enough earnings, and that the difference in pay between a high

school graduate and average college graduate is not enough for the risk.

The best way to get the maximum value out of the time and money spent on a college

education is to chose a major that will lead to a viable occupation after graduation. The field of

study a student chooses is the most important part of college, certain majors are a waste of

money and don’t offer future job placement that makes a return on investment. Making college

worth it means spending the time and money on something that opens more opportunities and

creates more connections. With college comes the option for internships, research opportunities,

studying abroad, and more. The resources of a university allow for a wide range of pathways that

can lead to a successful career, but it all boils down to the work ethic and field of study of the

individual student.
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Works Cited

Ma, Jennifer, et al. Trends in Higher Education Series, Education Pays 2019. College Board,

2019, research.collegeboard.org/media/pdf/education-pays-2019-full-report.pdf.

Emmons, William R., and Ana H. Kent. “Is College Still Worth It? The New Calculus of Falling

Returns.” Economic Research - Federal Reserve Bank of St. Louis, vol. 101, no. 4, 15 Oct.

2019, research.stlouisfed.org/publications/review/2019/10/15/is-college-still-worth-it-the-

new-calculus-of-falling-returns. Accessed 5 March 2022.

Oreopoulos, Philip and Uros Petronijevic. "Making College Worth It: A Review of the Returns

to Higher Education." The Future of Children, vol. 23 no. 1, 2013, p. 41-65. Project

MUSE, doi:10.1353/foc.2013.0001.

Rosenbaum, James, and Janet Rosenbaum. “Money Isn't Everything: Job Satisfaction,

Nonmonetary Job Rewards, and Sub-Baccalaureate Credentials.” Research in Higher

Education Journal, U.S. National Library of Medicine, vol. 30, Sep. 2016,

www.ncbi.nlm.nih.gov/pmc/articles/PMC6508652/.

"Is College Worth It? Higher Education." The Economist, vol. 411, no. 8881, 5 Apr. 2014, p.

23(US). Gale In Context: Opposing

Viewpoints, link.gale.com/apps/doc/A363785946/OVIC?u=dayt30401&sid=bookmark-

OVIC&xid=d0f16dcb. Accessed 17 Mar. 2022.