The link between higher education and career outcomes is a thorny issue, one that is difficult to unravel and one that deserves our attention. So what is the rate of return for studying abroad in today’s society? How to choose a university to achieve the highest return rate? Follow me to find out more, welcome to read.

Foreword: With student loan debt spiraling out of control, it is more important than ever for future college students to be helped to decide where and what to study, based on their likely career prospects. How much debt to take on. To this end, PayScale publishes two annual reports on higher education, the PayScale College ROI Report and the PayScale College Salary Report. But questions surrounding the value of a college degree go far beyond alumni salaries and return on investment. The following are the details:

Question 1: Is it worth studying at a foreign university? Yes, this is a complex issue.

This has always been a question, and as an economist and higher education researcher, I can wholeheartedly say yes. The data is clear: at least some people with a foreign university education make more money than just others. Let’s not forget the non-monetary rewards, such as better working conditions, lower disability rates and greater civic engagement. However, the conversation becomes more complicated as research points to another important fact: Yes, attending college abroad is worth it, but not always. We no longer believe that all education is a financially sound investment. Any student's answer depends on three important factors: college attended, field of study, and cost or debt incurred.

First, as we see from the Payscale data, students differ in the colleges they attend. But these recent figures underscore longer-term trends. In a 1999 study, a co-author and I documented increases in inequality among college-educated workers. While those near the top of the income distribution (i.e., the 90th percentile) experienced higher returns to education over time, after accounting for inflation, those near the bottom of the distribution (i.e., the 10th percentile) experienced higher returns to education in 1995 Earnings are lower than in 1972 Our examination of the reasons behind these changes highlights the important role of increased segregation in higher education, where top students are increasingly concentrated in institutions with greater resources.

However, selectivity ratings alone do not necessarily predict which schools have the highest student success rates. A 2009 study documented that graduation rates are affected not only by college selectivity, but also across selective groups. For example, among colleges rated as "very competitive," six-year graduation rates averaged from 30 at the bottom 10 schools to 82 at the top 10 schools. Selectivity does not necessarily guarantee high-level degree completion.

A large part of the problem in understanding which colleges are good investments is the lack of good measures of college quality. Most existing measures rely heavily on students' academic achievement before entering a college campus. At the same time, there are few measures of the quality of the higher education learning experience or the value added to students. Therefore, we rely on metrics such as earnings and loan default rates. While it is helpful to use this information to determine the minimum threshold for an education that may be of affordable value, they are not sufficient to help students compare possible colleges and decide where they can maximize their benefits as individuals.

The second thing that is increasingly important in college investing is the field of study. While many students work outside their college majors, students who major in engineering and science typically gain the most. However, earnings are not the only factor that varies by major: As the Great Recession highlighted, unemployment rates also vary by field of study. Interestingly, while education majors may not make the most money, they have the lowest unemployment rates.

The first two factors, college and major chosen, focus on potential benefits, but these benefits must be compared with costs to determine whether a college education is worth it. We focus most of our attention on price and debt burden as measures of college's cost burden. Debt is a reality in higher education today, and if it's possible to make a beneficial investment in education, some debt is fine. However, a reasonable level of debt depends largely on what you went to school and majored in. One might judge the total debt for an engineering degree to be $10,000, whereas the opposite would be true for a six-week certificate program.

Unfortunately, students are often counseled on how much debt is appropriate given their plans, and due to substantial unmet financial need, many turn to multiple sources of debt, such as credit cards and private loans, without fully understanding how this will affect them in the long run. Furthermore, new graduates (or dropouts) have little awareness that their investment may be paid off in 10 years due to their current reality of living with their parents. In other words, it's difficult to internalize long-term benefits when the costs weigh so heavily.

Ultimately, knowing whether college is a good investment depends on which college and at what price (or debt). Given the importance of matching individual students with specific interests, talents, and resources, it no longer makes sense to look at averages. While I emphasize the fact that for the vast majority of students, most student/major/debt portfolios are worth the investment, we've reached a point where the benefits of college may not outweigh the added costs. Even if only a small percentage of investments are "bad" investments, where the success rate of college attendance is low and provide little value while leaving students with massive amounts of debt, we have reached a point where a small enrollment level percentage translates into Thousands of students. This is an issue that cannot be ignored.

Question 2: Compare your college options before making a decision

As they plan for the future, students and families across the United States have been asking whether college is worth the money. Hundreds of studies, a strong evidence base, and countless testimonials from millions of graduates across the country tell us the same answer: Education beyond high school empowers Americans to achieve more in life than ever before. So why do we keep asking the same questions? Because all higher education institutions are not created equal: they vary widely in quality, cost, breadth, and depth. There are huge differences in standards, assessments, overall performance and results.

Too many of us were thinking in the 20th century. In past decades, earning a certificate or degree was a stopping point. However, in the 21st century, there is no finish line for higher education. In today's society, degrees, certificates, and even the new wave of "badges" across the public and private higher education sectors should mark what people have learned and support what they can actually do on the job through demonstration and portfolio, their communities and their lives. We educate students not only about the jobs they do today, but also about their contributions to the civic and social health of our nation and the well-being of our democratic society.

Datasets that measure college outcomes fail to take into account four important factors: students enter college with varying levels of preparation, the financial resources they have available to pay for college, how many hours they work, and how much time they invest. their learning. Several additional factors add to the complexity of measuring agency outcomes. Most college students are busy with work, family, and community obligations, so many are students part-time. However, results reported at the federal level historically have only tracked first-time, full-time students. Moreover, two-thirds of students today obtain higher education at more than one institution. Many students don't realize that if they spend more time on the front end comparing and contrasting their options, they can actually go to a college with a higher graduation rate at a lower cost. Many students look down on themselves, believing that they are not smart enough, too expensive, or that higher education is for others and not them.

Students and families should "stretch" their thinking and look at how different higher education institutions perform: compared to a community college, a state university compared to a private four-year institution , a major research university versus a for-profit university and a vocational school. Graduation rates, tuition (net, not sticker price) and student debt at higher education institutions. While these are rough measures that do not take quality into account, it is critical that students and families at least take the time to compare several institutions before choosing which one to attend, and in doing so, consider as many outcomes as possible. Quality, cost, and attention to a variety of student needs are the criteria that replace location, convenience, and "where friends go" to determine the best options students should investigate.

I spent five years studying Career Ladder in Nursing and serving on the Workforce Investment Council in Silicon Valley. Our team has learned that RNs who graduate from community colleges are comparable to their counterparts who earn BSN degrees from college programs. Few would quibble with the fact that we need more trained nurses, bachelor's, master's and doctoral degrees, and associate's degrees. But this is where it gets confusing. Time, cost, and effort are key factors that prospective nursing students should consider when deciding whether the best option is university, community college, or a training program. Additionally, many students do not differentiate between health care training programs that may offer certificates versus degrees or preparation to take licensing exams, such as the National Council Registered Nurse Licensure Examination.

In the health care example, the California Board of Registered Nursing publishes by institution how many graduates took the NCLEX-RN and how many passed, which is a very important reference value for future students. They should also consider graduation rates, costs, average student debt after graduation, and the likelihood of employment to make informed choices that will help them advance in their careers. We have multiple pathways and pipelines, from entry-level skills development and job-specific training to higher-level knowledge and skills, enabling critical thinking, reasoning and analytical skills developed from a strong general education foundation and professional studies. A wide variety of subjects. When deciding how much time, money, and energy to invest in higher education, it's more important than ever to compare and contrast the specific outcomes of different institutions, because their differences far outweigh their similarities.

Question 3: Five questions about potential college options

These are the questions that should be asked. But the question on every parent's mind doesn't get asked enough: How much is four years of college worth? For a four-year undergraduate liberal arts college like the College of Holy Cross, where tuition, room and board are close to $60,000 per year, this question deserves a detailed answer.

1. Can’t a liberal arts degree lead to a high-paying job?

First of all, don’t buy into the myth that a liberal arts degree doesn’t lead to a high-paying job. I promise, one can create more with skill in making or trading than with an art history degree. Instead, consider findings from the report, "How Liberal Arts and Science Majors Succeed in Employment." Findings show that majors in the liberal arts can and do lead to successful and rewarding careers in a variety of careers : "Liberal arts majors may start slower than other majors on the graduate career path, but over time their wages and unemployment differentials are large. By the mid-1950s, liberal arts majors, on average, had more People who study in the field make more money and have similar employment rates.

2. Will I graduate in four years?

According to the annual U.S. News & World Report survey, 1 , data from 207 ranked colleges and universities show that, on average, only about 41% of undergraduates start in four years (this number reflects full-time students who entered as freshmen in the fall of 2006 and graduated in the spring of 2010. .) One, two, or three years to get a diploma means more tuition and fees. Students should check graduation rates during their college search, and they should consider timelines when entering college to control costs.

3. What happens if I decide to change my college major? Will I lose valuable time?

Some students know exactly what they want to do. Many are not so sure. Still others may not discover that their passion really lies in music rather than engineering until after sophomore year, for example. College is a time of discovery, but depending on the time and credits required for the major, a dramatic shift to another career direction may mean extending those four years. According to research, most college students change their majors at least once, and some even change their majors several times. During their college search, students should familiarize themselves with each school's advising system. How accessible are student advisors? Does he/she stay with her students for all four years? How flexible or structured are the course options for the academic program you are interested in?

4. Will I improve my writing, critical thinking, and analytical skills? Do I have the opportunity to work effectively in a team?

These are instantly transferable skills and will carry students through any uncertain future. In fact, they were among the top skills cited by hiring managers when the National Association of Colleges and Employers asked them to prioritize what they were looking for in college graduates. Whether you're a French major or a computer science major, your ability to excel in these areas and demonstrate these skills to potential employers will make a world of difference.

5. Will I have access to a loyal and supportive alumni network?

One way to discern this important issue is to measure alumni satisfaction with their college experience. View alumni giving rates on the college's website. If it's above 50, it's a good sign that graduates are happy there and not only eager to donate to their alma mater, but also enthusiastic about giving their time and advice to help, mentor, or even hire other graduates.

6. What financial aid and scholarships are available?

Researching financial aid, loans, grants, and scholarships is not easy. Parents, students, and even some members of the media don’t fully understand terms like “need-blind,” “need-aware,” “merit scholarship,” etc. It is important to understand the definitions and understand each university's policies. Opportunities for aid and scholarships vary widely. It's smart to start considering aid before your senior year so your family is familiar with the types and requirements before applying. And look beyond campus for sources of professional scholarship. The research you do now could be a life-changing investment. Students and parents should definitely raise their hands and learn about gyms, dormitories, and dining halls on a college tour. But deciding whether a college is really worth it for you and your family means looking a little deeper.

Question 4: How to choose the right field of study

The ongoing public debate about the value of a college degree in the humanities reminds me of an old horse racing joke: A boss puts his Take the injured animal to the veterinarian. "Can I run again with this horse?" he asked. The vet answered his question literally: "Of course you do. You might win!"

The right answer to the wrong question might make you laugh, but it won't teach you anything worth knowing matter. It’s a hot question today, and a wrong one: Can we justify investments in the humanities from an economic perspective? One doesn’t have to look far to see how misguided this mentality is. A decade ago, conventional wisdom held that a law degree was a wise investment beyond a reasonable doubt. While many sectors of the economy are in turmoil, law firm hiring is increasing, with entry levels exceeding $150,000 in metropolitan areas, according to the American Bar Association Journal. Then, slowly it turned out not to be the case. More than one-eighth of the members of the U.S. law school class of 2012 are still unemployed nine months after graduation. The unemployment rate in newly opened JD has worsened every year since 2008.

The median salary for law firms at this level was $90,000 in 2012, down from $130,000 in 2009. This is helpful for salary cuts in any industry.

But it's especially painful when the average alum exits the starting stages with approximately $100,000 in educational debt. Law school has been taking its toll, too. The Chronicle of Higher Education reports that applications have dropped by more than a third since 2011. First-year enrollment is at its lowest level in nearly 40 years. And LSAT registration is a leading indicator that these numbers haven't bottomed out yet.

All of this brings me back to that poor racehorse. The right question to ask the humanities is not whether they are still worthwhile. The right question is: In what situations does a humanities degree pay off more than it costs? For starters, it’s time to retire the lame stereotype of poor humanities scholars. According to the Association of American Universities, liberal arts majors who are now in the top earning years (ages 56-60) are now earning more in real terms than their peers in majors or pre-professional majors, who are more likely to earn lucrative graduate degrees, according to the association of American Universities. Today's hospital administration job could be yesterday's law firm position. Tomorrow's art historians can create entirely new career opportunities by incorporating some analytical courses into their studies.

What’s more, the financial rewards of an advanced degree often don’t account for the huge non-monetary value of having a job you love rather than one you hate. (Economists may finally start taking these "unpriced amenities" seriously.) Just trying to maximize your future earning potential doesn't help with choosing a major. Economic boom and bust cycles, like these recent ones in law, are one of life's few career guarantors. Ultimately, you need more than good data on which degrees earn the highest salaries to sustain you through turbulent times. To do this, you also need a passion for learning and a true depth of knowledge that matters to you.

Although a degree is an investment, students are not investors. Unlike every other consumer decision we make, the choice of a college or graduate degree is one most of us face only once, with no resale or exchange allowed. The right question, then, is which field of study will prepare you for a lifetime of professional joy and challenge.

Question 5: The Unexpected Benefits of a College Degree

This is a recurring question in the media regarding the economy, job market and rising tuition costs. The Princeton Review's annual College Hopes and Worries Survey shows that anxiety about the cost and value of college is palpable: Year after year, the top concern reported by respondents is that they (or their children) will get into their first choice school, But couldn't pay. With the average total debt of 2013 graduates approaching $25,000 and more than $1 trillion in outstanding student loan debt, these concerns are justified. But the benefits of a college education are real and extend far beyond labor force and salary statistics.

According to the U.S. Bureau of Labor Statistics, college graduates make more money and have lower unemployment rates than workers with only a high school diploma. This may not come as a surprise, but studies from the CDC, Harvard University, and the Robert Wood Johnson Foundation have all found that college graduates also live longer. These same studies show that college graduates and their offspring have fewer health problems (possibly due to improved health care access). This becomes a self-perpetuating cycle: healthier children learn better, increasing their own chances of going to college and doing well there. These benefits are important, but that doesn't mean you should mortgage your future and take out high-interest loans to pay for your bachelor's degree.

While many college applicants and their parents are often devastated when they begin researching schools, the daunting price tag of more than $40,000 per year for tuition, room and board, books and supplies, and related expenses are prohibitive for many. Grant and institutional funding offsets. Excellent Colleges (Detailed cost, debt, and grant information can be found in The Princeton Review's annual Best Value Colleges book).

Two-thirds of college students use financial aid programs to help pay for their expenses. In addition, universities began to respond to the shock: prices increased from the 2011-2012 academic year to 2012-2013, but at a smaller proportion than in previous years.

Inflation is lower this year, but colleges are also responding to negative feedback about rapidly rising tuition and how college students and their families are affecting costs during their searches. At The Princeton Review, we tell college students they will never leave school because of the price. We provide resources to help students conduct college research, borrow wisely, and prepare for the SAT and ACT (these scores can play a big role in scholarship eligibility).

Cost and financial aid are just one factor in finding the school that's right for you; academics and campus culture are equally important. Your course of study and the professors who mentor you will play an important role in your career path. As for campus culture, the friends you make, the clubs you join, and even that randomly assigned freshman roommate can become the backbone of a social and professional network you'll draw on for the rest of your life.