Working Full-time, Attending College, and Exhausted?
Worn out from late nights writing papers, studying for exams and then getting up for work the next morning? A new study says that Americans who postpone college, then earn their degree while working, are estimated to make an average 22% return on their investment in education over the course of their lifetime, according to a study by the University of Phoenix Research Institute.
The lifelong financial benefits of a college degree are well established. However, until now most studies have focused on traditional learners who begin college directly after finishing high school. Very little research focuses on nontraditional students — defined as working adults who delay college until after age 23. Older working students who must balance school with work and family responsibilities may wonder if they will also reap financial benefits from a college degree.
“We wanted to find out if commonly-accepted findings about the financial benefits of a college education apply to nontraditional students, who now represent a majority of college students,” explains Ruby A. Rouse, Ph.D., executive director of research at the University of Phoenix Research Institute. According to the National Center for Educational Statistics, nearly 3 out of 4 people enrolled in college are nontraditional students.
Rouse and Princeton-trained economist Harold M. Cline, Ph.D. co-authored the study, titled Traditional and Nontraditional Students: Is a Bachelor’s Degree Worth the Investment? Using data from the U.S. Census Bureau and College Board, the study analyzed the financial return on investment of traditional as well as nontraditional students.
The most surprising finding: The return on educational investment for nontraditional students, calculated at 22%, consistently exceeded the return for traditional students, calculated at 12%. The difference, explains Rouse, may partly be due to the fact that nontraditional students work while attending school, providing them with an extra four years of income and work experience.
Rouse is quick to point out that the purpose of the research study is not to recommend a nontraditional educational path over a traditional one, but to underscore the remarkable consistency with which a college education provides value over an individual’s lifetime. Says Rouse, “The analysis indicated that regardless of the path you take to get your degree, there’s a significant financial payoff.”
“No one is going to tell you that working while going to school is easy, especially if you are raising a family,” Rouse adds. “The quality of your work or academic performance may suffer if you take on too much. And graduating college does not guarantee you will be employed,” she cautions.
However, Rouse is eager to share the positive message of the findings. “People who didn’t go to college right after high school and are considering pursuing their degree need to know: If you’re willing to put in the effort, the study’s results encourage you to go for it.”
“The study provides evidence that investing in a college education at any age is a sound decision,” says Dr. Tracey Wilen-Daugenti, who leads the University of Phoenix Research Institute.” And the benefits are not just financial. Research shows that college graduates contribute higher value to the workforce and society than do workers without a degree.
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