The value of a four-year degree: A guide for parents

Choosing what comes after high school is a big decision, and there’s no shortage of options. From technical programs and two-year colleges to four-year degrees and entering the workforce, families have more paths to consider than ever. NDSU College of Business Dean, Dr. Kathryn Birkeland shares what parents should consider when weighing the cost, benefits and long-term value of a four-year degree.

There are so many options for students after high school. How should families think about which is right for their student?

Families should think about post-high school options like a departures board at the airport. You can choose any pathway, but each has different benefits and opportunities. You can come back and choose again in the future. Your choice isn’t permanent.

Technical programs are typically two years and are tightly focused on learning a specific trade. Associate degree programs offer students an open access opportunity to learn the basic skills needed in many types of industries. A bachelor’s degree from a four-year university offers a broader educational experience, helping students develop knowledge and transferable skills that can be applied across many industries and careers. These skills allow graduates to adapt, grow and advance as industries and job markets change over time.

What if a student doesn’t know what they want to major in? Would they be wasting time and money at a university if they don’t know what they want to do?

Students don’t need their entire career figured out when coming to college. A four-year degree gives them time to explore what interests them, discover what they’re good at and learn about careers they may not have considered. That’s part of the process. Students change majors, plans and career goals and they still graduate on time.

What should families consider when weighing the cost of college?

When considering options, students and families should consider the cost of college and the benefits of a career in the field of study. Not all fields of study should be paired with high-cost schools. We certainly see anecdotal evidence of that mismatch.

Many families, however, will overestimate the cost of attending a school. It’s vital to wait for the aid determination. There are a variety of options for offsetting costs, such as federal grants, federal student loans, federal work study or scholarships.

At the same time, families can underestimate the long-term value of a degree because many benefits, such as career flexibility, personal growth and lifetime earning potential, play out over decades.

Students can also reduce costs by earning college credit while in high school. Programs like the College of Business’s Finish in Three provides a structured plan that helps them complete a bachelor’s degree in three years, saving both time and money.

Overall, is a four-year college degree still a worthwhile investment?

The short answer is yes. Looking across all types of schools and majors, individuals with a four-year degree have higher lifetime earnings.

Beyond higher lifetime earnings, a bachelor’s degree increases likelihood of promotion, ability to adjust to changing job markets and results in higher lifetime income for their children.

Is there value to the 4-year college experience beyond earning a degree?

Absolutely. College is about more than coursework. It provides opportunities for students to explore interests, develop leadership skills and learn through experiences both inside and outside the classroom.

Activities such as internships, undergraduate research, study abroad, student organizations and hands-on projects allow students to take ownership of their learning. Unlike many classroom assignments that have clear answers and defined outcomes, these experiences encourage students to solve complex problems, collaborate with others and navigate challenges. In the College of Business, for example, professors combine deep discipline knowledge with opportunities for students to direct their learning. Students build skills for innovative solutions and managing large projects by working on simulations and company-supplied problems.

What advice would you give parents as they help their student decide what comes next?

Do not make a decision without having the information. Do not assume that one path is too expensive or too hard. Get all of the information about a school and what they can provide before you decide.

And no question is off limits. You can ask money questions, roommate questions, study questions, student night life questions, housing questions, food questions and any other question on your mind. We are here to answer your questions.

Overall, there is no ‘right’ path for all students. You get to choose. The goal is to find the path that best fits a student’s interests, goals and future aspirations.