This paper reviews Nuckols et al. (2020), a phenomenological study using cognitive dissonance theory to evaluate whether financing a college degree through student loans is worthwhile. The review summarizes the study's key findings — that student loans enable access to degrees that might otherwise be unattainable, but that rising tuition costs and mismatched employment outcomes complicate the calculus — and assesses the article's contribution to higher education policy. The paper also identifies a notable limitation: the study does not adequately address alternatives to student loans or propose concrete solutions to escalating student debt.
There is no doubt that college education in the United States is expensive. The number of student loan borrowers as well as their combined debt has been increasing rapidly. Student loan debt in the US has become one of the most pressing financial issues facing young adults, prompting researchers and policymakers alike to examine whether the investment in a college degree truly pays off. Nuckols et al. (2020), in the article "Was it Worth it? Using Student Loans to Finance a College Degree," conducted phenomenological research using cognitive dissonance theory to establish whether financing a college degree through a student loan was worth the effort.
Essentially, the authors sought to examine the perceptions of students regarding the value that a college degree would have on their lives, taking into account the student debt they had accumulated. The article provides a foundation for policy solutions and future research related to lifting the veil off the skilled labor fallacy, the economic stimulation of local and national economies, and access to education — arguing that a college degree remains necessary when compared to skilled labor alternatives.
The authors found that student loans are worth taking given that, without them, some students may not be able to obtain a college degree. This is especially the case given that over the last few decades, the cost of tuition has been on an upward trend. However, investing in student debt may require further examination, given that it can be difficult for some students to repay their loans. Some respondents observed that student loans were not worth it because the degree they acquired did not align with the jobs they ultimately held.
"Strengths noted; alternatives to loans overlooked"
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