Con Arguments
Con Arguments
(Go to Pro Arguments)Con 1: College is no guarantee of a job or a better life.
Many college graduates are employed in jobs that do not require college degrees. A staggering 52 percent of college graduates had jobs that did not require their degrees, and 75 percent remain in those jobs for a decade after graduation. [274]
“Having a bachelor’s used to be more rare and candidates with the degree could therefore be more choosy and were more expensive to hire. Today, that is no longer the case,” says Rita McGrath, associate professor at Columbia Business School. A high unemployment rate shifts the supply and demand to the employers’ favor and has made master’s degrees the “new bachelor’s degrees.” In short, too many students earning degrees has diluted the value of a bachelor’s degree.[68] [69]
Plus, college degrees do not guarantee learning or job preparation. A 2023 survey of 800 business professionals found “63 percent saying that recent graduates frequently can’t handle their workload, 61 percent saying they are frequently late to work, 59 percent saying they often miss deadlines and assignments, 58 percent saying that they get offended too easily, 57 percent saying they lack professionalism, 53 percent saying they struggle with eye contact during interviews and 52 percent saying they have poor communication skills.” [275]
“I don’t think there’s anything wrong with college itself—college is the right choice for a lot of people. The problem is the attitude that if you want to be successful, you have to go to college—that it’s the golden ticket. We’ve all heard this song and dance through our already confusing high school years. It’s college or bust—college or driving an Uber for the rest of your life. Frankly, that’s the stupidest thing I’ve ever heard. I didn’t go to college, and guess what—I don’t drive for Uber. I have a beautiful family, a wildly rewarding life, and a business that just made the Inc. 5000 list for fastest-growing companies in the United States. So, yeah, college is not the only path to success,” explained CEO of Windy City Equipment Service Josh Zolin. [276]
Con 2: Student loan debt strains college graduates, their families, and society.
In spring 2024 there were more than 17.8 million college students in the United States, and borrowers owed $1.75 trillion in total student debt. [271]
Tuition has risen quicker than income, making college unaffordable for many and forcing students to take out loans. The average annual income for men increased 18 percent from 1971 to 2023 and 132 percent for women. However, the average annual tuition rates for public colleges increased about 129 percent in the same time and about 156 percent for private colleges, making college unaffordable for most average people.
A study found that 14 percent of community college students were homeless and 51 percent had housing insecurity issues (inability to pay rent or utilities, for example), while 33 percent experienced food insecurity (lack of access to or ability to pay for “nutritionally adequate and safe foods”), though 58 percent of the students were employed and 42 percent received federal Pell Grants. [111] [112] [113]
Furthermore, student loan debt often forces college graduates to live with their parents and delay marriage, financial independence, and other adult milestones, especially for millennials. In 2013, when the generations was in their late 20s to early 40s, only about 20 percent were homeowners, and most millennials said their student debt has delayed home ownership by seven years on average. Student loan borrowers delayed saving for retirement (41 percent), car purchases (40 percent), home purchases (29 percent), and marriage (15 percent). Fewer than 50 percent of women and 30 percent of men had passed the “transition to adulthood” milestones by age 30 (finishing school, moving out of their parents’ homes, being financially independent, marrying, and having children). By contrast, in 1960, 77 percent of women and 65 percent of men had completed these milestones by age 30. [38] [39] [121]
Student debt also overwhelms many seniors. Whether they cosigned for a child or grandchild’s education, or took out loans for their own educations, there were 7.2 million student loan borrowers aged 50 and over who collectively owed $400.3 billion. About 8 percent were more than 90 days delinquent in payments. A significant percentage of older borrowers in default were having a portion of their Social Security payments garnished by the U.S. government. [277] [278]
Student loan debt may not be forgiven in bankruptcy and may not have the same borrower protections as other consumer debt. Medical, legal, credit card, loan, and even gambling debt can immediately be discharged in bankruptcy, but getting student loan debt discharged is much more difficult and rare. Private student loans often do not have the same protections as federal loans like income-based repayments, discharges upon death, or military deferments. [61] [70] [71]
Plus, student debt could cause a larger, more general financial crisis for the country. According to the National Association of Consumer Bankruptcy Attorneys, student loans are “beginning to have the same effect” on the economy that the housing bubble and crash created. Former Secretary of Education William Bennett agrees that the student loan debt crisis “is a vicious cycle of bad lending policies eerily similar to the causes of the subprime mortgage crisis.” An advisory council to the Federal Reserve also warned that the growth in student debt “has parallels to the housing crisis.”[61] [62] [63] [64] [65]
Con 3: Many people would be better served learning a trade or pursuing work than attending college.
Trade professions are necessary for society to function, require less than four years of training, and often pay above average wages. The high number of young adults choosing college over learning a trade has created a “skills gap” in the U.S., and there is now a shortage of “middle-skill” trade workers like machinists, electricians, plumbers, and construction workers. One survey of U.S. manufacturers found that 67 percent reported a “moderate to severe shortage of talent.” According to the Bureau of Labor Statistics, “middle-skill” jobs made up 45 percent of projected job openings, but only 25 percent of the workforce had the skills to fill those jobs. [53] [54] [55]
As of June 2025, about 400,000 manufacturing jobs were unfilled thanks to a scarcity of skilled trade workers. “We spent three generations telling everybody that if they didn’t go to college, they are a loser,” said Ron Hetrick, an economist with Lightcast, a company that provides labor data to universities and industry. “Now we are paying for it. We still need people to use their hands.” [292]
David Gitlin, the chairman and chief executive of Carrier Global, a heating and cooling company, noted that AI (artificial intelligence) servers require about four cooling service technicians per chiller (the cooling system to ensure the servers do not overheat). He said “We have 425,000 technicians today” in the whole of the heating and cooling industry, but with the rise of AI, “we are going to need to hire another four to five hundred thousand over the next 10 years.” [292]
In fact, KIPP charter schools, which have long promoted “college starts in kindergarten,” have shifted focus to “broaden the celebration” of achievements after high school. KIPP joins the International Baccalaureate Organization and other groups that are rethinking college as an asset for everyone. [289]
Con 4: College is no longer a place for unbiased curiosity and learning.
Whether conservative or liberal, “when universities become overtly political, and tilt too far toward one end of the spectrum, they’re denying students and faculty the kind of open-ended inquiry and knowledge-seeking that has long been the basis of American higher education’s success. They’re putting its future at risk,” said New York Times columnist Pamela Paul. [279]
Americans are simultaneously convinced that higher education is placing “too much concern [on] protecting students from views they might find offensive” and that “professors are bringing their political and social views into the classroom.” About 59 percent of American adults believe college politics lean toward one side. [280]
Students are also bringing their strong political viewpoints to campus. Students with liberal views are avoiding colleges in conservative states that have limited abortion access, higher rates of racial inequality, lower levels of LGBTQ+ protections, and a lack of gun control laws. And students with conservative views are avoiding colleges in states with legal abortion, laws protecting people of color and the LGBTQ+ community, and gun restrictions. Almost 30 percent of students from all political backgrounds were concerned about political opinions being silenced and canceled on college campuses. “Perhaps reflecting the drift toward broad political polarization in the U.S. (and elsewhere), we found that students’ gender, race, household income, or region of residence did not arise as statistically significant predictors marking student comfort levels around attending a school in a state they perceive as having an undesirable political landscape,” explain the authors of an Art & Science Group survey. [281]
This climate makes students quick to judge and slow to understand because they’re not taking the opportunity to learn from people of varying political, cultural, social, or economic backgrounds. Living and learning in a political bubble only feeds confirmation bias and makes for more fervent, less tolerant political beliefs.[282]
Instead, students need to experience the real world, where not everyone agrees but where most don’t yell about their politics.
Top wealthiest Americans with and without college degrees
(rankings from 2025 Forbes ”World’s Billionaires List 2025: The Top 200”)
The cumulative wealth of the top ten wealthiest Americans with College Degrees is about $1.474 trillion.
The cumulative wealth of the top ten wealthiest Americans without College Degrees is about $760.5 billion.
The cumulative wealth of the top ten American billionaires with college degrees is 94 percent more than the cumulative earnings of those without college degrees.
| With college degrees | Without college degrees | |
|---|---|---|
| Source: Chase Peterson-Withorn, “Forbes World’s Billionaires List 2025: The Top 200,” forbes.com, April 1, 2025 | ||
| 1. | Elon Musk B.A. in physics B.A. in economics University of Pennsylvania Worth $342 billion via Tesla, SpaceX, and other companies 2025 Forbes rank #1 | Mark Zuckerberg Dropped out Harvard University Worth $216 billion via Meta 2025 Forbes rank #2 |
| 2. | Jeff Bezos B.A. in science Princeton University Worth $215 billion via Amazon 2025 Forbes rank #3 | Larry Ellison Dropped out University of Chicago University of Illinois Urbana-Champaign Worth $192 billion via Oracle and other software 2025 Forbes rank #4 |
| 3. | Warren Buffett M.S. in economics Columbia Business School Worth $154 billion via Berkshire Hathaway 2025 Forbes rank #6 | Bill Gates Dropped out Harvard University Worth $108 billion via Microsoft 2025 Forbes rank #13 |
| 4. | Larry Page M.S. in computer science Stanford University Worth $144 billion via Google 2024 Forbes rank #7 | Michael Dell Dropped out University of Texas at Austin Worth $97.7 billion via Dell 2025 Forbes rank #17 |
| 5. | Sergey Brin M.S. in computer science Stanford University Worth $138 billion via Google 2025 Forbes rank #8 | Thomas Peterffy Dropped out New York University Worth $57.3 billion via Interactive Brokers 2025 Forbes rank #27 |
| 6. | Steve Ballmer B.A. in applied mathematics and economics Harvard University Worth $118 billion via Microsoft 2025 Forbes rank #10 | Diane Hendricks Did not attend college Worth $21.9 billion via ABC Supplies 2025 Forbes rank #92 |
| 7. | Michael Bloomberg M.B.A. Harvard Business School Worth $105 billion via Bloomberg LP 2025 Forbes Rank #14 | Christy Walton Did not attend college Worth $18.5 billion via Walmart 2025 Forbes rank #109 |
| 8. | Alice Walton B.A./B.S. in science Trinity University Worth $101 billion via Walmart 2025 Forbes rank #15 | Dustin Moskovitz Dropped out Harvard University Worth $17 billion via Facebook and Asana 2025 Forbes rank #119 |
| 9. | Jensen Huang B.S. in engineering Oregon State University M.S. in engineering Stanford University Worth $98.7 billion via Nvidia 2025 Forbes rank # 16 | Jan Koum Dropped out San Jose State University Worth $16.5 billion via WhatsApp 2025 Forbes rank #128 |
| 10. | Jeff Yass B.S. in mathematics and engineering Binghamton University Worth $59 billion via Susquehanna International Group 2025 Forbes rank #25 | Eric Smidt Did not attend college Worth $15.6 billion via Harbor Freight Tools 2025 Forbes rank #136 |
(*Several families appear as collective units on the Forbes list. Because the wealth is split among multiple people and this list is about individual wealth as related to college degrees, we have not included the families on this list.)
Slideshow: College educations of U.S. presidents
Of the 45 U.S. presidents, 32 had college degrees and 13 did not. Eight presidents did not attend college, five attended college but did not earn a degree, 21 graduated college with undergraduate degrees only, and 11 earned graduate degrees.
| President | Dates in office | College education | |
|---|---|---|---|
| 1. | George Washington[150] [193] [236] | April 30, 1789–March 4, 1797 | Surveyor’s certificate from the College of William & Mary |
| 2. | John Adams[161] [204] [247] | March 4, 1797–March 4, 1801 | A.B., Harvard College, 1755 A.M., Harvard College, 1758 |
| 3. | Thomas Jefferson[172] [215] [259] | March 4, 1801–March 4, 1809 | Attended College of William & Mary, March 25, 1760–April 1762 |
| 4. | James Madison[158] [201] [259] | March 4, 1809–March 4, 1817 | B.A., College of New Jersey (Princeton University), 1771 |
| 5. | James Monroe[159] [202] [245] | March 4, 1817–March 4, 1825 | Attended College of William & Mary, 1774–75 |
| 6. | John Quincy Adams[163] [206] [249] | March 4, 1825–March 4, 1829 | A.B., Harvard College, 1787 AM, Harvard College, 1790 Attended Leiden University |
| 7. | Andrew Jackson[137] [181] [224] | March 4, 1829–March 4, 1837 | No college education |
| 8. | Martin Van Buren[166] [209] [253] | March 4, 1837–March 4, 1841 | No college education |
| 9. | William Henry Harrison[175] [218] [262] | March 4, 1841–April 4, 1841 | Attended Presbyterian Hampden-Sydney College, 1787–90 Attended University of Pennsylvania, 1790–91 |
| 10. | John Tyler[164] [207] [250] | April 4, 1841–March 4, 1845 | Graduated College of William and Mary, 1807 |
| 11. | James K. Polk[157] [200] [243] | March 4, 1845–March 4, 1848 | Graduated University of North Carolina, May 1818 |
| 12. | Zachary Taylor[179] [222] [166] | March 4, 1849–July 9, 1859 | No college education |
| 13. | Millard Fillmore[167] [210] [254] | July 9, 1850–March 4, 1853 | No college education |
| 14. | Franklin Pierce[147] [190] [233] | March 4, 1853–March 4, 1857 | Graduated Bowdoin College, 1824 Attended Northhampton Law School |
| 15. | James Buchanan[156] [199] [242] | March 4, 1857–March 4, 1861 | Graduated Dickinson College, September 19, 1809 |
| 16. | Abraham Lincoln[136] [180] [223] | March 4, 1861–April 15, 1865 | No college education |
| 17. | Andrew Johnson[138] [182] [225] | April 15, 1865–March 4, 1869 | No college education |
| 18. | Ulysses S. Grant[173] [216] [260] | March 4, 1868–March 4, 1877 | Graduated U.S. Military Academy, West Point, 1843 |
| 19. | Rutherford B. Hayes[170] [213] [257] | March 4, 1877–March 4, 1881 | Graduated Kenyon College, 1842 LL.B., Harvard Law School, 1845 |
| 20. | James A. Garfield[155] [198] [241] | March 4, 1881–September 19, 1881 | Attended Western Reserve Eclectic Institute (Hiram College), 1851–54 Graduated Williams College, 1856 |
| 21. | Chester A. Arthur[143] [187] [230] | September 19, 1881–March 4, 1885 | Graduated Union College, 1848 Attended State and National Law College, 1853 |
| 22. | Grover Cleveland[152] [195] [238] | March 4, 1884–March 4, 1889 | No college education |
| 23. | Benjamin Harrison[140] [184] [227] | March 4, 1889–March 4, 1893 | Graduated Miami University, 1852 |
| 24. | Grover Cleveland[152] [195] [238] | March 4, 1893–March 4, 1897 | No college education |
| 25. | William McKinley[177] [220] [264] | March 4, 1897–September 14, 1901 | Attended Allegheny College, 1860 Attended Albany Law School, 1866 |
| 26. | Theodore Roosevelt[171] [214] [258] | September 14, 1901–March 4, 1909 | A.B., Harvard University, 1880 Attended Columbia Law School (posthumous J.D. awarded in 2008, class of 1882) |
| 27. | William Howard Taft[176] [219] [263] | March 4, 1909–March 4, 1913 | Graduated Yale College, 1878 LL.B., Cincinnati Law School, 1880 |
| 28. | Woodrow Wilson[178] [221] [265] | March 4, 1913–March 4, 1921 | Attended Davidson College, 1873–74 Graduated Princeton University, 1879 Attended University of Virginia, 1881 Ph.D., history and political science, Johns Hopkins University, 1886 |
| 29. | Warren G. Harding[174] [217] [261] | March 4, 1921–August 2, 1923 | B.S., printing and newspaper trade, Ohio Central College, 1882 |
| 30. | Calvin Coolidge[142] [186] [229] | August 2, 1923–March 4, 1929 | Graduated Amherst College, 1895 |
| 31. | Herbert Hoover[154] [197] [240] | March 4, 1929–March 4, 1933 | Graduated, geology, Stanford University, 1895 |
| 32. | Franklin D. Roosevelt[146] [189] [232] | March 4, 1933–April 12, 1945 | A.B., history, Harvard University Attended Columbia Law School, 1904–07 (posthumous J.D. awarded in 2008, class of 1907) |
| 33. | Harry S. Truman[153] [196] [239] | April 12, 1945–January 20, 1953 | Attended Spalding’s Commercial College, 1901 Attended Kansas City Law School, 1923–25 |
| 34. | Dwight D. Eisenhower[145] [188] [231] | January 20, 1953–January 20, 1961 | Graduated U.S. Military Academy, West Point, 1915 |
| 35. | John F. Kennedy[162] [205] [248] | January 20, 1961–November 22, 1963 | B.S., international affairs, Harvard University, 1940 Attended Stanford Graduate School of Business, 1940 |
| 36. | Lyndon B. Johnson[165] [208] [252] | November 22, 1963–January 20, 1969 | B.S., Southwest Texas State Teachers’ College (Texas State University), 1930 Attended Georgetown University Law School, 1934 |
| 37. | Richard Nixon[168] [211] [255] | January 20, 1969–August 9, 1974 | Graduated Whittier College, 1934 J.D., Duke University Law School, 1937 |
| 38. | Gerald Ford[151] [194] [237] | August 9, 1974–January 20, 1977 | B.A., economics, University of Michigan, 1935 LL.B., Yale University, 1941 |
| 39. | Jimmy Carter[160] [203] [246] | January 20, 1977–January 20, 1981 | B.S., Naval Academy, 1946 Graduate work in reactor technology and nuclear physics, Union College |
| 40. | Ronald Reagan[169] [212] [256] | January 20, 1981–January 20, 1989 | B.A., economics and sociology, Eureka College, 1932 |
| 41. | George H.W. Bush[148] [191] [234] | January 20, 1989–January 20, 1993 | B.A., economics, Yale University, 1948 |
| 42. | Bill Clinton[141] [185] [228] | January 20, 1993–January 20, 2001 | B.S., foreign service, Georgetown University, 1968 Rhodes scholar, University of Oxford, 1968 J.D., Yale University, 1973 |
| 43. | George W. Bush[149] [192] [235] | January 20, 2001–January 20, 2009 | B.A., history, Yale University, 1968 M.B.A., Harvard Business School, 1975 |
| 44. | Barack Obama[139] [183] [226] | January 20, 2009–January 20, 2017 | attended Occidental College, 1979-1981 B.A., political science, Columbia University, 1983 J.D., Harvard Law School, 1991 |
| 45. | Donald Trump[144] | January 20, 2017–January 20, 2021 | Attended Fordham University, 1964–66 B.S., economics, Wharton School of the University of Pennsylvania, 1968 |
| 46. | Joe Biden[251] | January 20, 2021–January 20, 2025 | B.A., history and political science, University of Delaware, 1965 J.D., Syracuse University, 1968 |
| 47. | Donald Trump[144] | January 20, 2025–January 20, 2029 | Attended Fordham University, 1964–66 B.S., economics, Wharton School of the University of Pennsylvania, 1968 |
Highest and lowest tuitions of ranked U.S. colleges and universities
U.S. News & World Report ranks colleges annually. Below are the colleges and universities with the highest and lowest tuitions among those ranked in the 2022–23 list. Note that U.S. News & World Report ranks colleges and universities in several separate lists (national universities, national liberal arts colleges, etc.), and we have indicated on which list the school is ranked below.
Top ten highest tuitions among U.S. News & World Report-ranked schools
| Tuition and Fees | College/University | U.S. News & World Report rank |
|---|---|---|
| Source: U.S. News & World Report, “Search U.S. News Best Colleges,” usnews.com (accessed January 13, 2025) | ||
| $71,647 | University of Southern California | #27 in National Universities |
| $71,312 | Brown University | #13 in National Universities |
| $71,030 | Vassar College | #12 in National Liberal Arts Colleges |
| $70,794 | Franklin & Marshall College | #31 in National Liberal Arts Colleges |
| $70,770 | Trinity College | #36 in National Liberal Arts Colleges |
| $70,704 | Tufts University | #37 in National Universities |
| $70,702 | Boston College | #37 in National Universities |
| $70,480 | Amherst College | #2 in National Liberal Arts Colleges |
| $70,398 | Haverford College | #24 in National Liberal Arts Colleges |
| $70,306 | Colgate University | #22 in National Liberal Arts Colleges |
Top ten lowest tuitions among U.S. News & World Report-ranked schools
| Tuition/Fees | College/University | U.S. News & World Report rank |
|---|---|---|
| Source: U.S. News & World Report, “Search U.S. News Best Colleges,” usnews.com (accessed January 13, 2025) | ||
| $726 | Berea College | #40 in National Liberal Arts Colleges |
| $2,505 | University of Holy Cross | #101 in Regional Universities South |
| $6,688 | Brigham Young University | #109 in National Universities |
| $7,519 | Louisiana State University, Shreveport | #95 in Regional Universities South |
| $7,584 (out-of-state) $3,584 (in-state) | Fayetteville State University | #62 in Regional Universities South |
| $7,648 (out-of-state) $3,648 (in-state) | University of North Carolina, Pembroke | #41 in Regional Universities South |
| $7,923 | Wayne State College | #96 in Regional Universities Midwest |
| $8,492 | Mississippi University for Women | #34 in Regional Universities South |
| $8,605 | Delta State University | #51inRegional Universities South |
| $8,630 (out-of-state) $4,630 (in-state) | Western Carolina University | #231 in National Universities |
Median incomes v. average college tuition rates
A frequent argument both for and against college is future earnings of college graduates versus the potential income lost while at college. Below are median annual incomes for men and women as compared to average annual tuitions from 1971–2024. In terms of academic years (fall/spring), the year in the table corresponds to the fall term (i.e., 2024 is the 2024–25 school year).
| Median annual income (2023 dollars) | Average annual tuition, room and board, and fees (2024 dollars) | |||
|---|---|---|---|---|
| Year | Men | Women | At a four-year private nonprofit college or university | At a four-year public nonprofit college or university |
| Sources: College Board, “Trends in College Pricing,” research.collegeboard.org, October 2024 U.S. Census Bureau, “Historical Income Tables: People,” census.gov, December 3, 2024 | ||||
| 2024 | -- | -- | $58,600 | $24,920 |
| 2023 | 51,350 | 35,410 | $58,130 | $24,820 |
| 2022 | 50,380 | 34,090 | $57,930 | $25,010 |
| 2021 | 51,420 | 34,640 | $59,920 | $26,320 |
| 2020 | 49,950 | 34,410 | $61,390 | $27,050 |
| 2019 | 52,380 | 34,760 | $61,270 | $26,970 |
| 2018 | 49,920 | 32,480 | $60,410 | $26,770 |
| 2017 | 49,430 | 31,690 | $60,230 | $26,640 |
| 2016 | 48,400 | 31,000 | $59,350 | $26,370 |
| 2015 | 46,660 | 29,860 | $58,150 | $25,940 |
| 2014 | 45,570 | 27,920 | $56,330 | $25,120 |
| 2013 | 44,850 | 28,170 | $55,230 | $24,780 |
| 2012 | 43,690 | 27,730 | $53,970 | $24,380 |
| 2011 | 43,330 | 27,720 | $53,020 | $23,960 |
| 2010 | 43,620 | 28,140 | $52,540 | $23,310 |
| 2009 | 44,180 | 28,770 | $51,350 | $22,310 |
| 2008 | 45,340 | 28,530 | $49,310 | $20,970 |
| 2007 | 47,060 | 29,660 | $48,460 | $20,540 |
| 2006 | 46,910 | 29,100 | $47,520 | $20,010 |
| 2005 | 46,790 | 27,790 | $46,230 | $19,490 |
| 2004 | 46,980 | 27,200 | $45,680 | $18,920 |
| 2003 | 47,230 | 27,230 | $44,490 | $17,980 |
| 2002 | 47,100 | 27,080 | $43,430 | $16,880 |
| 2001 | 47,460 | 27,100 | $42,320 | $16,020 |
| 2000 | 47,270 | 26,810 | $40,570 | $15,400 |
| 1999 | 47,080 | 26,400 | $40,500 | $15,230 |
| 1998 | 46,650 | 25,410 | $39,430 | $14,970 |
| 1997 | 45,000 | 24,460 | $37,890 | $14,620 |
| 1996 | 43,450 | 23,360 | $36,760 | $14,290 |
| 1995 | 42,220 | 22,700 | $35,820 | $13,890 |
| 1994 | 41,610 | 21,960 | $34,970 | $14,030 |
| 1993 | 41,310 | 21,620 | $34,350 | $13,500 |
| 1992 | 41,030 | 21,490 | $33,650 | $13,050 |
| 1991 | 42,100 | 21,550 | $32,730 | $12,570 |
| 1990 | 43,260 | 21,470 | $32,400 | $12,190 |
| 1989 | 44,470 | 21,510 | $31,820 | $11,960 |
| 1988 | 44,120 | 20,730 | $30,960 | $11,840 |
| 1987 | 43,040 | 20,070 | $28,920 | $11,610 |
| 1986 | 42,810 | 19,040 | $28,230 | $11,610 |
| 1985 | 41,470 | 18,350 | $25,980 | $11,270 |
| 1984 | 41,010 | 18,060 | $25,550 | $11,130 |
| 1983 | 40,080 | 17,310 | $24,470 | $10,820 |
| 1982 | 39,810 | 16,800 | $23,210 | $10,420 |
| 1981 | 40,780 | 16,520 | $21,870 | $9,920 |
| 1980 | 41,550 | 16,310 | $21,310 | $9,720 |
| 1979 | 43,370 | 16,020 | $21,680 | $10,080 |
| 1978 | 44,080 | 16,400 | $22,210 | $10,360 |
| 1977 | 43,590 | 16,970 | $21,980 | $10,570 |
| 1976 | 43,220 | 16,400 | $21,970 | $10,710 |
| 1975 | 42,900 | 16,400 | $21,490 | $10,390 |
| 1974 | 44,370 | 16,180 | $21,790 | $10,510 |
| 1973 | 46,450 | 16,120 | $22,780 | $11,320 |
| 1972 | 45,580 | 15,900 | $23,220 | $11,650 |
| 1971 | 43,650 | 15,230 | $22,730 | $10,940 |
Student loan debt compared to other household debt
American student loan debt rose from $350 billion to $1.61 trillion between 2004 and 2024. Student loan debt was the second-highest household debt from 2010 through 2022, surpassed only by housing loans. However, in 2023 and 2024, auto loan debt exceeded student loan debt.
| Year | Student loans | Other debt | Credit cards | Auto loans | Housing loans |
|---|---|---|---|---|---|
| Source: Federal Reserve Bank of New York, Center for Microeconomic Data, “Household Debt and Credit Reports,” newyorkfed.org, 2024 | |||||
| 2024 | $1.61 | $0.55 | $1.17 | $1.64 | $12.98 |
| 2023 | $1.6 | $0.55 | $1.13 | $1.61 | $12.61 |
| 2022 | $1.6 | $0.51 | $0.99 | $1.55 | $12.26 |
| 2021 | $1.58 | $0.44 | $0.86 | $1.46 | $11.25 |
| 2020 | $1.55 | $0.42 | $0.82 | $1.37 | $10.39 |
| 2019 | $1.51 | $0.43 | $0.93 | $1.33 | $9.95 |
| 2018 | $1.46 | $0.41 | $0.87 | $1.27 | $9.54 |
| 2017 | $1.38 | $0.39 | $0.83 | $1.22 | $9.33 |
| 2016 | $1.31 | $0.38 | $0.78 | $1.16 | $8.95 |
| 2015 | $1.23 | $0.35 | $0.73 | $1.06 | $8.74 |
| 2014 | $1.16 | $0.34 | $0.70 | $0.95 | $8.68 |
| 2013 | $1.08 | $0.32 | $0.68 | $0.86 | $8.58 |
| 2012 | $0.97 | $0.32 | $0.68 | $0.78 | $8.60 |
| 2011 | $0.87 | $0.33 | $0.70 | $0.73 | $8.90 |
| 2010 | $0.81 | $0.34 | $0.73 | $0.71 | $9.12 |
| 2009 | $0.72 | $0.38 | $0.80 | $0.72 | $9.55 |
| 2008 | $0.64 | $0.41 | $0.87 | $0.79 | $9.96 |
| 2007 | $0.55 | $0.42 | $0.84 | $0.81 | $9.75 |
| 2006 | $0.48 | $0.41 | $0.77 | $0.82 | $8.84 |
| 2005 | $0.39 | $0.42 | $0.74 | $0.79 | $7.67 |
| 2004 | $0.35 | $0.42 | $0.72 | $0.73 | $6.83 |
Highest-paying jobs and fastest growing jobs
All but one of the top 20 highest paying jobs in 2021 required a doctorate or professional degree (such as an M.D. or RN), while only one of the fastest growing jobs required such a degree.
Conversely, two of the 27 fastest growing jobs required licensing or no degree, 12 required a high-school diploma (or GED) or no formal education, 11 required a bachelor’s or associate’s degree, and one required a master’s degree. 5 percent was the average rate of job growth.
Top 20 highest-paying jobs
All of the top 20 highest paying jobs require doctoral or professional degrees.
| Job | Annual median pay |
|---|---|
| Bureau of Labor Statistics, “Occupational Outlook Handbook: Highest Paying Occupations,” bls.gov, August 29, 2024 | |
| Anesthesiologists | $239,200 |
| Orthodontists | $239,200 |
| Oral and maxillofacial surgeons | $239,200 |
| Surgeons, all other | $239,200 |
| Pediatric surgeons | $239,200 |
| Orthopedic surgeons, except pediatric | $239,200 |
| Ophthalmologists, except pediatric | $239,200 |
| Radiologists | $239,200 |
| Psychiatrists | $239,200 |
| Physicians, pathologists | $239,200 |
| Obstetricians and gynecologists | $239,200 |
| Neurologists | $239,200 |
| Emergency medicine physicians | $239,200 |
| Dermatologists | $239,200 |
| Cardiologists | $239,200 |
| Physicians, all other | $236,000 |
| Prosthodontists | $234,000 |
| Dentists, all other specialists | $227,690 |
| Family medicine physicians | $224,640 |
| General internal medicine physicians | $223,310 |
Top 20 jobs with “much faster than average” growth
| Job | Annual median pay | Entry-level degree required |
|---|---|---|
| Source: Bureau of Labor Statistics, “Occupational Outlook Handbook: Occupation Finder,” bls.gov, August 29, 2024 | ||
| Animal caretakers | Less than $37,500 | High school diploma or equivalent |
| Bartenders | Less than $37,500 | No formal educational credential |
| Computer and information systems managers | $100,000 or more | Bachelor’s degree |
| Computer occupations, all other | $100,000 or more | Bachelor’s degree |
| Computer systems analysts | $100,000 or more | Bachelor’s degree |
| Cooks, restaurant | Less than $37,500 | No formal educational credential |
| Data scientists | $100,000 or more | Bachelor’s degree |
| Electricians | $50,000 to $74,999 | High school diploma or equivalent |
| Financial managers | $100,000 or more | Bachelor’s degree |
| Health specialties teachers, postsecondary | $100,000 or more | Doctoral or professional degree |
| Home health and personal care aides | Less than $37,500 | High school diploma or equivalent |
| Industrial machinery mechanics | $50,000 to $74,999 | High school diploma or equivalent |
| Information security analysts | $100,000 or more | Bachelor’s degree |
| Light truck drivers | $37,500 to $49,999 | High school diploma or equivalent |
| Management analysts | $75,000 to $99,999 | Bachelor’s degree |
| Medical and health services managers | $100,000 or more | Bachelor’s degree |
| Medical assistants | $37,500 to $49,999 | Postsecondary nondegree award |
| Nurse practitioners | $100,000 or more | Master’s degree |
| Personal financial advisors | $75,000 to $99,999 | Bachelor’s degree |
| Software developers | $100,000 or more | Bachelor’s degree |
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Discussion questions
- Is a college education worth it? Consider various ideas of worth, including financial, educational, political, and social. Explain your answers.
- Should college be tuition-free? Why or why not?
- Should college be more accessible to everyone? Consider various avenues of accessibility, including financial, educational, political, and social. Explain your answers.
- What questions do you have after reading the debate above? Where might you find answers?
- What was the most interesting thing you learned from this debate?
- Consider how you felt about the issue before reading this article. After reading the pros and cons on this topic, has your thinking changed? How and why?. If your thoughts have not changed, explain how and why you better understand the other side of the debate.
- Push for the position and policies you support by writing local officials, U.S. senators and representatives, or other people in a position to make the change you champion.
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