A “college education” is really five separate things

Graduation isn’t the end of a college’s impact.

Students and families often struggle to determine whether a given college is worth paying the cost of attendance. In each case, this depends on how you value the various things that you receive when you attend college. But what are you really getting?

The standard answer is something like “a good education.” But really, your money is buying at least five different things at once. Think of these as the Five Factors:

• Curriculum - What you actually learn about particular academic subjects in college courses. In theory, this is why you go to college, but in practice many students and parents place more emphasis on other factors.

• Experience - What happens in your life outside of class during the college years. This is what many students are most interested in - the place you live, the clubs you join, the people you meet, the parties you attend, the trips you take.

• Credential - The degree or certification you receive upon graduation that allows you to enter a career field. Many professional positions require a bachelor’s or master’s degree, and these degrees may also be required to obtain advanced graduate degrees in the future.

• Name - The impact of your college’s name and reputation in the job market. In some cases, merely graduating from a college well-known for excellence in a given area can open doors to career opportunities not available to job seekers from lesser-known programs.

• Network - Current and former students of a college who could potentially provide career assistance down the road. A strong alumni network can also provide important job opportunities to fellow graduates.

All of these components are present to some extent in every college education, and students and families will value some more than others. If you are struggling to decide between different options, it may help to think about which of these Five Factors are most important to you. The college that offers the biggest benefit in those areas may be your best choice.