President Obama wants more Americans to graduate from college, but climbing costs and mounting student debt have left some wondering if college is still worth the cost to students, their parents and taxpayers. 

College graduates have higher rates of employment and make much more money over time than those who only finish high school. The President has asked for $12 billion to get five million additional students successfully through community colleges by 2020.

Additional grants could bring more students to community colleges, but the problem for the Administration is getting them though their course work.  Only about half of community college students complete a credential or transfer to a four-year college after six years, according to the National Center for Education Statistics.

“Community colleges have a challenge.  They need to increase the completion rate,” said Department of Education Under Secretary Martha Kanter.  “They need to enable more students to get certificates of achievement and associate degrees and get them ready to transfer.”

Kanter said too many community-college students still need to learn basic high school skills.  She said part of the President’s initiative is to better prepare students for college before they graduate high school. 

“Two-thirds of college freshmen upon entry are not ready for the kinds of college-level academic work that is found in community colleges and universities,” said Kanter.  “So the preparation role is significant.”

Students using community colleges to get into four-year schools may want to look at going directly to a bachelor’s program, even if it means more debt, according to one education writer. 

People around the ages of 18-19 “are very affected by their peers,” said Kim Clark, senior reporter at U.S. News and World Report.  “If you're not surrounded by a cohort of people who are on a four-year track to get their bachelor's, if you're a person who's very influenced by your friends and the people you're hanging out with, you might want to think about ponying up the extra money and getting into a four-year school with a very high graduation rate.”

Even in a recession, the additional education pays dividends.  The unemployment rate for those with at least a bachelor’s degree is 4.7%, according to the Department of Labor’s July employment statistics.  It jumps to 7.9% for workers with some college or an associate degree. The unemployment rate for those in the work force with only a high school diploma is 9.4%.  Less education than that, and the unemployment rate hits more than 15%. 

On average, workers with bachelors’ degrees earn about double of what those with only a high school degree make, though that degree can require a significant up-front investment.  

The average published total charges at private four-year colleges and universities in 2008-09 are $34,132 -- 5.6% higher than a year earlier, according to College Board statistics.  Public school costs have risen even more.  Average total charges, including tuition and fees and room and board, are $14,333, 5.7% higher than a year earlier.  Depending on the school, the average college student graduates $20,000 to $30,000 in debt. 

“If you're having to borrow more than, let's say, $25,000 or $30,000, I think you really have to stop and think about what college you're going to,” said Clark.  “College is expensive, but look how expensive it is not to go to college.  I mean, you are sort of denying yourself opportunities for all kinds of jobs that simply require a bachelor's.  So college is expensive but ignorance is even more expensive.”

And time is also expensive.  Every semester or year extra it takes to finish a four-year degree will probably cost thousands of dollars more in tuition, fee and housing expenses.  Only 36% of students graduate from college within four years, and fewer than 60% of undergraduates obtain a degree or certificate in six years, according to a 2007 College Board report. 

“College isn’t for everyone, but we strongly believe that the good jobs are going to require more education and more college,” said Kanter.  “Frankly, the 30 fastest-growing fields are going to require a baccalaureate degree.”

That degree can be expensive, require students to work while studying and involve innovative cost-cutting to complete.  Statistics prove a college degree is a worthy investment.  Congress must now decide whether the President’s graduation goal is attainable, or if the Administration is granting $12 billion in opportunities to achieve only marginal results.