Soaring tuition costs, rising student debt and restrictive college admission requirements have some high school students rethinking their college goals. Some students hesitate about jumping directly from high school to college. Others don’t do well in a schoolroom setting and balk at going to school for another two to four years. Still others question the high costs and wonder if going to college is worth it. Is college the right step for everyone? Are there alternatives that give you the tools you need to support yourself and future family without struggling financially for the rest of your life?
The Argument for College
A college degree still opens a lot doors that remain closed for the less educated. An associate degree is worth over $170,000 more over a lifetime than a high school diploma. A bachelor’s degree is worth $30,000 more per year. During the recent recession, jobs requiring a college degree grew, but jobs for the less educated declined on a large scale. According to Georgetown University’s job projections, approximately 63 percent of jobs in the United States will require a college education by the year 2018.
College graduates as whole not only have jobs, they have better jobs. They earn more and the jobs they have are more likely to have benefits, such as retirement plans and health insurance. The 2008 poverty level for college grads with a bachelor’s was 4 percent compared to 12 percent for high school graduates.
A college education has a high return, even if the investment is substantial. Calculating the costs against money earned results in a return on investment (ROI) of 15 percent. Going to college also provides networking value because college life not only consists of classes, but also encourages participation in study groups, clubs and teams. College internships also provide opportunities to meet mentors and make contacts.
The Argument Against College
Student loan debt is has increased exponentially since 2003. The average student loan balance in 2012 was $20,326, a 91 percent increase. The United States Congress Joint Economic Committee approximates that 60 percent of the 2011 college graduates had a total student loan debt that equals 60 percent of the students’ income. Making late or missing payments lowers credit scores and escalates the problem with added fees.
In its list of the projected 30 fastest-growing jobs between 2010 and 2020, the Bureau of Labor Statistics, five do not require a high school diploma and nine require only a high school diploma. Famous people who never went to college or dropped out before finishing include Apple co-founder Steve Jobs, Microsoft founder Bill Gates, comedian Ellen DeGeneres, Dell founder Michael Dell and Facebook founder Mark Zuckerberg.
The emphasis on college has left a glut in the trade professions. Machinists, electricians, construction workers and plumbers are in short supply. The Bureau of Labor Statistics projects that these middle-skill jobs will make up 45 percent of job openings this year, but 2012 statistics show that only 25 percent of the workforce possesses the skills to fill those jobs.
Are There Viable College Alternatives?
Conventional wisdom says that a degree from an accredited college means a good job and higher pay. The recent recession changed the economic landscape and a college degree is no longer a guaranteed path to a higher paying job. There are a number of four-year college alternatives to consider.
One alternative is to start your own business. Internet connections make starting a business easier than ever. Retail options include selling merchandise, trading antiques and making and selling your own handcrafted goods. There are online jobs for computer whizzes, writers, photographers and translators. Successful entrepreneurs find a way to turn a passion and their people skills into opportunity.
Attending community college may not sound like an alternative, but it’s one of the best. Taking a course or two at the local community college is a great way to test the waters and see if going on to a four-year school is for you. It is also a way to delve more deeply into subjects you like and gives you time to explore your interests and better define your talents. Community colleges are a great bargain, too. The average credit hour at a four-year university is $300. It’s $60 at a community college. If you want to earn a degree at a community college, you can. Associate degrees take a comparatively short amount of time to obtain and cost less but offer a surprising list of possible careers, including web developer, MRI technologist, air traffic controller and nuclear technician.
If you are mechanically inclined and enjoy working with your hands, consider going to a trade school. Trade schools typically offer two-year programs that teach a variety of skilled labor careers. Beginning salaries for college and trade school graduates are surprisingly close. The average college graduate’s starting salary is $45,000. The average trade school graduate’s starting salary is $42,000. Construction and landscaping companies often offer apprenticeships where students are given on the job training and move into regular jobs after completing the program.
Is college right for you? The choice is yours. Choosing to skip college is a decision not to be taken lightly, however. Carefully consider your options. Discover and expand your interests. Think about your financial situation and future goals. If a lack of confidence in your skills is keeping you from going to college, try taking a few supplemental classes or working with a tutor. If you need a break after high school, get a job and work for a year before you decide. The future is yours.
