When parents and prospective students choose colleges, they come across numerous statistics that can help guide their decision. The most popular is probably the acceptance rate, which reflects how exclusive a school is. Many assume that the lower the acceptance rate, the better the school.
Others may compare a school’s four-year graduation rate. Real data nerds might even go so far as to look at income after graduation.
While these statistics aren’t necessarily bad, they don’t answer the most important question when choosing the right school: Will this investment pay off in the long run?
At its core, college is an investment. The opportunity cost typically includes tuition, living expenses, and four whole years of one’s life.
These costs can be substantial. Tuition has increased by over 1,200% since 1980, with the average annual tuition now costing over $35,000 at private four-year institutions. The hope, of course, is that one will make this money back by landing a higher-paying job that wouldn’t have been possible without a college degree.
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Author: Dillon B
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