Is a College Degree Worth the Cost in 2024? Financial Aid, Cost Savings, and Outcomes
Earning a college degree comes with a lot of commitment. You have to commit to a college, to a certain degree program, and even to hours of studying every week. Not only that, but this type of education also requires a financial commitment—one that seems to get more burdensome every year.
With the high cost of higher education comes more questions—Is a college degree worth the cost? What kind of investment will it take? Will it pay off in the future? Am I better off getting a certification—or not attending college at all?
At Walsh College, we believe that a college degree is an investment in yourself. You deserve to have all the facts so you can make the best decision for your future.
In this article, we’ll explore what a degree costs in 2024 and take an unbiased look at the difference one can make in your career and future. We’ll also explain the basics of the financial aid process and provide some cost-saving measures that can help you maximize your savings and your investment.
College costs are trending upward in the 2023-24 academic year. Public universities, which receive direct funding from the government, can cost anywhere from $11,000 to $29,000. Private colleges typically sit at about $41,000 per academic year. Walsh College strives to be competitive with public university tuition rates while delivering on the advantages of attending a private college.
Total tuition might also vary based on factors beyond the sticker price, including:
- Room and board. Students who choose to live on campus typically pay for their housing monthly or by semester. Board costs include any meal plans you purchase from the school’s dining services. Many students opt to commute or take online courses to save money on room and board.
- In-state vs. out-of-state tuition. In-state residents pay less at state universities because their tax dollars fund public colleges. This makes out-of-state tuition significantly higher. At private colleges like Walsh College, tuition is the same whether you come from in-state or out-of-state.
- College location. College costs can vary based on where they are located. A state’s cost of living, government funding, and economy can determine how pricey tuition will be.
- Credit hours. Universities typically base tuition on the number of credit hours you take per semester. The more you take per semester, the higher your bill, especially if you live on campus.
Many high school students consider Walsh College to save on some of the above costs. For example, an average undergraduate degree from a public four-year college (including room and board, textbooks, and other fees) costs $69,688. The same undergraduate degree at Walsh College—partnered with an associate’s degree from community college—is less than $36,000.
Critics of higher education often say that college degrees don’t provide any truly useful skills—on top of being too expensive and saddling graduates with debt. However, many 2023 graduates disagree. So does the data:
- A 2023 nationwide Harris Poll found that 9 out of 10 graduates were glad they went to college.
- Of the 2023 graduates who began the job search right away, 79% had already found employment in their career field at the time of this survey.
- Adults with degrees are more likely to see college as a place of personal and intellectual growth.
Whether you are still on the fence about getting a degree or are already committed, let’s take a look at some of the short and long-term outcomes of a degree.
Short-Term Outcomes
Vital skills. A majority of jobs still require a college degree in order to learn the vital skills you need to thrive in that job. For example, a human resources degree will provide you with valuable knowledge of workplace laws and conflict management.
Networking. College is a significant networking opportunity for students ready to join the workforce. Not only will you make connections with your professors, but you’ll form relationships with students from all walks of life and possibly remain connected with them well after graduation. Many colleges also have career centers that are designed to connect you with the industry you want to work in.
Marketability. People with degrees have more opportunities in the workforce. Your skills can be transferable across industries and workplaces, and you have more leverage when negotiating your salary.
Confidence. When you cross the stage to receive your diploma, you’ll know you worked hard for your degree. That degree represents your hours of hard work and dedication. Having a college degree of any kind can boost your confidence in your abilities—that’s the kind of confidence that shines through in a job interview!
Long-Term Outcomes
- Earning Potential. According to the Social Security Administration, you can earn anywhere from $650,000 to $800,000 more over your lifetime with a bachelor’s degree. With a master’s degree, that figure can increase even more. Individuals with a master’s or above can earn over $1600 per week, sometimes up to nearly $2100. On top of that, job security is higher, as the unemployment rate for those with a bachelor’s degree is under 2.5%.
- Career Advancement. The more marketable skills you have, the more opportunities you’ll have to advance in your career. Some of the highest-paying jobs require a bachelor’s degree. The Bureau of Labor Statistics reports that the number of jobs that require a degree will continue to grow, as will earning potential.
- Multi-generational Impact. Earning a college degree can create a domino effect in your family and your community. By setting yourself up for success in a career, you will create resources that will support your children and even grandchildren should they choose to go to college. And with more disposable income, you have the opportunity to support local scholarships and initiatives that support first-generation students.
Taken together, this data shows that a degree is a decidedly worthwhile investment in yourself and your future. But the data alone probably doesn’t dispel all of your concerns about the negative financial impact of a college degree, like large amounts of debt and high interest rates. In the next section of this blog, we will cover all things financial aid.
The cost of a college degree isn’t paid fully out-of-pocket, and it’s certainly not all due at the time you are accepted. While many college degrees require loans of some sort, you also have several scholarship and grant options. Let’s examine the different financial aid options available to you.
Types of Financial Aid
Scholarships
Scholarships are sums of money provided to students that do not need to be repaid. Typically, scholarships are given based on a student’s merit. For example, some scholarships require a student to submit an essay or have a certain GPA. However, some scholarships are also based on financial need.
Talk with the financial advisor of your college of choice about scholarship opportunities. Colleges often have internal scholarships provided by donors, but don’t hesitate to look elsewhere! You can find scholarships of all shapes and sizes on the internet, ranging from a few hundred dollars to a few thousand. If you or your parents work, check with the employer to see if they sponsor any scholarships or tuition reimbursement programs.
From summer 2022 to spring 2023, Walsh College gifted over $850,000 in institutional scholarships. You would be surprised by what scholarships you might qualify for, so be sure to speak with your high school guidance counselor or college financial advisor.
Grants
Grants are similar to scholarships in that they don’t need to be repaid. However, grants are almost always need-based, not merit-based. To qualify, you have to demonstrate financial need based on your background or income level.
The best way to find out if you qualify for grants is to file your FAFSA for every academic year. We’ll cover more about the FAFSA later in this blog!
Loans
Loans are sums of money that are lent by a bank, financial institution, or the government and need to be repaid with interest. Loans also come in many shapes and sizes and are one of the most common ways to pay for college.
However, loans can easily get complicated. You have several options to choose from and lots of fine print to read through. Talk with your parents, high school counselor, or college financial advisor about the process. They can help talk you through repayment, interest rates, and refinancing options.
While you are in school, you do not need to begin repaying this loan. Repayment usually begins six months to a year after you graduate. If you choose to continue into graduate school, you can defer repayment even longer.
Do as much research as you can on loans. Check to see if your bank offers student loans and what their interest rates are. Some banks offer merit-based rewards programs—if you maintain a certain GPA, they might offer a percentage of your loan back as cash.
Work-study
The federal work-study program provides money to colleges and universities for students to work part-time to finance their college expenses. However, these can be different than a typical part-time job to help you pay for college. Work-study programs support on-campus employment or even jobs in the community including non-profits and community service. This can help students gain valuable employment experience while still in college.
Financial Aid FAQs
We’ve covered a lot about the cost of college and financial aid in this blog already, but we know you probably have many more questions. Let’s cover a few more specific questions to help you start researching the best financial aid options for you.
How Do I Apply for Financial Aid?
The best way to apply for financial aid is to first file your FAFSA. You should do this every year you are in school. The FAFSA is usually available in December for the following academic year and is due in the spring. Filing takes a bit of time, so be sure to set aside time to do this every year. You’ll need information such as:
- Yours and your parents’ Social Security numbers (if you are a dependent)
- Your driver’s license number or another form of identification (like an A-number if you are not a US citizen.)
- Tax documents like W-2s
- Information on your or your parents’ assets (checking and savings account balances, stocks and bonds, real estate, etc.)
It’s a little bit of work, but for many students, filing is worth it! The FAFSA shows you your eligibility for additional government grants and loans. A college financial advisor, school guidance counselor, or parent can help you file your FAFSA as well.
After you’ve filed your FAFSA, explore what other institutional and external scholarships are available. Research online scholarship databases and your local community. Colleges like Walsh have a universal scholarship application that can show you what gift aid you are eligible for.
What Kind of Scholarships are Available at Walsh College?
Walsh offers institutional and donor scholarships based on both need and merit. New students are encouraged to apply for the Undergraduate Academic Excellence Award. This is awarded upon admission to new undergraduate students with a 3.75 GPA (either from previous colleges attended or from high school.) Recipients can receive up to $10,000 each semester and this award can be renewed so long as the student maintains a 3.5 cumulative GPA.
When are Payments Due?
Payments on out-of-pocket expenses (not covered by scholarships, grants, or loans) are usually due at the start of a term or semester. Some colleges offer payment plans for out-of-pocket costs.
Loan repayment typically isn’t necessary until after you have graduated. Lending agencies usually offer a grace period to allow you time to become fully employed. Some lenders require you to begin repaying small amounts of interest right away. Even if they don’t, many students choose to start paying off their loans right away—lowering their principal and the amount of interest that would be due when they graduate.
How Can I Optimize My Financial Aid?
The best way to get the most financial aid possible is to:
- File your FAFSA every academic year.
- Complete your college’s scholarship application every year.
- Seek outside scholarship opportunities online or in your community.
- If you are already employed, ask your employer about sponsored tuition reimbursement. Many employers offer this as an incentive for employees to continue their education or pay their student loan debt.
Beyond traditional financial aid, you have other cost-saving options available to you as a first-time college student. Some of them may be more feasible for you than others, but take a look at some of Walsh’s recommendations for saving on college tuition.
Start at community college. Most four-year colleges are transfer-friendly and sometimes partner with local community colleges. Community college credit hours cost less, and since most community colleges aren’t residential, you have more flexibility in when and how you learn.
Before you go this route, explore the transfer requirements of colleges and universities. Make sure the college you’re interested in attending is transfer-friendly. Your high school guidance counselor can help you make this decision or schedule an appointment with us to go through your available options.
Have a flexible schedule. The bulk of tuition cost is determined by credit hours. The more credit hours, the higher the cost. Lots of students, especially those beyond traditional college age, decide to spread out their credit hours while working full or part-time. This means that you pay less each semester—however, it also means it will take you longer to graduate.
Fast-track your education. Colleges like Walsh offer opportunities to fast-track your education by earning two degrees at once. If you have your sights set on a master’s degree, you can start earning credits toward it while earning your bachelor’s. At Walsh, we also offer this program for master’s students interested in earning a doctoral degree.
In this blog, we covered the worth of a college degree and how much it will cost you. But we also covered how to get the most out of financial aid so you’re not crippled by debt or financial burdens.
What will truly make your investment worth it is the degree itself. To make the most of your college experience, you want to find a program that is practical, focused on career advancement, attractive to employers, and customizable to your interests.
That’s what we offer at Walsh College. And we offer it in a way that minimizes expenses and maximizes value. We offer degrees that work with where you are today and get where you want to be tomorrow.
If you’re interested in making your future dreams a reality, reach out to one of our financial aid advisors to begin planning your investment!
