In an era where the pursuit of higher education is often viewed as the gateway to success, the immense burden of student loans has affected the lives of countless individuals. As college tuition costs rise, so does the weight of the financial investment required to get a degree.
Regardless of the societal emphasis on college education as the main pathway to success, education and career pathways are changing, challenging traditional narratives and reassessing the value of a college degree.
Student loans have drastically increased in recent years, both in the number of people taking out student loans and the amount of money that students need to afford higher education. The Council on Foreign Relations reported that “as of March 2023, about forty-four million U.S. borrowers collectively owed more than $1.6 trillion in federal student loans.”
The majority of people who attend college take out student loans, a choice that affects them well beyond graduation. An article from USA Today stated that “in the 2020-2021 academic year, 54% of bachelor’s degree students who attended public and private four-year schools graduated with student loans…These students left school with an average balance of $29,100 in education debt.”
Student loans have many repercussions on the people who have to take them out to attend college. While college graduates on average earn more than people who did not receive a degree, individuals attempting to pay off their student loans face major issues such as financial stress and mental health implications. For example, BBC reported that approximately 250,000 people with student loans file for bankruptcy in the US every year.
Although many people hold the stance that a college education is necessary to get a “good” job, there are alternative paths to success that are significantly more affordable. Vocational training, also known as trade school, and apprenticeships are options that allow people without a college degree to enter a high-paying field.
An article from Indeed states that “many trade school graduates can earn above-average salaries. Vocational career paths often cite high demand and can prepare students to earn high salaries each year, according to the Bureau of Labor Statistics.”
Trade schools specialize in giving students practical, hands-on skills that are directly applicable to specific industries. A key advantage is the efficiency of trade school programs, which are typically shorter in duration and on average take two years or less to complete. This allows students to enter the workforce sooner and with less financial burden.
In addition, the emphasis on practical skills means that graduates often have a direct path to employment, with industry-ready expertise that is increasingly valued in today’s rapidly evolving job market.
Some careers certainly necessitate a college education, such as professions in medicine, law and academia. However, if these or related fields are not a person’s career goal, they may be better suited not acquiring the debt that a college education so often entails.
When considering the long-term impact of student loans and the necessity of college, it becomes evident that traditional perceptions of educational pathways are changing. While college remains a necessary route for certain professions that demand academic expertise, the burden of student loans, as well as the rise of alternative education and career paths, prompts reevaluation.
When considering whether or not to attend college and incur student loan debt, individuals should consider their unique circumstances and aspirations. As perspectives change and opportunities open up, it becomes evident that college is not the only path to success.
