The immediate debt gained in paying the high cost of a four-year college degree just isn’t worth it for more than half those footing the bill according new research conducted by Kaplan Test Prep and MONEY magazine.
In a survey of more than 500 parents of prospective college students, just 21 percent agree that “the cost of a four-year college degree today is clearly justified for the value it delivers.” On the other hand, 58 percent disagreed, according to a report from Kaplan on the survey done in October.
When 235 high school counselors were asked whether the cost of college is justified for the value, 37 percent said they felt strongly that it is. In 2014 the Federal Reserve Bank of New York reported that people with a bachelor's degree earn about $1 million more than high school graduates during their careers.
The Kaplan survey revealed that a reason behind the reservations about value-for-cost seems to be the “immediacy,” of the financial pressures that comes with college costs.
“We know from talking to parents and high school counselors that the takeaway isn’t that they don’t believe in the value of a college degree -- they’re really concerned about the high sticker price. This is understandable since for many, it’s a hefty investment that brings immediate debt but not necessarily immediate return,” Michael Boothroyd, executive director of college admissions programs for Kaplan Test Prep said in a statement.