Well, I can think of lots of reasons to go to college, and many more reasons why education, and lifelong learning are important in general, but this very interesting article argues that the supposed payoff in income and lifetime earnings of college graduates versus non-college graduates is mostly a bunch of hooey.
http://www.telegram.com/...
The op-ed, published in the Worcester Telegram & Gazette is by Hans Despain, an economics professor at Nichols College and it is well worth reading. He says once you take away the top 5% of the richest people in this country, and consider the amount of student loans one must pay back, the picture in terms of lifetime earnings is not so impressive.
He rightly points out that most people can gain more from an analysis of the outcomes for a more "typical" person, that is to say, not the top 5%, which the typical student is not a part of and--sigh--never will be.
Analyzing the 95th percentile and below offers a much better picture of the “typical” graduate by excluding the outlier income earners. This demographic skews the average U.S. income drastically. For example, if the richest 5 percent are included, American society is very income-unequal when compared to countries in the Organisation for Economic Co-operation and Development. If the richest 5 percent are excluded, income inequality between the 95th percentile and lower American households is incredibly modest, even compared to other developed countries.
The “typical” college graduate can certainly expect they will not enter the top 5th percentile of income attainment. When the opportunity costs of attending college are taken into account, and the analysis considers the 95th percentile and below of Americans, the expected financial benefits are greatly reduced. Moreover, when we consider public versus private colleges, business or technical versus liberal arts colleges, and various majors, it is best to estimate the college financial payoff of the “typical” graduate as a range.
That range is between $1,000 and $8,000 in annual income, or between $40,000 and $320,000 in lifetime earnings.
For students majoring in education and liberal arts at non-elite public universities, the pay differential of high school graduates will be closer to $1,000 in annual income; for those in engineering and business majors or elite private universities the average increase in annual pay may be closer to $8,000. It is important to remember these numbers are averages; individual college graduates will be above and below these averages.
I don't want to discourage anyone from going to college, or seeking greater educational opportunities--I teach at a community college--but I think there is a little too much pushing people to take out loans to go to college. And the whole "you'll make gobs of money once you graduate, so it's worth it" meme is harmful.
Right now I know too many college graduates who are struggling, and cannot even get jobs in their field. They are patching together any kind of work for pay they can get until hopefully something better comes along.
I also know quite a few non-college graduates who are doing well (financially) with their modest jobs--and no college debt to suck the life out of them.
I would encourage you to read the article in its entirety.