Is a $330000 liberal arts education still ‘worth it?’ – Los Angeles Loyolan

Considering the rising cost of tuition at LMU and other universities nationwide coupled with the relatively low wages that students pursuing a degree in the liberal arts receive post-graduation begs the question: is pursuing a degree in the liberal arts "worth it?"

The short answer: its complicated.

The 2023-24 cost of undergraduate on-campus attendance was $84,132, according to previous Loyolan reporting on the estimated cost of attendance. Based on this figure, four years of undergraduate education at LMU without any financial aid or scholarships will be approximately $336,528.

The 2,127 students currently pursuing a degree in the liberal arts at LMU are on track to make less money than that of their peers pursuing a career in STEM fields, according to LMU's page on College Scorecard, a U.S. Department of Education platform that allows people to compare university outcomes.

According to College Scorecard, a student at LMU pursuing a bachelors degree in accounting and related services which is a major in the College of Business Administration (CBA) is estimated to make a median annual income of $91,902 within four years of graduating. On the other hand, students who receive a bachelors degree in political science and government which is a major in the Bellarmine College of Liberal Arts (BCLA) are estimated to make a median annual income of $57,686 within four years of graduating from LMU.

A study done by the Public Policy Institute of California in 2023 found that someone with a bachelors degree earned 62% more than someone with a high school level of education.

We know that if you have a college degree, and if you apply yourself in college and have a few internship experiences, regardless of your major you will substantially have a higher income in life, said incoming BCLA Dean Richard Fox Ph.D., associate chair of political science.

Some advocates of the liberal arts say the beauty of a liberal arts education is that it doesnt prepare you for one specific thing,specified Graham Beattie, Ph.D., associate professor and associate chair of economics. In some ways that can be advantageous. Why do you get a liberal arts degree? It's because you're prepared for anything."

Having a degree in a liberal arts field could offer career flexibility that is not always available to someone pursuing a degree in a specific field despite those people making more money post-graduation.

People from liberal arts degrees work pretty evenly across the economy, said Beattie. I can steer myself over time into wherever is good for what I'm interested in in my geographical area [and at a] particular time. Whereas someone with a very specific qualification-oriented degree wouldn't have that ability.

Arik Greenberg, Ph.D., professor in interreligious dialogue, believes that while an education is highly valuable in todays world, he doubts if the cost of education is justified.

Education is always a good thing, but is the cost justifying the education? asked Greenberg. [If it costs $336,528] for an undergraduate higher education, is that worth what you're going to [make] when you get out of this degree program? I would say it's highly questionable.

Greenberg recalls his time in graduate school and working in construction, maintenance and janitorial services to foot the bill of his education. He says if he had pursued a career in plumbing or electrical he would be making a better living than he is right now, as a non-tenured professor at LMU.

I know I would not be happy doing that because I'm an activist; I'm a public intellectual; I want to have an impact on society and on young minds. That's my life's dream; that's my life's goal. I would not be happy just turning a wrench or swinging a hammer, said Greenberg.

Mia Gutierrez, a sophomore political science major, says she feels like she needs to stay on a career path that will make her money, despite having interest in exploring other areas of political science that may pay less.

I think that the tuition is getting out of hand [given] the workforce, especially because of how difficult it is to get a job, said Gutierrez. I feel like I have to stick to the path where I make the most money I need a job where I can pay off my college loans.

Despite projected low post-graduation wages for students pursuing a liberal arts degree, the demand for college has not decreased dramatically, meaning colleges can continue to raise prices without fear oflower enrollment.

So, why can colleges continue to charge as much as theydo?

College, particularly at a private institution like LMU, is expensive for a number of reasons. College is a labor-intensive production process, according to Beattie. Particularly at a school like LMU where class sizes are small, the amount of faculty that need to be hired in order to offer the education that LMU offers is quite high.

According to previous Loyolan reporting, $261 million of LMUs total expenses was dedicated to salaries, othercompensation [and] employee benefits in the 2022 fiscal year.

A 2023 studydone by the Public Policy Institute of Californiafound that someone with a bachelors degree earned 62% more than someone with a high school level of education.

Beattie also highlights that there is a competition between universities to offer a quality experience to their students, through a nice campus and facilities.

If you think of what you are buying with your tuition, you're buying a bundle of things. You're buying a lot of faculty hours which are expensive staff hours, which are generally not as expensive but still a lot of labor, and then you're buying access to this campus, which is [the] fanciest place in a high real estate cost area, said Beattie.

Both Beattie and Greenberg agree that students pursuing a degree at a liberal arts institution should be aware of the potential economic trade-offs that come with pursuing a liberal arts degree, but it should not deter anyone from that path.

If you want to do a liberal arts degree, go ahead and do a liberal arts degree, as long as you are not going into it misinformed about economics, said Beattie. If you go into it saying, 'Yes, I know this isn't the highest return, but this is still what I want to do,' then who is anyone to tell you that's not something you should do?

When Greenbergs students approach him about going into a career in academia, he wants them to consider if it is the only thing they could possibly be happy doing as a career, due to the low salaries many non-tenured professors receive.

I don't want to dissuade students from going into higher education, but I want them to go into it with their eyes fully open to the risks and the fact that they may take a decade before they ever even get gainful employment, said Greenberg.

Greenberg and Fox believe that education particularly a liberal arts education creates critical thinkers that bring immense value to not only their careers but to the world around them.

We see all these studies increasing saying they are looking for people who can think. I can teach anyone to code, but I need someone who can think creatively and critically, said Fox. I still firmly believe that students should pursue what excites them to do, and if they do that ... it will work out for them.

I think all education is valuable, said Greenberg. I'd do it all over again, because I think education makes a more well-rounded, educated and involved [population].

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Is a $330000 liberal arts education still 'worth it?' - Los Angeles Loyolan