Is College Still Worth It?
With the average total cost of a 4 year public college degree rising to over $100,000 ( $220,000 for a private college), you may ask yourself, is it really worth the cost to go to college?
For many people and job paths, the answer is still definitely YES. The median salary for college graduates is $65,000 with a 2.2% unemployment rate. The median salary for a high school graduate is $39,000 with a 3.7% unemployment rate This could easily mean $20,000 more in salary per year, so in 10 years $100,000 more. If you work 50 years, that means $500,000 more in earnings. The after-tax amount will be closer to $400,000. So if a college degree costs you $100,000 you are still $300,000 or more ahead. That could be the cost of a house. This calculation is just using median salaries. Depending on the profession, the median salary variances could be much greater, which means being ahead even more than $400,000 over a lifetime.
It’s predicted that by 2027 that 70% of all jobs will require some college education, so a college degree will keep you more competitive. If 2 people are tied for a job offer and 1 applicant has a college degree and the other one doesn’t, chances are the person with the college degree will be the tie-breaker winner. When the economy isn’t doing as well and jobs are scarcer, having a college degree can be the difference between having a job or not.
However, a college degree isn’t for everyone and isn’t necessary for every career path. Associate’s degrees and Trade Schools are still good alternatives for many jobs. Research what the average pay is for your career interests. If you are interested in becoming a dental hygienist or a radiation therapist, a 2-year associate's degree is all you need. If you went to a 4-year college, it could be a waste of an expense because the additional education isn’t necessary or financially rewarded. There are many degrees and career routes that earn average salaries greater than college-education required jobs. The average salary for a dental hygienist is $68,000, a Radiation Therapist $80,000 and for an Electrician $56,000.
The average cost of completing a 2-year Community College Associate’s degree is $7,500. The average cost of completing a trade school program is $33,000. Bootcamps, which last on average around 14 weeks, can be great for web and app development and software coding. They cost on average around $13,500 and can garner starting salaries of almost $70,000.
Take inventory of your talents and interests and be realistic about your career aspirations. If you feel drawn towards careers that require a college-degree, then go for it and figure out how to do it the most economical way for your financial situation. Community college for the 1st 2 years, so that you only have to do 2 years at a University, can reduce your cost of college by 50%. Attending a local university and living at home can reduce the cost by 50%, too. Research and apply for scholarships, grants and other financial aid. Whatever the path you decide, work hard, stay organized and stay persistent and you WIL achieve success.
