Media outlets fuel an anti-college mood. Some people feel heartburn over the cost. Others believe a school no longer shapes a student morally, but distorts them. Is college worth it?
Yes! I’ll highlight two reasons.
$1 becomes $44.
When prospective students and their parents rank-order purchasing criteria for a college, the list has changed over the past decade. Today, affordability ranks even above perceived academic quality, environment and safety. Notably at Olivet, cost concerns typically drop down in rank after students receive a financial aid package and take a campus tour.
Let’s get to the money part. Abundant and credible analyses estimate the college diploma income premium at $3 million more than a career delivered by a high school diploma. You can Google lots of studies about this, including earnings by field. I saw one study showing how even the lowest-income careers that require a bachelor’s degree are still net-positive in earnings, after accounting for the costs of college.
Here’s the astounding headline: On average, for every $1 invested in an Olivet education, $44 comes back.
The U.S. Census Bureau’s 2024 report on median household income shows an average of $56,000 for those with a high school diploma, but $127,000 for those with a college degree. Of course, workers earn less than the median in their 20s and 30s, but more than the median in their 50s and 60s. So this averaged-out math means a $71,000 annual income differential exists. Multiply that over 43 working years — age 22 to 65 — and you receive $3 million more.
Now, what about college costs to generate that income? Olivet is a high-price, high-discount model. Discounts are grants and scholarships, which are deducted from the list price. They are either need-based for lower-income households or talent-based to reward excellent academic performance or participation in music or athletic programs, as examples.
We can be high discount because of record philanthropy to Olivet. Our benefactors love their beneficiaries … students! Typically, the net fees paid by a student (list price minus all discounts) is $17,000 for tuition, room and board after grants and scholarships. Modest loans reduce out-of-pocket costs even further.
In other words, if a family pays a cumulative $68,000 over four years for a degree and, on average, it yields $3 million over a student’s career, that is a 1:44 ratio. For every $1 paid, $44 comes back. You can’t get those returns from the stock market or flipping houses.
Also, contrary to media headlines, 3 in 10 graduates from Olivet have no school debt, and for those taking loans, the average remains unchanged for 15 years — around $30,000. We offer graduating seniors a Debt-Free in Five (years) seminar to learn how to wipe that out in a hurry, sometimes in two years. We want debt-free alumni by age 27.
That’s not only possible; it’s practiced — the new norm.
Shaped For, Not Distorted From
The second and no less important answer to why college is worth it is this: If you select the right school, a student can be shaped for, not distorted from, an inspiring life purpose lasting 50 years. In fact, according to Forbes Magazine, 9 in 10 prospective college families still say the formation of values during college is a key purchasing criterion.
This is where Olivet’s distinctive mission rings loud and clear. We don’t ask students, “What is your dream?” We ask, “What is God’s dream for you?” then design the entire place around that purpose. Seek a calling, not just a career. Once a student grasps their deep “why,” even tiresome work now loads with meaning to fulfill what they were made for. They endure and flourish in almost any circumstance.
That shaping happens here. Typically, 7 in 10 freshmen are orthodox in their Christian beliefs, but after four years here, 9 in 10 seniors consistently report orthodoxy. Also, 9 in 10 seniors report that they practice our Abiding Habits, discipleship practices to form a Godward life.
This means a Godward lifestyle is normal here. The peer pressure is toward Christlikeness, not away.
Concluding: Shaping Is Worth $2 Million
Even though our evangelical Christian identity differs from Brigham Young University (BYU), I toured the campus and spent time with the president a few weeks ago to learn how the university’s network of churches recruits and funds its 40,000 Mormon students.
At lunch, I sat with a high-ranking athletic department staffer who lamented the new name, image and likeness (NIL) rules. Name, image and likeness deals allow NCAA student-athletes to receive wages from the school and from endorsements for outside businesses.
He told me about AJ Dybantsa, the BYU sophomore recently drafted No. 1 by the NBA’s Washington Wizards. He received 16 college offers but chose BYU despite $2 million less in available NIL monies compared to other schools.
Why? He is Catholic, attended a parochial high school and wanted a Godward environment for college. He liked the strict honor code. His favorite BYU course was on mission.
The $3 million return on investment is hard data. The value of a Christian environment is soft science. But ask yourself if AJ left $2 million on the table just for a Godward environment, how much is it worth to get a young, promising student surrounded by people who believe God has a story to write through them?
That changes everything.
Read the entire “The Value and Power of an Olivet Education” issue here.
