Students with college degree aren’t showing sufficient increase in pay
Generally, the point of going to college is to get a degree to get a job that pays well, but many people are entering the job market today confused as to why they aren’t making the money they thought they would with a college degree.
College is expensive. For many families, it takes years to pay off debts from a 4-year university that costs on average $20,000 a year.
“If the student is in school for four years to complete a degree, the total cost will be around $88,000. If the entire amount is financed in loans at a fixed interest rate of 5.75 percent, the total cost of the loan would average out to approximately $147,000,” according to bestvalueschools.com.
In earlier times, a high school degree could get you through life. Now, it seems that not even a college degree can do the trick. It’s crazy to think how so much money can go towards higher education but not mean anything in terms of making a greater salary.
According to the Huffington Post on Nov. 4, 2014, “Over half of U.S. grandparents currently contribute or plan to donate to their grandchildren’s college funds, according to a 2014 education study from Fidelity Investments. Of those, 35 percent will kick in at least $50,000.”
This shows how difficult it is to send kids off to college. It’s becoming troublesome for homes that make roughly $80 to$100 thousand per year to pay off such debts.
Many recent graduates today are having a difficult time finding a well paying job.
According to the Washington Post on Jan. 30, “More than 4 out of 5 students graduate without a job.”
Therefore, is college really worth all the money you spend? Why spend $100 thousand in tuition at a school when you get a job that pays only $30 to $40 thousand a year? It’s almost like you’re losing double the money that you could’ve been making at a job that you would get with or without a degree instead of spending all this money.
Jobs in education for example, are especially scarce and pay close to nothing compared to other jobs. Then private schools only pay half of what a public school teacher could be making, so it seems pointless.
The National Education Association posted a table sharing the average starting salaries of teachers by state, and Michigan sat at a whopping $35,000. On top of student loans, car payments, and other bills, $35 thousand dollars is not sufficient and will leave the teacher paying off student debts for years.
Community colleges, such as Schoolcraft, are a smarter path for most people to not only save money, but to figure out if college is really worth the money.
In the grand scheme, college will benefit the lucky few, but for the majority of students, a college degree does not hold its value like it used to.