Student loan debt crossed the trillion dollar mark recently, spurring a flurry of "Is College Worth It?" articles and segments on tv news. With college costs ranging from $25,000 per year at a lot of local state universities (if you live on campus) to as much as $65,000 per year, it's only natural to question the value of such an investment.
So, is it worth it? The answer is... it depends on your student. Now guidance counselors, colleges and other "experts" will site the studies that say: "On average college graduates can expect to earn 66% more over 40 years with only a high school degree." And those studies are true. But they're examining several decades of data to come to those conclusions, including the times when getting the college degree was not the norm, it was the exception.
Problem is, those studies don't take into account more recent trends. Record numbers of high school students are attempting college – while over ½ do not complete their degree, a college degree is more common today than it was 15 or 20 years ago. Today's bachelor's degree is quickly becoming what the high school degree used to be in the job market. More degrees, less "value". It's supply and demand.
A college degree isn't a "silver bullet" to a job or a career, but it is an essential stepping stone for many students.
So, how can you tell if the investment of $85,000 to as much as $240,000 is worth it? Well, here're some hints that it might NOT be a wise investment:
1. Your student is in the lower 50% of his or her high school class.
2. Your student HATES school or just simply has no interest in attending college.
3. Your student's grades are below a B not because of lack of ability but because of lack of attention – i.e. their attention is more focused on their social life or their sport or their activities (talking or texting on their phone, Facebook, video games, etc.)
In all three of these situations, many times, a lack of maturity is the main culprit. Often, a year or two in community college and/or having to be responsible for their own lifestyle (as in get a job and pay for their own "stuff") can be a terrific motivator that can inspire a student to put their nose to the grindstone and get in gear - and as a result boost their chances for college success.
And sometimes, listening to your student can save everyone from a stressful mistake. It did for one of my clients, Sean. Sean was a strong student and even a National Merit Commended Scholar. But, Sean had NO interest in attending college.
So, is it worth it? The answer is... it depends on your student. Now guidance counselors, colleges and other "experts" will site the studies that say: "On average college graduates can expect to earn 66% more over 40 years with only a high school degree." And those studies are true. But they're examining several decades of data to come to those conclusions, including the times when getting the college degree was not the norm, it was the exception.
Problem is, those studies don't take into account more recent trends. Record numbers of high school students are attempting college – while over ½ do not complete their degree, a college degree is more common today than it was 15 or 20 years ago. Today's bachelor's degree is quickly becoming what the high school degree used to be in the job market. More degrees, less "value". It's supply and demand.
A college degree isn't a "silver bullet" to a job or a career, but it is an essential stepping stone for many students.
So, how can you tell if the investment of $85,000 to as much as $240,000 is worth it? Well, here're some hints that it might NOT be a wise investment:
1. Your student is in the lower 50% of his or her high school class.
2. Your student HATES school or just simply has no interest in attending college.
3. Your student's grades are below a B not because of lack of ability but because of lack of attention – i.e. their attention is more focused on their social life or their sport or their activities (talking or texting on their phone, Facebook, video games, etc.)
In all three of these situations, many times, a lack of maturity is the main culprit. Often, a year or two in community college and/or having to be responsible for their own lifestyle (as in get a job and pay for their own "stuff") can be a terrific motivator that can inspire a student to put their nose to the grindstone and get in gear - and as a result boost their chances for college success.
And sometimes, listening to your student can save everyone from a stressful mistake. It did for one of my clients, Sean. Sean was a strong student and even a National Merit Commended Scholar. But, Sean had NO interest in attending college.
No comments:
Post a Comment