Do We Really Need To Head Straight to College After High School?

Elementary. Middle school. High School. College. You know the drill. After 12 years of education, it’s expected that we venture out unto some campus to get a taste of what adulting is like before being pushed out into the real world.

The Traditional Path to Higher Education is Costly

The traditional path is changing as higher education gets more and more expensive. Educational debt is plaguing millions of Americans. Around 40 percent of adults under 30 have student debt. While the average student loan debt is $17,000,  student debt loan can range from $7,000 to $43,000. Sometimes it’s even more. That’s a lot of money.

It’s also a lot of money that isn’t going into savings accounts or retirement plans. Morningstar conducted a study a few years ago and found that for every dollar of student debt you collect, you diminish your retirement savings by $0.35. That means every graduate with $40,000 worth of debt will lose out on $14,000 of retirement savings!

The good news is that there are other ways to pay for school without taking out a loan, such as scholarships, part-time jobs and work-study. But what if you don’t qualify for financial aid or scholarships? What if your grades slip or you have a sports-related injury and lose your scholarship? What if you have too much studying to maintain a part-time job?

Making these huge bank breaking decisions is tough at any age, especially 18.

It’s no wonder that there has been a decline in college enrollment this past spring. According to the National Student Clearinghouse Research Center, the data shows a 1.3 percent drop in enrollment, making 2018 the sixth full year of consistent enrollment declines. So we students are getting smart by questioning the path society has conditioned us to take.

Is a College Education Really Worth It?

A question that was once a no-brainer has Americans divided today. According to a recent NBC News/Wall Street Journal poll, 49 percent agree that a four-year degree was “worth the cost” and  47 percent disagree. Those numbers are super close, almost 50/50!

Let’s get inside America’s head and look at the pros and cons of a higher education:

Pros of Going to College

• Grads face lower unemployment rates. In April 2018, the unemployment rate for those with a bachelor’s degree or higher was 1.9 percent compared to 4.1 percent for those with only a high school diploma.
• Grads make more money.  It’s estimated that over a lifetime, a college graduate will make $1 million more than a non-graduate.
• Grads tend to be more politically active and healthier. College grads vote and volunteer at higher rates. They are also significantly healthier with lower smoking rates and higher exercise rates.

Cons of Going to College

• College is expensive.  We already went over that one.
• College is time-consuming. Only a third of students receive their bachelor’s degree within four years.  More than a third of students take up to six years or longer.
• Income after graduation largely varies depending on your major. For example, the average starting salary for an electrical engineering degree is $62,000, while social work is $37,000

Non-Traditional Paths

Meanwhile, a steady movement away from college altogether is on the rise.  More people, including this Republican candidate for Florida’s governorship, openly disregard higher education as elitist and praise those working with their hands. Just check out his ad!

People like Mike Rowe, who encourage vocational training and working within various trades, prove that success is possible without college degrees.  

However, a college degree is a great foundation if you can maneuver around its expense and time consumption. One way we millennials are offsetting higher education cost and saving time is by staying with our parents and enrolling in online classes. There are six million students enrolled in at least one online course. As more employers accept online degrees and more people learn to balance the demands of work and family, online classes have sky-rocketed in popularity.

Sure you may not be getting the full “college experience” but in the long run, you’re thinking smart about your time and money. Besides, who doesn’t want to go to class in their PJs?

Another path students are taking is going straight into the workforce after high school. Sometimes joining the workforce right away can lead to college enrollment. Just ask the Wal-Mart company, who are now offering their employees affordable access to college degrees. They hope to attract higher quality entry-level employees and that is what people expect from those with degrees; higher quality.

However, by 2020 the U.S. economy will grow from 140 million to 165 million jobs.  Of these jobs,  35 percent will require a bachelor’s degree, 30 percent some college or an associate degree, and 36 percent will not require education beyond high school. That’s right, in just two years most jobs will only require a high school diploma.

So what do we do? Is taking the traditional path from high school to college still necessary? Ultimately the decision depends on our individual circumstances. A college degree won’t guarantee quick employment, but it is a great foundation to have.

You shouldn’t feel the need to go to college right away, especially with jobs offering to pay for your education. BUT if you already know what you want to do, want that campus experience and have a way to pay then go for it!

If not, know that there are other options and a college education is not the only path to success.