The College Mandate.
50+ Years of Relentless Messaging.
"A college education is your best chance for success"
"You HAVE to go to college......you'll need something to fall back on"
"College is an investment in your future."
"They won't even CONSIDER you for a great job without a degree!"
"Just look at the data. College graduates will out-earn NON-college graduates by a million +$'s."
Believe me when I tell you this:
I am a MASSIVE believer in education. It had a truly TRANSFORMATIONAL impact on my life and where I sit today. I am the furthest thing from "anti-college" as you will find.
I do not believe that you should cripple yourself with massive debt in order to pay for that education. There is a practical nature behind any investment decision. Costs need to be weighed carefully against the expected benefit, and projected out as far into the future as possible.
The truth is, ANYTHING taught in college* can be found in multiple places, for FREE.
* Note- This statement does not apply for "degree mandatory" fields: Medical, Law, some STEM etc.
I'm also a strong believer in the fact that many of the most valuable life lessons do NOT happen in the classroom. They happen in the real world, and often take multiple decades to discover.
Some facts to consider: Below charts, unless specifically notated are sourced from the education data initiative:
College Costs Going Through The Roof, & There's No End In Sight!
$40k per household, $1.7 trillion, no end in sight
Driving massive debt levels approaching 2 TRILLION $.
* 43mm borrorwers with an average loan balance of nearly $41,000 per borrower.
But we often hear (depending on the source) that college graduates out-earn high school grads by 7 figures+ over the course of a lifetime right?
There's a lesson in statistics: Correlation does not imply CAUSation. Just because 2 factors move in the same direction (the presence of a college degree and income levels), it does not mean that one CAUSES the other.
And if the earning power of a college degree is so great, why do so many struggle with their debt payments?
The Cold Hard Facts Of a College Education Indicate The Degree is Anything BUT a "Sure Thing"
40% will not even graduate, but the debt stays with them
And the debt holders, whether they graduate or not are STRUGGLING
* 15% of the loans are in default at any given time
* 11% of borrowers default within the first 12 months
* 25% of borrowers have defaulted within the first 5 years
And the UNDER-EMPLOYEMENT Rate among college grads is alarmingly high at 41% among recent college grads: Said differently, 41% of recent college grads did not need their degree to be working in their current jobs.*