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Is higher education still worth the price?
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It can cost up to $40,000 a year to attend the best schools in America. But after a devastating recession and unemployment at nearly 10% -- is a college degree still worth the cost?
It's considered one of the most prestigious universities in America. Yayun Pan travelled half way around the world from China to study economics at Georgetown. She says she wanted to broaden her horizon.
Pan Yanyun, Georgetown Student, said, "This is an international world and it's not enough for me to study only in my hometown."
That's a feeling shared by Jaewoo Kim -- who came here from South Korea to study international relations.
Jaewoo Kim, Georgetown Student, said, "Pressure for a good education is very high back home. And Korean parents tend to be more aggressive about their children's education and a better future."
So aggressive, he says they're paying nearly $50,000 this year for tuition, room, and board. With so much money invested in a higher education -- is a degree still worth the cost?
Elyse Ashburn, Senior Editor, Chronicle of Higher Education, said, "Yes sure. I think it matters where they go. The reality is that different places have different values in the market place. That depends on the student and what they can afford."
Elyse Ashburn is a senior editor at the newspaper "Chronicle of Higher Education". She says students need to be realistic before deciding whether, and where, to attend college.
Elyse Ashburn, said, "Knowing as much as possible going in what you'll major in, the pay in the field, being honest about what you can afford and looking at options you might not see otherwise."
Despite the devastating recession, the cost of attending a university has continued to rise. Public in-state tuition averages $7,000 a year while private schools average $26,000. On top of tuition, there is at least another $12,000 for room and board, books, and other expenses. That hefty price tag has led to an increase in student loans -- and a record level of loan defaults -- about one in every four. The average four-year student is facing $23,000 in debt.
But despite these scary numbers -- many experts say higher education is still worth it.
Prof. Stephen Rosen, Georgetown University, said, "The data is overwhelming that education is more important than ever before. The financial ratio of a BA graduate versus a high school graduate has exploded in the last few decades."
Stephen Rose, a professor at Georgetown's Center on Education and the Workforce, says college graduates can earn up to $800,000 more during their career than high school graduates. And that number tops a million dollars for an advanced degree. At the same time -- unemployment for those with a college degree is about half: 4.6% versus nearly 10%.
It may be numbers like these that have kept schools like Georgetown busy.
Prof. Stephen Rosen, Georgetown University, said, "A lot more kids are going to school. What we see is that in recessions the percentage of students going to college actually goes up."
"So student interest is still there. And while the price tag for many schools remains very high -- the cost of an education is helped by an increase in the number of scholarships."
That's what Yayun Pan is counting on as she continues her studies. She hopes to someday be an economic researcher -- with a good job back home.
"If there are better opportunities in China I'll definitely go back."
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