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The Real Facts About a College Education

by Mary Joan Coultas  http://www.best-career-match.com/

My father used to say: "Get an education, they can't take that away from you." 

But today, you need to ask yourself what is it that I am really getting when I invest in a college degree?  How valuable is it actually going to be to me?

The fact is, there are so many graduates walking around with degrees, that degrees don't necessarily open doors anymore, when you are looking for work.

However, if you have your heart set on getting a higher education, there is a better way to get a degree, than embedding yourself on a campus for 4 years, racking up huge debt, and enslaving yourself to paying off that debt for the rest of your life.  For more on the facts of getting an education today read on.

So What are the Real Facts You Need to Know?

Nowadays, a degree, especially in something like Computer Science is dated the day you graduate. If you don't get a job in your field within a year, you are competing with newer grads, and you are now a year older with no experience to show. 

Information is constantly changing, and what you learned last year is already replaced by newer technologies and newer information. It is a well-known fact that many textbooks are outdated the day they are published. The only way to keep current is to be working in your field. 

But constantly changing knowledge, and keeping current aren't the only problems in this Information Age.

What about the financial costs of a College Degree?

If you aren't one of the lucky ones, who go through college and graduate school on scholarships, then it's not unusual to graduate with a debt of over $100,000. Many students have monstrous debts that will hang over them for the rest of their lives.

A few years ago, if students weren't able to pay, their student loans were forgiven, so they could start again with a clean slate. Not so now. Student Loans are in a special category. Did you know that you can't declare bankruptcy and get rid of your student loans anymore?

Economist Max Fraad Wolff says: “Your housing debt, your car debt, your credit card debt – if you go bankrupt, it gets wiped away. [But] you literally cannot get out of your student debt.  If you decide you can’t pay it – too bad.  Student loan debt is special and it’s specially sticky and hard to get rid of”. (RT.com)

Students are being harassed by Debt Collection Agencies calling numerous times a day, even if they are one month late with a loan payment.

This affects your chances of getting a job too, since many employers check credit scores before hiring staff, as an indicator of how responsible potential applicants are.

Right now, graduates are facing the worst job market ever. They find themselves in competition with people who have years of experience under their belts, who've been laid off and can't find work in their field. So they can end up taking whatever they can get in the service sector, just to pay the rent and keep up with those loan payments.  That cuts into the time and energy they have to search for work in their field.  The pressures are enormous.

What are the facts about a University/College Education?

College is expensive.  In the US, a 4 year private college costs $26,000 or more in tuition and fees, while a 4 year public college ranges from $7,000, to over $11,000 per year if you are from another state. Even a two-year college will cost you over $2,500 a year in tuition and fees. And on top of that are all the other expenses: room & board can cost $7,000 a year, books and supplies can average $1,000 plus a year, personal expenses, even if you are very careful, can add up to over $2,000 for take-out food, cell phone costs, laundry, and computer related items. And transportation is a minimum of $1,000. What does that add up to - $11,000 or more per year minimum on top of tuition. (Stats from Sixwise.com)

In Canada, 1 year of university can cost $10,000 to $20,000 per year. If you stay in residence on campus the cost ranges from $7,000 to $9,000 for an 8 month stay, and don't forget books, computers and other personal expenses, which can easily come to another $2,000.

Over 80% of students now have credit cards, which they rely on, to take care of added expenses. Racking up credit card debt only adds to your financial load.

Meanwhile, how are your High School friends faring, who went to work right after graduation?

While you are going through college, and accumulating debt big time, your high school friends, who decided to get into low end jobs just to get started, are moving ahead, making money instead of going into debt. They are getting experience on the job, being trained on the job, and getting in line for promotions. They are learning how the workforce operates, while they are still young and free, without a family to support.

They are also making connections, networking, and meeting people who can help them move into better jobs. They are establishing themselves, getting apartments, setting themselves up, and paying their way. Four years later they may have earned $100,000 and pretty much have mapped out the terrain with regard to where they are going.

Four years on, when you are graduating with your degree, and a mountain of debt, you may find yourself starting where they started 4 years ago.  Who's better off now?

What really opens the doors to jobs?

  • Being able to tell an employer what you can do for him/her, what you have been doing, your record of work experience.
  • And your connections - who you've met along the way, who knows how you work, and likes you and your attitude enough to tell others that you're worth taking a chance on. -- This is key.

What is the smart way to get a College Education?

Here are some alternatives to going directly to college right out of High School.

  • You can wait for a few years and ease into it, while you are working, by taking evening and weekend courses to explore areas of interest.  Schools are now becoming more flexible in reaching out to attract students from the workforce, by making it easier to study towards degrees on weekends.

  • You can also do online programs while you are working.  More universities and colleges, in an effort to recruit students, are offering academic courses online.

  • At many colleges and universities, if you can get a full-time job on staff, they will pay for the courses you take towards a degree.  But make sure the places you apply to work actually have this program in place.  This doesn't mean that students can get a job on campus and have their tuition paid for.

  • You can enter a Trade Program which has a lot more chance of getting you into the workplace, because you actually have a technical or mechanical skill to offer an employer in a very short time. Make sure your program incorporates a work experience component, thus getting you references and experience to boot.  See my article on the Advantages of Working in the Trades http://bit.ly/cZo6e8

You may be better off taking a few years to mature, scout out the lay of the land in the field of your dreams, and see what's actually going on. One thing is sure, after a few years in the workforce, you may have a totally different perspective on which direction is right for you.  It's worth considering your alternatives.

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