College may be expensive and some loans may be almost impossible to overcome in our lifetimes–but they’re still worth having in the big scheme of things, especially if we’re in the middle of a damaging recession.
A new study from Yale found that some workers with college degrees actually did better during hard economic times. The study basically found that those with higher earning degrees faired better in the job market than low-income degree plans or those who didn’t have a college degree. Graduates with degrees in areas such as economics, finance, computer programing and other financial fields actually earned more on average during the last recession.
Those with degrees with lower earning averages in fields of study such as the arts, secondary education, theology and social work saw a drop in their average income. Graduates with degrees in journalism and architecture were the only two on the list that didn’t see a change in income.
So in general, this means that if you have a degree with a potential for high or even average earnings, you should stick with it in case we find ourselves in another recession. Yes, we know that student loans are insurmountable and studying any degree is hard (except physical education where if you can blow a whistle and berate a fat kid, you can earn a degree) but it’s one of the best ways to prepare for the worst case scenario. We’ve come pretty close to total economic anarchy before so the worst case scenario may not be that far out of the realm of possibilities.