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Value of Education

Many people across the world always wonder whether education is worth the cost. However, recent studies have shown that in order to acquire a better position in the work place, one must have the right skills and knowledge (Levin, et al, 2007). In this regard, as people think about their future, they begin to visual the importance of education especially the benefits of attending college and spending that much money to acquire it. It is the reason most parents will do everything possible to take their children to school while other students would do part time odd jobs to facilitate their education. College is worth the money spent because it provides the most reliable path in life to achieve social mobility and success that is required today in the competitive world.

Economic returns of Education

A study conducted by Pew Research Center from the year 2006 to 2015 has shown that 65% of people across the world have agreed and accepted the worth cost of education (HSBC, 2015). At the same time, about 30, 000 college alumni have also agreed that college education is worth the money spent on it especially in regards to economic benefits that it brings with it. When they were asked questions that are open ended regarding the economic returns of education, the main explanation they provided was that majority of employers are looking for college graduates with the right skills and talents (Cullen, 2007). However, the difference in employment is visible based on the lifetime earnings and benefits that one achieves. According to a report by Bureau of Labor Statistics, they showed the high correlation that existed between earnings and joblessness (Weston, 2015). The study also showed that those people with less degree or no education in life fare worse economically than those with post-graduate credentials. Scholars have also estimated that those with education are better paid. For instance, they earn more than $2 million during their lifetime compared to those with no education or with less education such as high school diploma only.

My parents have spent close to $10, 000 on my education with the hope that it will bring for me economic benefits in future. I am also working hard and optimistic that the money they have been spending on me for my education will enable me acquire a better position in the work place. In this regard, I will be able to enjoy economic prosperity while at the same time help my parents during their old age after retirement. In this way, they shall come to appreciate the value of education and doing everything possible to ensure that I was in school like other students.  It is revealed that those with little education like post-secondary education but lacks a formal degree stand a chance to earn as much as $250, 000 more than those without any education. It, therefore, shows the value of education in everyone’s life. 

Education as important social institution

Education is an important social institution that helps in narrowing down the gap between the rich and the poor thus playing an important role of a social equalizer. For instance, when the poor students get a chance to go to better colleges such as private schools, they acquire the money that is needed to further their education. A study conducted by Pew Research Center also found that graduates in private education are able to enjoy more loans compared to public schools (HSBC, 2015). They also found that there is better economic life satisfaction and well-being for those in private schools. This helps in equalizing the gap between the rich and the poor students. The poor students stand a chance to continue with their education because of the loans (Ludwig et al, 2012).. On the other hand, after acquiring education, they stand a chance to better their life in future by earning more money to change their economic status and live like the rich people.

Measuring education standards

The outcome of education should be measured by standardized tests and also through the subjective measures. The standard tests are a way to provide fairness when it comes to grading students who have performed well in their classrooms. When teachers provide the standard tests, they are able to evaluate those students who have performed better than others or worked harder compared to their counterparts and give them the award that they deserve (Smeeding, 2005). In this regard, the standard tests become a measure of hard work. On the other hand, the benefits and costs of involving the subjective measures such as the teacher’s reports and extra-curriculum activities that are heavily dependent on family socio-economic is to show the students that their social life also matters when it comes to identifying the real value of education (Lovat, 2005). For instance, the students cannot enjoy the benefits of education because of bad social life and this may end up affecting them in future while seeking for jobs. 

Nonetheless, the colleges should not give any special treatment to specific individuals or groups in admission decisions such as individuals coming from a specific socio-economic or racial/ethnic background. If this happens, then more students will not enjoy the true benefits of education as they deserves. It, therefore, means that no one should receive any special treatment when it comes to college education (Roda & Wells, 2013). The only measure or standard that should be used for admission should be based on student’s performance. However, there are cases whereby teacher’s reports also play an important role in the decision college makes during admission. It is the reason you find some students miss a chance to get in private college because of bad teacher reports.

In conclusion, it is worth spending a lot of money in college because it is most reliable path in life that enables people to achieve social mobility and success which they need to remain competitive in the world today. The value of education is seen based on the economic benefits that it brings to individuals or college graduates. On the other hand, through proper standards of measurements, students are able to achieve the social mobility that is necessary to make their life better.

References

Cullen, M. (2007). Overcoming inequality: Three pitfalls young women should avoid. Chronicle of Higher Education 54(5), 1-2.

HSBC. (2015). The value of education: Global report. Retrieved from http://www.hsbc.com/~/media/hsbc-com/newsroomassets/2015/pdf/voe-2-global-report-final-lr.pdf

Levin, H. M., Belfield, C., Muenning, P., & Rouse, C. (2007). The public returns to public educational investments in African American males. Economics of Education Review, 26, 699–708.

Lovat, T. (2005). Values education and teacher’s work: A quality teaching perspective. New Horizons in Education 1(112), 1-13.

Ludwig, J., Duncan, G. J., Gennetian, L. A., Katz, L. F., Kessler, R. C. & Sanbonmatsu, L. (2012). Longterm neighborhood effects on low-income families: Evidence from moving to opportunity. Cambridge, MA: National Bureau of Economic Research.

Roda, A., & Wells, A. S. (2013). School choice policies and racial segregation: Where White parents’ good intentions, anxiety, and privilege collide. American Journal of Education, 119(2), 261–293.

Smeeding, T. M. (2005). Public policy, economic inequality, and poverty: The United States in comparative perspective. Social Science Quarterly, 86(s1), 955–983.

Weston, L. (2015, Oct 05). Why college is still worth it even though it costs too much. Time. Retrieved from http://time.com/money/4061150/college-degree-worth-it/


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