Is College Worth It During A Recession?

Vinh Nguyen

Everyone knows the economy is currently in a downturn and no one knows for sure how much longer this recession will last. Consequently, complications arise. During this time especially, one of the popular questions that people ponder upon is whether students should take out loans for their college tuitions and will they be able to pay back their loans and profit from doing so.

According to this article, Darla Horn, who graduated in 2005 with more than $80,000 in debt, had no problem paying off her loans until she lost her job as an information technology recruiter. For that reason, many prospective students are not going to their first-choice schools due to their financial status.

According to U.S Bureau of Labor Statistics, the unemployment rate for college graduates increased up to 4.7% from 2.8% last year in July. Moreover the article from USA Today states that, "the employers expect to hire 22% fewer graduates from the class of 2009 than from the class of 2008 according to the National Association of Colleges and Employers." These statistics show how bad the recession has gotten and many prospective students will change their minds about going to colleges.

Nevertheless, one way to cope with the recession is going to community college. According to a survey done by Campus Computing Project, more than 90% of community college's enrollment increased from last year and 86% of community college reported an increase in full-time students. For example, Alyssa Griffin from Ohio, plans to spend her first two years at a Columbus State Community College and then transfers Capital University. By doing so, she will end up saving about $40,000.

So as I am about to publish this post, I am wondering to myself, "Am I making the right decision paying almost $40,000 per year for one of the most prestigious public universities?"