Is college “worth it,” and what about student loan debt? 

One narrative prominent in the press is the question of whether or not college is “worth it.” There have been several pointed attacks at the amount of debt accrued by students studying at colleges and universities, and some have been warranted, but the stories shared are often the most extreme examples.  

Our society has decided it will fund education fully through high school. The costs of education beyond high school should at least, in part, be the responsibility of the student. Attending any form of post-secondary education, from obtaining an associates (sometimes technical) degree, to a bachelor’s degree, to a graduate or professional degree is an investment, and one that increases in amount and effort at each step.  

Whether or not the investment in a post-secondary degree is “worth it” depends on the student. It depends on their motivation and ability to complete the degree, as well as their willingness and ability to pay for and to devote the appropriate time to complete the degree.  

For some, the decision to go directly from high school to the work force or military is the best option and is a decision we should celebrate.  Many of these individuals defend our country or provide essential services that keep our communities strong. Many of these individuals in Storm Lake make this a great place for all of us to live. 

For others, a technical degree is exactly what they need to make a good living while enjoying a rich and fulfilling life. Those of us who live in Storm Lake know how desperately we need contractors, HVAC specialists, electricians, beauticians, and other technical specialists. Supporting our high school students who want to attend a technical school should be a priority for our communities. 

For many years going to college has been equated with pursuing a bachelor’s degree. Is a bachelor's degree “worth it?” Of course, as President at BVU I have a vested interest in saying “Yes, it is worth it!” But I say that with the caveat that it is not worth going to college to obtain a bachelor’s degree if you are not motivated or not willing or able to put in the time to be successful. Pursuing a bachelor’s requires a significant personal and financial investment, and study after study shows the return on investment (ROI) for a bachelor’s degree is life changing. The results for BVU graduates are worth sharing. 

BVU does very well with middle class mobility. In 2020, the Brookings Institution identified Buena Vista University as one of the top private schools in the country for middle-class mobility, which means a person’s family income increases by two quintiles. An example of middle-class mobility would be when a student coming from a family with an annual income in the second quintile (20th-40th percentile) moves to the fourth quintile (60th-80th percentile) nationally, 10 years after completion of the degree. The same could be said for first to third and third to fifth quintiles. A BVU degree helps you move up financially. 

An investment in a BVU education also provides a strong ROI. Over a 40-year period of working, after subtracting the costs of college and loans, in 2022 Georgetown University estimated the average BVU graduate earns $935,000 more than if they had gone straight from high school into the workplace.  Some earn less and some earn more, but overall, BVU education provides an impressive average ROI. 

I also want to use this opportunity to discuss student loans. The narrative in the media is most students are being saddled by college debt they cannot repay. That narrative, at least at BVU, is not true. Many BVU students take out loans to help pay for college. What might surprise you is the average student loan debt for BVU graduates is often less than what people borrow to buy a new car, which immediately loses value the second you drive it off the lot and does not bring you a $935,000 increase in your lifetime earnings.  

The national concern over student loan debt is valid, but it is worth noting the vast majority of students who graduate with a bachelor’s degree have a good track record of paying off their student loans. The largest issue around undergraduate student loan debt involves students who borrow money to attend college but never finish. This is why whether the investment in a post-secondary degree is “worth it,” depends on the student. It depends on their motivation and ability to complete the degree, as well as their willingness to devote the time and effort to complete the degree.  

Pursuing a bachelor’s degree is not the right choice for every person, and BVU is not the right choice for every person who wants to pursue a bachelor’s degree. But for those who want to attend BVU, we feel BVU is worth it because we work very hard to achieve our vision of being the place where every student unlocks their greatest potential to build better lives and stronger communities. Why else is BVU worth it? I’ll make that a topic of my next essay. 

Dr. Brian Lenzmeier, Ph.D., is president of Buena Vista University in Storm Lake.  This is the second article in a four-part series. You can find the first part here.