College - Destiny's Notebook - Obsidian Publish

# College ## Good Sources for Information - [National Center for Education Statistics (NCES)](https://nces.ed.gov/) - The National Center for Education Statistics (NCES) is the primary federal entity for collecting and analyzing data related to education. - [Social Security Administration](https://www.ssa.gov/policy/docs/research-summaries/education-earnings.html) - The SSA collects a ton of data about a variety of different metrics related to income throughout a person's life. - [Bureau of Labor Statistics](https://www.bls.gov/oes/current/oes_nat.htm) - Collects data about the entirety of the US work force. ## How Expensive is a College Degree? ### [Cost of Attendance Tables](https://nces.ed.gov/programs/coe/indicator/cua) from the National Center for Education Statistics | COST OF ATTENDANCE | On campus | Off campus, living with family | Off campus, not living with family | | ------------------- | ------------------------------------------ | ------------------------------ | ---------------------------------- | | 4-year institutions | | | | | Public | $26,027 | $15,552 | $26,756 | | Private nonprofit | $55,840 | $43,945 | $56,054 | | Private for-profit | $32,895 | $23,391 | $31,909 | | 2-year institutions | | | | | Public | $16,090 | $9,845 | $20,091 | | Private nonprofit | $33,007 | $23,686 | $33,560 | | Private for-profit | $27,214 | $21,395 | $31,370 | - Average total cost of attending degree-granting institutions for first-time, full-time undergraduate students, by level and control of institution and student living arrangement: Academic year 2021–22 (In constant 2021-2022 dollars) | TUITION AND FEES | 2010–11 | 2021–22 | | ------------------- | ------- | ----------------------------------------- | | 4-year institutions | | | | Public | $9,138 | $9,678 | | Private nonprofit | $33,979 | $38,768 | | Private for-profit | $19,379 | $17,825 | | 2-year institutions | | | | Public | $3,506 | $3,970 | | Private nonprofit | $17,644 | $17,735 | | Private for-profit | $17,800 | $15,637 | - Average tuition and fees of degree-granting institutions for first-time, full-time undergraduate students, by level and control of institution: Academic years 2010–11 and 2021–22 (In constant 2021-2022 dollars) | Level of institution | Public | Private nonprofit | Private for-profit | | -------------------- | ------------------------------------------ | ----------------- | ------------------ | | 4-year institutions | $14,708 | $28,418 | $24,601 | | 2-year institutions | $8,391 | $20,753 | $24,279 | - Average net price for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid, by level and control of institution: Academic year 2020–21 (In constant 2021-2022 dollars) ### Quick Facts for College Costs - $26,000/year is the average cost paid per year to live on campus with no financial aid for a bachelor's degree. - The average cost, with financial aid factored in, is about $14,700/year for a bachelor's degree. - About 80% of undergraduate students enrolling in college for the first time attend college at an in-state university. [NCES](https://nces.ed.gov/ipeds/TrendGenerator/app/trend-table/11/150?trending=column&rid=175) ## Is a College Degree Economically Advantageous? ### Earnings Tables | Educational attainment | Dollars | | --------------------------------- | ------- | | All educational attainment levels | $50,000 | | Less than high school completion | $32,500 | | High school completion | $39,700 | | Some college, no degree | $41,000 | | Associate’s degree | $45,000 | | Bachelor’s or higher degree | $65,000 | | Bachelor’s degree | $61,600 | | Master’s or higher degree | $74,600 | - [NCES](https://nces.ed.gov/programs/coe/indicator/cba/annual-earnings) - Median salary of 25-34 year old full time workers from 2010-2021. | Educational attainment | Men | | Women | | | ---------------------- | ------------------------ | ------------------- | ------------------------ | ------------------- | | | Gross (without controls) | Net (with controls) | Gross (without controls) | Net (with controls) | | Less than high school | 1.13m | 1.18m | 0.51m | 0.59m | | High school graduate | 1.54m | 1.53m | 0.80m | 0.87m | | Some college | 1.76m | 1.7m | 1.01m | 1.04m | | Bachelor's degree | 2.43m | 2.19m | 1.43m | 1.32m | | Graduate degree | 3.05m | 2.68m | 1.86m | 1.69m | - [SSA](https://www.ssa.gov/policy/docs/research-summaries/education-earnings.html) - Estimated lifetime earnings by educational attainment (in millions of dollars) - SOURCE: Tamborini, Christopher R., ChangHwan Kim, and Arthur Sakamoto. 2015. “Education and Lifetime Earnings in the United States.” Demography 52: 1383–1407. - NOTES: Results are based on median regression using data from the 2004 Survey of Income and Program Participation (SIPP) and longitudinal records from the Social Security Administration. All content is simplified for presentation. Please see source material for full details and caveats. The findings and conclusions presented in this summary are those of the authors and do not necessarily represent the views of the agency. ![[Pasted image 20240318184233.png]] - [The Burning Glass Institute](https://static1.squarespace.com/static/6197797102be715f55c0e0a1/t/65d7705653660e652db98306/1708617815952/Talent+Disrupted+02222024.pdf) - Source: Burning Glass Institute analysis of American Community Survey, 2022. Calculated for workers ages 22–27 with a terminal bachelor's degree, employed full-time, year-round and not enrolled in school. ### Quick Facts for College Degree Worth - Bachelor's degree holders enjoy significant lifetime earnings premiums, even when accounting for those who fail to complete their degrees and using discounted present dollar value. - Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more. Men with graduate degrees earn $1.5 million more in median lifetime earnings than high school graduates. Women with graduate degrees earn $1.1 million more. - Applying a 4 percent annual real discount rate, the net present lifetime value at age 20 of a bachelor's degree relative to a high school diploma is $260,000 for men and $180,000 for women. For those with a graduate degree, it is $400,000 for men and $310,000 for women. - Even getting an Arts degree confers a decent wage premium (25%) over just high school work. - People who graduate college may have issues with underemployment, but they still enjoy significant wage premiums even when taking that into account. ## Are Trades Superior to Bachelor Degrees? ### Quick Facts for Trades vs Bachelor's Degrees - Trades don't seem to out-earn Bachelor degrees at all. [BLS earnings](https://www.bls.gov/oes/current/oes_nat.htm) - Some trades earnings - [Electricians](https://www.bls.gov/oes/current/oes472111.htm) - $65,280 - [Plumbers, Pipefitters, and Steamfitters](https://www.bls.gov/oes/current/oes472152.htm) - $65,190 - [Carpenters](https://www.bls.gov/oes/current/oes472031.htm) - $58,210 - [Welding, Soldering, and Brazing Machine Setters, Operators, and Tenders](https://www.bls.gov/oes/current/oes514122.htm) - $46,110 - [Heating, Air Conditioning, and Refrigeration Mechanics and Installers](https://www.bls.gov/oes/current/oes499021.htm) - $57,460 - Some BA+ jobs earnings - [Software Developers](https://www.bls.gov/oes/current/oes151252.htm) - $132,930 - [Accountants and Auditors](https://www.bls.gov/oes/current/oes132011.htm) - $86,740 - [Civil Engineers](https://www.bls.gov/oes/current/oes172051.htm) - $97,380 - [Industrial Engineers](https://www.bls.gov/oes/current/oes172112.htm) - $98,560 - [Elementary School Teachers, Except Special Education](https://www.bls.gov/oes/current/oes252021.htm) - $68,000 - [Middle School Teachers, Except Special and Career/Technical Education](https://www.bls.gov/oes/current/oes252022.htm) - $67,790 - [Secondary School Teachers, Except Special and Career/Technical Education](https://www.bls.gov/oes/current/oes252031.htm) - $69,480 ## Everything about Student Loans and Financial Aid ### [Financial Aid Tables](https://nces.ed.gov/programs/coe/indicator/cua) from the National Center for Education Statistics | Family income level | Average total cost | Average amount of grant and scholarship aid from all sources | Average net price | | ------------------- | ------------------ | ------------------------------------------------------------ | ------------------------------------------ | | Total | $24,301 | $9,593 | $14,708 | | $0-$30,000 | $22,691 | $13,186 | $9,505 | | $30,001-$48,000 | $23,638 | $12,682 | $10,956 | | $48,001-$75,000 | $24,338 | $9,538 | $14,800 | | $75,001-$110,000 | $25,299 | $5,441 | $19,858 | | $110,001 or more | $26,574 | $3,279 | $23,295 | - Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students paying in-state tuition and awarded Title IV aid at public 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars) | Family income level | Average total cost | Average amount of grant and scholarship aid from all sources | Average net price | | ------------------- | ------------------ | ------------------------------------------------------------ | ----------------- | | Total | $57,003 | $28,585 | $28,418 | | $0-$30,000 | $50,605 | $30,126 | $20,479 | | $30,001-$48,000 | $54,188 | $33,565 | $20,623 | | $48,001-$75,000 | $55,475 | $32,092 | $23,384 | | $75,001-$110,000 | $56,311 | $28,477 | $27,834 | | $110,001 or more | $60,901 | $23,970 | $36,931 | - Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid at private nonprofit 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars) | Family income level | Average total cost | Average amount of grant and scholarship aid from all sources | Average net price | | ------------------- | ------------------ | ------------------------------------------------------------ | ----------------- | | Total | $32,360 | $7,759 | $24,601 | | $0-$30,000 | $31,419 | $7,830 | $23,588 | | $30,001-$48,000 | $34,238 | $8,488 | $25,750 | | $48,001-$75,000 | $35,041 | $7,398 | $27,642 | | $75,001-$110,000 | $34,901 | $6,397 | $28,504 | | $110,001 or more | $36,269 | $7,497 | $28,772 | - Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid at private for-profit 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars) 1. What does the financial aid situation look like? 1. How easy is it to qualify? 2. How much do people get? 2. What % of Students need to borrow? 3. How much do people on average borrow for school? 4. How long does it take to pay back student loans? 5. What are the average loan terms? ## US Education vs the Rest of the World 1. How do US students compare to the rest of the world? 2. How do US colleges compare to the rest of the world? ## College Indoctrination 1. Do colleges brainwash people? ## What Should the Advice be to Adolescents about College? 1. Is it worth it to take a year off after high school? - https://www.theatlantic.com/business/archive/2015/07/college-major-rich-families-liberal-arts/397439/ - https://libertystreeteconomics.newyorkfed.org/2014/09/the-value-of-a-college-degree/ - https://libertystreeteconomics.newyorkfed.org/2019/06/despite-rising-costs-college-is-still-a-good-investment/ - https://www.newyorkfed.org/research/college-labor-market#--:explore:unemployment - https://www.economist.com/international/2023/04/03/was-your-degree-really-worth-it