We asked Gen Y about whether they believe they are getting a good return on their education. 88% see real value in going to college, and here’s how the numbers stack up.

How much does college education cost today? According to the National Center for Education Statistics (NCES), average tuition, fees, room and board cost approximately $13.4k per year and $30.4k per year to attend public 4-year and private 4-year institutions, respectively. Assuming most go for 4 years, that comes out to between $54k and $122k.

To pay for undergrad education, the average student incurs cumulative loan debt around $20k to attend public 4-year and $27k for private 4-year colleges (NCES).

What’s the payback? According to the US Census, workers with a bachelor’s degree earned about $26k more on average than workers with a high school diploma, which comes out to approximately $1M over the lifetime of a worker. Still worth it.

82% of Gen Y go to college for an advantage in the job market and 81% go to obtain specific skills.

How does this impact employers? So far this is good news, that there is tangible value associated with going to college, and that students see the value. The real problem emerges if tuitions continue to rise and the payback falls. Already we are seeing increased enrollment in public institutions and community colleges, indicating students and their parents are looking for greater ROI.

In need of a skilled workforce, employers can help by providing professional training, tuition reimbursement, loan forgiveness, subsidized education and loan repayment programs to ease the loan and cost burdens of Gen Y looking to add to their skill base.