With college costs and student debt issues rising, a lot of people are beginning to ask if college is worth the cost. College is expensive and leaves a lot of people struggling to pay back their debt. However, college can also lead to higher-paying careers. When evaluating if college is worth it, there's a lot to take into account. There could be other alternatives out there that are cheaper and reach the same goals. There's also a lot of value that comes with a 4-year degree, so it's worth weighing all your options.
Will you make enough after college for it to be worth it?
Financially, determining whether or not college is actually feasible, is worth your time. As well as, picking the right major can lead to a lot of financial benefits after college. However, picking majors that aren't the highest paying can also lead to a larger income than just a high school diploma, making research necessary. On average, people who get a degree earn $1 million more over their lifetime than those without a degree.
Also, make sure that the college you are going to leads to better outcomes. Many for-profit colleges can be expensive and don't offer much to benefit students. In fact, they have the highest default rates in the country. Even if the university you are looking to attend is not a for-profit institution, it's worth checking whether on not graduates can afford to pay back their loans and have a decent salary.
Alternatives to college
There are many alternatives to college that are relatively cheaper and can lead to very lucrative careers options. Trade schools and boot-camps are popular options to get training in specific career fields. Many coding boot-camps can be fairly cheap and get your career started as a Programmer. These jobs typically pay around $50,000 or more for entry-level. There are also other trade schools for various careers, such as Plumbers who can typically go to school for under $10,000, and still earn over $50,000 per year.
Making college cheaper
There are also plenty of paths to lower the cost of college. For example, going to community college can save you $30,000 a year versus a private 4-year institution. Private institutions retain the right to charge what they want due to a perceived superior degree, but attending a 2 year school then transferring there can hold the same weight at half the price. Also, be sure to check that you will be able to transfer your credits from that 4-year institution, or you may have to retake some classes.
Using an income share agreement could also be a great way to lower your college costs, Or at least ensure that you can always afford your debt. This agreement allows a person to share a small portion of their income for a set period of time. The payment will fluctuate with your income, so the payments will always be affordable.
With all the options and potential outcomes out there, college is worth it in most cases. However, it's worth looking into whether or not a similar goal can be achieved at a lower cost. Starting your career with a lot of loans is not an ideal situation and can force people into increasingly worse circumstances. Make sure you weigh all of your options before deciding whether or not college is the correct choice for you.
