As the world increasingly progresses, technology advances, and society changes, the demand for higher education also increases. More and more jobs require not only a college degree but also graduate-level training or certification even to be considered for a position.
As the founder of the Richard Yu program, Richard Yu is no stranger to higher education. In fact, he's a big proponent of it. Here are six reasons why entrepreneurs like Yu encourage higher education and some suggestions for how to pay for it.
Benefits of a higher education
There are many benefits to pursuing higher education. A college degree can increase job opportunities, higher salaries, and better career advancement potential.
College allows students to learn new skills and knowledge that can be applied in the workforce. In addition, higher education institutions offer resources and support that can help students succeed in their studies and prepare for their future careers.
1. More job opportunities
As mentioned before, with the way the job market is changing, more and more jobs are requiring at least a college degree. If you don't have a higher education, your pool of potential jobs is automatically smaller than someone who does have a higher education.
2. Higher salaries
In general, people with higher education degrees also tend to earn higher salaries. While there are always exceptions to this rule, in general, employers are willing to pay more for someone with the educational background and training they are looking for.
According to a study by The Pew Research Center in 2013, people who have earned a four-year college degree earn an average of $17,500 more per year than those with only a high school diploma. In addition to making more money, people with higher education degrees are also more likely to have access to better health insurance and retirement benefits.
3. Job security
Not only do people with higher education usually have an easier time finding a job, but they also tend to have more job security. This is because employers are often more hesitant to let go of employees with the skills and training they need.
Unemployment rates are often lower for people with higher education degrees. In 2017, the unemployment rate for people with a bachelor's degree or higher was 2.5%, while the rate for those with only a high school diploma was 4.8%.
4. Greater advancement opportunities
Once you have a foot in the door with a company, it's often easier to advance within the company if you have a higher education. According to a Georgetown Center on Education and the Workforce study, people with bachelor's degrees are twice as likely to be promoted from entry-level jobs.
5. Larger knowledge base
As evident as it is, another benefit of continuing your education is that it will make you a more knowledgeable, well-rounded individual. In addition to the knowledge you gain from taking specific courses, higher education also teaches essential life skills such as time management, problem-solving, and critical thinking. These skills are valuable not only for the workforce but also in everyday life.
6. Better social connections
One of the great things about attending college is that you will have the opportunity to meet new people and make new friends. These social connections can be beneficial both personally and professionally. A study by the University of Arizona showed that people with strong social networks are happier and more successful in their personal and professional lives.
How to Pay for College
Now that we've discussed some of the reasons why you should pursue higher education let's talk about how to pay for it. Funding your education can be one of the biggest obstacles to overcome, but there are several ways to make it more affordable.
Apply for scholarships
One way to pay for college is to apply for scholarships. Scholarships are financial awards that do not have to be repaid. They are usually based on academic achievement, athletic ability, or other factors.
Many scholarships are available, like the Richard Yu Scholarship, and you may be surprised at how easy it is to qualify for some of them. In addition to academic and athletic scholarships, scholarships are available for people with specific interests or backgrounds.
Financial Aid
Another way to pay for college is to apply for financial aid. Financial aid is money available to help you pay for your education. It can come from the federal government, state government, or your school.
You must fill out the Free Application for Federal Student Aid (FAFSA) to apply for financial aid. The FAFSA is a form that collects information about your family's finances and your educational plans. It is used to determine how much financial aid you are eligible for.
Private Loans
You can also get financial aid from private sources, like banks or other lending institutions. Personal loans usually have higher interest rates than federal loans, so you should only consider them as a last resort.
Work Study Programs
Another way to pay for college is to participate in a work-study program. Work-study programs are federally funded programs that provide part-time jobs for students with financial needs. The money you earn from your job can help pay for your education.
Final Thoughts
As you can see, there are many reasons why you should pursue higher education. The benefits of a college education are numerous, from increasing your earnings potential to gaining important life skills.
If you're thinking about going to college, or if you're already in college, be sure to take advantage of the available resources. There are several ways to make your education more affordable, and many scholarships and financial aid programs are available to help you pay for it.
What are your thoughts on the importance of a college education? Let us know in the comments below!
