Is College Worth the Cost? Pros and Cons

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Graduate cap lying atop one-hundred-dollar banknotes — Image source: Getty Images.

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Data source: The College Board's Trends in College Pricing 2022-23. NOTE: Estimates are for full-time undergraduate students.
Type of School	Tuition & Fees	Room & Board	Books & Supplies	Travel & Other Expenses	Total
Public College (two-year, in-district)	$3,860	$9,610	$1,460	$4,300	$19,230
Public College (four-year, in-state)	$10,940	$12,310	$1,240	$3,400	$27,940
Public College (four-year, out-of-state)	$28,240	$12,310	$1,240	$3,450	$45,240
Private College (not-for-profit)	$39,400	$14,030	$1,240	$2,900	$57,570

The cost of college can also be quite different from state to state. For example, tuition and fees for a public two-year school during the 2022-23 school year were $1,430 in California (the lowest) and $8,660 in Vermont (the highest). Meanwhile, the out-of-state premium to attend school can significantly add to the cost of attending a school in a particular state. For example, in South Dakota, the total out-of-state tuition and fees are $12,830 (the lowest in the country due to a very low out-of-state premium). Contrast this with Vermont, where the total out-of-state cost for tuition and fees is $41,980 (the highest in the nation due in part to a high out-of-state premium).

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Is college worth the cost? The bottom line

College is expensive. Yet, for many people, the cost of college can be well worth it. Graduates typically make more money than those without a degree. That's one of the many benefits of going to college.

However, college isn't for everyone. Each potential college student will need to weigh the likely cost (and other factors) with their alternatives. They might find that going to college isn't right for them -- at least, not yet.

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About the Author

Matt DiLallo has been a contributing Motley Fool stock market analyst specializing in covering dividend-paying companies, particularly in the energy and REIT sectors, since 2012. He also covers pre-IPO companies, ETFs, and other investing topics. He holds an MBA from Liberty University.

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Alternatives to college

Not everyone needs to go to college. Many alternatives might be a better option, including:

Attending a trade school: Trade schools provide hands-on training for technical jobs like plumbing, electrician work, and mechanical jobs. These schools are often more affordable than college and require a much shorter time commitment. That can enable students to begin their careers and start earning money faster.

Going to a community college: Attending a local community college is a much less expensive way to get an education. Students can earn an associate degree in about two years, which they can use to get a job in many fields, including healthcare. They can also transfer their credits to a four-year college to earn a bachelor's degree.

Start taking courses online: Students who aren't ready to go to college full-time can begin by taking online classes to continue their education. Online courses can be cheaper than attending college since students don't need to pay for room and board at school or have traveling expenses.

Begin working: Many entry-level jobs and some career paths don't require a degree. That allows people to start making money immediately without paying the high cost of attending college.

Join the military: The military can be an excellent option for someone not ready for college right after high school. Joining the military could also help pay for college in the future.

Start your own business: Launching a business in an industry that doesn't require specialized education can be a great alternative to college for people with an entrepreneurial drive.

Is College Worth the Cost? Uncovering the Value of Higher Education

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Is college worth the cost? The bottom line

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