Why Incurring Debt For A Bachelor’s Degree Is Worth It

Next, having a 4-year degree offers better job security. During economic downturns or recessions, individuals with higher education levels show lower unemployment rates and are more likely to retain their positions or find new opportunities in a challenging job market.

The chart below shows that higher education directly aligns with lower unemployment rates. Moreover, it shows that in tough economic times like April 2020 when unemployment peaked, those with 4-year degrees experienced approximately 9% less unemployment than high school graduates.In today's competitive job market, many employers prefer candidates with a college education.

A 4-year degree can also open doors to career advancement and promotion. Many professional roles and leadership positions require a bachelor's degree as a minimum qualification. When asked if education or experience is the dominating factor when promoting individuals, a survey conducted by the Association of American Colleges and Universities shows most employersThe advantages gained with a college education are more than financial or professional.

In the same paper, they found life expectancy is also longer for those who attend college. Studies suggest that those who have attended at least some college can expect to live seven years longer than their peers with no postsecondary education. The reasons behind this include higher healthcare coverage, retirement plans, paid time off, and other incentives that contribute to overall financial and physical well-being.

Investing in education and obtaining a 4-year degree is one of the best ways to invest in your future. Over the course of your career, the higher earning potential and career advancement opportunities that come with a degree can contribute to greater financial stability, increased savings, and improved quality of life.

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