Determining whether college costs are too high depend on whether going to College is the best way for you to find a job, and whether that job pays enough, compared to your alternatives. Exploring whether to attend college or to choose an alternate route such as an apprenticeship, depends on an understanding of the kinds of jobs that will be in higher demand, eventually.
Will jobs in the future require a college degree?
We don’t have a crystal ball, but The Bureau of Labor Statistics (BLS) has produced a very thorough report on employment projections from 2010 to 2020, which are a great place to start. It is an estimate based on how employment rates will recover in some sectors after the recession, and like every forecast has some potential for error. However, on a macro basis, it does highlight several key points when looking at job availability and the types of applicants the market favors.
To address the prospect of your employment we need to look at opportunities available straight from high school as well as those available after completing a college degree. If a student can walk into a job that will turn into their dream job after five years of work experience then how is the debt of college justifiable? Let’s hold our judgment until the statistics have been examined.
The Bureau of Labor Statistics (BLS) has this to say on where most jobs will be coming from towards the back end of the 2010-20 decade:
The four detailed occupations expected to add the most employment are –
Registered nurses (712,000)
Retail salespersons (707,000)
Home health aides (706,000)
Personal care aides (607,000)
All of these occupations have large employment in 2010 and are expected to grow faster than the average of 14.3 percent
Of the fastest growing occupations, a staggering 1,413,000 do not need college education for entry. There is also an occupational route through to becoming a nurse so the 712,000 accounted for there do not necessarily need to be college educated. Over two-thirds of jobs, available in the three fastest growing occupations predicted for 2020 will only require a high school education for entry into them.
Do jobs that don’t require a degree pay well?
Is there money here in these high growth occupations? Enough to justify turning down a degree that could give students access to high paid salaries?
A nurse, depending on their background, and position (registered, certified, licensed, ward manager, emergency, etc.) can earn anything from $22,861 to $55,949 per year. There are also excellent opportunities for advancement through on-the-job learning -including degree options where you can pay for the degree while you work! Aspiring nurses may not know what kind they wish to be until they have been in that hectic working environment and developed a passion for one department or specialty. In those cases, the trainee or apprenticeship approach may be more valuable.
The retail sector is again full of opportunities for driven individuals. Retail assistants start with earnings ranging from $12,000 to $18,500. In 4 years, that could potentially be as high as $48,495 and at ten years a sales assistant can earn more than a Manager and peak at over $100,000 a year. The retail store manager starts on $23,207 -44,385 and in four years may be earning as much as $50,867 depending on the sector and employer. It is something to think about is it not?
The BLS go on to say that ‘more than one-fourth of the projected fastest growing occupations are related to construction’ (BLS 2012). This industry will begin to recover from the slump caused by the recession of 2007-09 and will again become one of the largest sectors for employment. Construction is best entered via hands on training or taking a paid position as an apprentice. These paths both involve being paid a lower rate while training up to qualification, but there is also no debt with this option.
Construction is an industry that varies in the salaries offered depending on what an individual decides to specialize in. There are many jobs such as electricians, plumbers, site managers, machinery operatives that can all command a higher starting salary for their expertise and will experience significant increases with experience.
The report also explores the different types of education, and training available and while there are some positives for the college route, the future is slightly more optimistic for those going the alternate route. Occupations needing postsecondary education will grow substantially during the 2010-20 decade. Jobs needing a master’s degree will increase by an impressive 21.7 %. However, that figure is still beaten by typical on-the-job training and apprenticeships that are projected to grow fastest by 22.5%.
So, the projected future, as envisioned by at least one major forecaster, is set to favor those who enter employment with less than a postsecondary education, no related work experience, and short- or moderate-term on-the-job training. The report clarifies this: ‘two-thirds of the 30 occupations projected to have the largest number of new jobs typically require’ (BLS 2012) no college education whatsoever.
Are there jobs that do not require a college degree available today?
Now, that we have had a look at the kinds of jobs projected to be available when students leave high school in the future, it might help to review what is happening today. Lets explore the exact figures for 2010 instead of focusing entirely on projections for 2020.
According to the Bureau of Labor Statistics in 2010, job openings where no degree was required were dramatically higher than those of degree qualified candidates. The exact numbers are:
Degree qualified 36,561.4
No degree required 106,506.9
(BLS, 2012)
The numbers confirm that jobs are there right from the moment the student leaves High School.
Are college costs too high, considering what jobs are available for those without one?
What every parent and student needs to decide is whether a college degree really does still mean a high powered, well-paid job after years of debt and hard work, and whether the college costs are worth it. Does it, and is it?
Every situation is different, but at least these days the decision is becoming less automatic and more of a healthy debate on college costs and the incremental salary return.
Let’s take a look at college costs which include tuition, and fees, housing and meals, books, and school supply, as well as personal and travel expenses. For those with a moderate budget, a college education will cost:
Public institution: $143,468
Private institution: $230,088
According to the PayScale College Report, 2012-2013 these are the average starting salaries for graduates:
Public education: $42,000
Private education: $41,000
Based on those figures it will take a minimum of three years for any college graduate to pay off their college costs and five years for a private college graduate. In addition, while attending college, the student has been missing potential earnings for the more than four years it takes to graduate, on average. Instead, they have been accruing debt, or using family savings. For those students that went straight into paid work at the end of high school, they have had at least 4 years to earn money and are well on their way to being promoted and progress to an above average salary earning position.
College costs are high and the rewards of that experience do not come easy. It surely should not be taken for granted that a college degree is the only route to a well paid and meaningful future. Indeed, if you want to go the college route, it is imperative you make some conscious decisions about where to go, how much you will pay and what you will study. You have to find the right combination of low college costs, with high paying salaries after graduation for it to work out. Use our college costs comparison tool to explore those choices.
The next blog will look closely at what a student’s money is spent on and how many land their ideal job after graduation day.
Sources Used:
Bureau of Labor Statistics U.S. Department of Labor (2012). Employment Projections 2010-20. USDL-12-0160.
Pay Scale: Human Capital 2012-2013. PayScale College Salary Report.
College data (2013). What’s the Price Tag for a College Education?
Use College Comparison Tool to Compare Your College Choices Now!
assignmentcanyon.com says
I think college costs are quite high compared to the option of going into business right after high school
Hema says
Hi,
Thanks for sharing such a nice article on college costs too high!!
Keep Sharing :)
Bobby says
Good article – college costs are rising faster than incomes, but the rewards are getting higher. Skilled jobs are only going to pay more in the future.
Mariya Jose says
Good post. I appreciate you for sharing such good thought.
viki debbarma says
Thanks for sharing great article, i love the post..>!
cate says
This is great work, and my thought is that no matter how expensive the degree is, its good that the students should focus on the deal they will get after college. Its not a must you get the white collar jobs, but doing a degree that will assist you in growing yourself to a better person. hank for sharing and i think for every success there is a sacrifice and if cost is what to be given up, then the students should focus on getting that which they want.
monica says
I think the cost of education has become too high. Although students are given education loans, i think they should also be given part time job opportunities by the government since the loans are hardly enough.
Ronoh says
The cost is too prohibiting but knowledge is power.
FoA says
I think college education is very expensive but since most of formal jobs do require college degree, we have no choice other than joining. thanks for sharing.
Abby says
Like any other cost of living, education has never been cheap . So its mandatory for one to spent in colleges and any other higher learning institutions to afford the appropriate resources offered during course work. All in all gain knowledge in strive to job markets. Any one can but certificate but not all buy can buy knowledge, skills and technology taught in institutions. Its good to acquire a degree/ diplomas which suits well in the carrier world which is highly competitive nowadays. So jobs are there all matter is candidate eligibility and their result based approach to the tasks assigned.
Edna says
Thanks for sharing this message. Most of the managers in some organizations do not hold a degree and the junior employees with degree are likely to stagnate in the same positions.
ndemi says
When you start thinking the only beneficial thing about education is only employment then you destroy the whole meaning of education.Educated people think and reason rationary and even present themselves better.Imagine what the world would be today if there was no formal education at all!
Steve Johnson says
This is a great article, thanks for sharing.
In my experience attending college and learning about my peers experience with college, it is too expensive for most that attend and certainly too expensive for many who don’t attend. Many end up with a high amount of debt for years, and the jobs many are getting do not pay enough to justify the cost of college.
Claire Greenhow says
College/university fees are becoming more prohibitive for many people but the experience and education they receive is invaluable.
Keith K. Moffitt says
Very scholastic blog!
College cost is the very serious issue.It is very difficult for the middle class family students to pay large amount of money for the admission.I will definitely share your blog with my friends. Keep posting…
Madhu says
College education is very expensive and not accessible to everyone. We should rethink our minimum requirements for jobs. Great article! It was my pleasure finding your blog, please keep providing such useful information.
Susan Anderson says
Do jobs that don’t require a degree pay well, I agree with this. If you think better, ou can do many things in this business world.
HomeworkCrest says
And you may also find that by the time one clears college their counterparts will have become employers. A situation where “A” students work for “C” students. Think about it…
David says
Thanks for sharing a great article, i loved it.
Freeman says
HEY
Nice post.College fees are too high yet getting employed or getting an employment after graduation is not assured.this in return creates problems since graduates have no means of paying back the debts accrues during the learning span.High college fees most times acts as a barrier to the less fortunate since not everyone can afford them thus leading to school dropouts.Thanks for sharing your thoughts.
jaya says
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Mike says
College fees are too high, there are ways to still be a college student and don’t feel the increased costs. These are the ways;
The student should find a part time job.
The student should be creative enough to have a small business by his/her own which will pocket some money from.
The student will be able to cater for his/her basic needs while at school such as accommodation and foods.
this will ease the burden of the cost than not leaving the school and doing various jobs that will not pay as much as the graduate jobs.
Jones says
Awesome work. The truth is that college are too high and not everyone is able to afford. I think students should focus more on what reward they will get after graduating and the jobs available for what they are studying. At times you pay too much in college and end up with a low paying job.
Esther says
Hey,
This is a very healthy debate, and it is worth the evaluation. I like the fact that it is open to discussion and thought and it’s not written on stone that college is equals to a high paying job. History is there for us to learn and change the way we think and approach issues.
coachingadda says
Hiii jodie,
It is a good blog and it is true in the education of our present situation.Thanks for sharing the valuable information
clearconcepts says
Nice article what you have said is right colleges are too costly poor people cannot study in the colleges.I have an website regarding some online courses of enginnering education this are low cost which are useful to poor people.
Shiva says
First of All i need to thank author for sharing such a Good Article, Prices for Study increases to sky, Common man unable to educate their children. Increment should be made equal in all categories not only for education.
Psy says
College education is very expensive and not accessible to everyone. We should rethink our minimum requirements for jobs. Great article! The ideas herein are really insightful. I look forward to reading more articles from you.
George says
Thank you for this article, because there is a great disparity between having a college degree or not having a college degree. I can see the difference in some blue collar and white collar jobs right now.
Moneycation says
The cost of tuition has risen at a grater pace than inflation. Since 1978 and in 1978 dollars, tuition has risen close to 900%, but the Department of Labor’s Consumer Price Index has only risen by around 250% by comparison.
Marking the cost of education to market prices such as average graduate salaries in each discipline is one possible remedy. This method links education costs to an employment metric rather than the seemingly untethered costs of academic program administration.
Matthew Allen says
College costs absolutely are too high! I know tons of people who graduated (or didn’t) with insane loan amounts to pay back. And in most cases their salaries don’t even come close to justifying that amount of debt. I too was naive and uninformed when I entered college right after high school. There are things that can be done to help pay for college. Most college kids just don’t know about them or are too lazy or unwilling to put in the work.
Maryrose says
It was my pleasure finding your blog, please keep providing such useful information.
Pamala says
I was looking for something useful to read, thanks for sharing
Sau says
I was looking for something useful to read, thanks for sharing
bible information says
Love the way that you have presented this info, I’m grateful for your imput.
independence day 2014 says
great blog..i too want to write about this topic in my blog.the costs of colleges are very high in india also..the private institutions make a loot from the poor parents.your article helped me to design my content frame..thanx a lot
Datemyschool says
Informative posting! I think this posting would be effective for all. Thank you for sharing with us. invites you to read
Prateek Pandey says
I agree to you Jodie, i am from India.
Every college in india has one motto rob students money. There are many college who don’t have any specialized lecturers but they are making good money from it.
None of them proving quality education
It’s great to people you like targeting colleges
Donal Quixote says
With my college graduation coming up next year I find myself worrying more and more that I spent to much money on college. However I think that the experience and contacts I have made throughout the years has made up for it.