Many people feel that a bachelor’s degree is required to obtain a well-paying job. While a four-year degree is still required for many occupations, engineers, for example, can acquire a terrific career without one.
A college education has many advantages, but it is not for everyone, and it no longer guarantees a “good” career. You’re not alone if you’re thinking about bypassing college in favour of trade or vocational school. Many students recognise that by attending trade school, they would be able to enter the workforce sooner and start earning money rather than adding to their student loan debt.
But, how do the figures look? Six startling facts regarding four-year degrees will make you reconsider enrolling in your local university.
Five Statistics That Will Make You Think Twice About Getting a Four-Year Degree
Here are a few things you should know about receiving an undergraduate degree, from student loan debt to the rising cost of tuition.
A Bachelor’s Degree Is Expensive Compared to a New Corvette
The cost of a four-year degree varies greatly, but the average cost of a bachelor’s degree for in-state students attending a public university is roughly $80,000. (The base price of a 2019 Corvette Grand Sport is $65,900.) If you are an out-of-state student or want to attend a private university, the cost will rise.
Room and board and meal plans are included in the $80,000, but even without them, the entire cost is in the tens of thousands of dollars. While most students receive financial aid and will not have to pay the $80,000 out of pocket, the great majority will need to take out student loans to pay for their education. Actually…
The average student loan debt for the 2016 graduating class was $28,466.
Undergraduates who finished their degrees in 2016 and had to borrow student loans graduated with an average debt of roughly $30,000. Each year, the number grows, and as of March 2018, 44.5 million student loan borrowers in the United States owed a total of $1.5 trillion.
One-third of students will not complete their education.
At a four-year college, the dropout rate for bachelor’s degree-seeking students is roughly 33%. The majority of students struggle to balance employment, school, and life, with 24% opting for part-time status and a third dropping out entirely.
Only 19% of students complete their bachelor’s degree in four years.
Despite the fact that it is a four-year degree, most students take longer to complete because of the aforementioned life and career responsibilities. Dropping to part-time can help you handle those responsibilities, but it will lengthen your time in college by a year or two, delaying your entry into a career.
Paying off student loans might take a long time.
The normal repayment plan for federal student loans puts debtors on a 10-year repayment track, which doesn’t seem too horrible. Unfortunately, this isn’t the case when it comes to student debt repayment. The average borrower takes twice as long to pay back their college loans. It will take more than 20 years to pay off 4-6 years of college!
The Pay Gap Between College and Trade School Isn’t As Big As You Think
And it’s possible that the wage disparity doesn’t exist at all. A trade job’s income might vary greatly, but the median annual salary for entry-level trade positions is $35,720. The average bachelor’s degree holder earns roughly $11,000 more per year when they start working, placing their annual pay at around $46,700. (Of course, this is contingent on a variety of circumstances, such as the degree, location, and job market.)
However, keep in mind that most college graduates won’t start working until they’re 22, at the earliest. Because vocational education lasts anything from a few months to two years, graduates enter the workforce 2-3 years ahead of their college counterparts. For trade school grads, that’s an extra 2-3 years of income (with little to no student loan debt), which helps close the wage gap.