Is The Cost Of College Worth It & Necessary In 2013? [Infographic]

We’ve all read the inspiring stories of people like Bill Gates, Steve Jobs, Mark Zuckerberg and Richard Branson who dropped out of school to pursue their dreams, and they became wildly successful. I’ve noticed though that some young people now think it’s a badge of honor to dropout of school. I’ve even seen ‘college dropout’ in some people’s Twitter bio, as if that is something to be added to their list of accomplishments. It raises the question, with the rising cost of higher education, is college worth it?

According to an article on Fox Business, which published earlier this month, here in the States, “The cost of higher ed is skyrocketing faster than inflation, and student load debt is growing by the second. And, with a job market full of unemployed and underemployed grads, perhaps there’s never been a better time to ask the question – Is college worth it?”

When I thought more about it, I realized that many of the people I know who work at Starbucks or at local restaurants and bars are college graduates who haven’t been able to find work in their fields. Does it seem like accruing student loan debt to attend an additional 4 years of school, only to have to pay on that loan for decades is a good way to start off in life? I was the first person in my family to receive a college degree, but I’ve seen firsthand how others have been able to become very successful without that education behind them.

According to another article here on Yahoo Finance, there is a simple way to answer this question. When you ask, “Is college worth it,” you have to consider which college you’re talking about. Their report says that only 150 colleges out of the 3,500 colleges in the United States are worth the money. This comes straight from the former Secretary of Education.

Is it possible that the “old” way of thinking which was that you had to have at least a 4 year bachelor’s degree to be successful in life is now officially outdated and short sided? Will my 12-year-old son decline going to college because by the time he graduates from high school, only a small percentage of people will attend college? I suppose only time will tell.

This infographic called Gen Y Can’t I Get A Job by Adecco points out that 58% of hiring managers in the States don’t plan on hiring entry-level college graduates this year. So what do you think? Is college worth it?