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Is going to university at 23 financially worth it?

The National Center for Education Statistics reported that students who graduate with a bachelor's degree earn about 66% more than those with only a high school diploma over their lifetimes, highlighting the potential financial benefits of attending university

A survey by the Institute for College Access & Success revealed that 71% of graduates from public four-year institutions in 2020 had loan debt averaging around $29,000, which needs to be factored into the overall cost-benefit analysis of attending university

Research indicates that older students, such as those starting at 23, often have better time management and decision-making skills due to more life experience, potentially leading to improved academic performance

Economics research has shown that the return on investment (ROI) for a college degree varies by major, with fields like engineering and computer science often commanding the highest salaries, while degrees in the arts or humanities may not yield as high an income

The American Association of Colleges and Universities found that 93% of employers value critical thinking skills, which college education tends to develop, emphasizing that the benefits of university extend beyond just financial returns

According to a report from the Bureau of Labor Statistics, projected job growth in STEM (Science, Technology, Engineering, and Mathematics) fields is expected to be more than double that of non-STEM fields, suggesting that degrees in these areas offer not only high salaries but also increased job security

Nearly 30% of college graduates work in jobs that do not require a degree, which indicates that the path to university may not always lead directly to a degree-appropriate job, complicating the financial viability of attending university later in life

A longitudinal study indicated that individuals who delay college until their 20s often outperform their younger peers academically, contributing to higher graduation rates

The total college cost includes not only tuition but also fees, room and board, and other expenses, with average costs for a four-year public degree now exceeding $100,000 for in-state students, underscoring the importance of budgeting

The student loan crisis has led to recent government initiatives that might provide loan forgiveness options, making higher education more financially viable even when starting at an older age

The concept of 'life-long learning' suggests that attending university at 23 may provide skills and networking opportunities that could be beneficial for career shifts later on, particularly as industries evolve rapidly

Data from the Pew Research Center shows that college graduates frequently report higher job satisfaction, which could be a crucial factor for someone considering university after working for a few years

Studies have shown that individuals with a bachelor's degree are less likely to be unemployed, with the unemployment rate for bachelor's degree holders at 2.9% compared to 7.1% for those with only a high school diploma during economic downturns

A 2022 study from the Federal Reserve Bank of New York found that college graduates earn an estimated $1.2 million more over their lifetimes than those without a degree, reinforcing the long-term financial benefits of higher education

The US Department of Education reports that nearly 60% of students who enroll in higher education do not complete their degree within six years, highlighting the risk associated with the investment of time and money

Psychological research indicates that adults who return to school after gaining work experience are often more engaged and motivated to learn, which can lead to a more fulfilling educational experience

The field of behavioral economics provides insight into the "sunk cost fallacy," where students may continue their education despite high costs, which can skew perceptions of whether pursuing a degree is financially worth it

An analysis of job market data shows that many organizations are increasingly valuing skills over degrees, particularly in tech fields, suggesting that alternative learning paths may also be financially attractive

Labor economists argue that while a degree improves earning potential, the increasing cost of education has created a complex relationship between degree attainment and financial security, with some graduates facing significant debt burdens

Advances in online learning technology and the growing acceptance of remote work have started to alter traditional perceptions of higher education, making flexible, less expensive pathways more viable for individuals considering when to invest in university education.

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