As higher-education costs rise, California parents and students have begun to ask: Is college worth it?

The Public Policy Institute of California broke down the benefits of college alongside rising costs.

A college degree does not guarantee financial security, but for most students it represents their best chance.

The college wage premium — the difference in wages between college graduates and comparable high school graduates — is at a historical high.

Graduates are more likely to have full-time jobs that offer paid vacation, health insurance, retirement, and flexible arrangements.

Plus, there is a higher likelihood of these professionals having occupations with more opportunity for on-the-job learning and wage growth. They are also better protected during economic downturns, the PPIC research found.

Challenges Student’s Face

Students who want these benefits face increasing costs.. However, housing — not tuition — is the main concern.

Accounting for inflation, public four-year tuition is lower now than it was five years ago due to increases in state funding. Additionally, financial aid in California can greatly reduce costs.

For students living off campus, food and housing make up the majority of expenses — 56% for California State University students.

The state has made enormous progress aiding students, but more work is needed to improve student success.

But students must consider time. Those who take more than four years to complete their degree face extra costs, risk losing financial aid, and delay workforce entry.

Students who never finish their degree and don’t get the same wage bump as graduates face devastating loan debt.

Three years after college, 22% of non-graduates have loans that are in default or delinquent, compared to 12% of graduates.

Additionally, marked disparities across gender and racial/ethnic lines still exist in the labor market.

Read more at PPIC.