If you are like many, the value of a college degree has become debatable in today's economy. With headlines like "college graduates are underemployed" or "50% of college graduates cannot pay their student loans," it does beg the question: is college worth it?
The answer is not a clear 'yes' or 'no.' Instead, it requires additional questions of the studies. For example, were those asked recent graduates? If yes, well, I am not surprised many recent graduates are having a hard time finding work. The unemployment rate for April 2024 was only 3.9%. The U.S. has experienced historic lows in unemployment for the last several years. The last peak was 14.9% in April 2020 - right after the nation shut down for COVID-19. In January 2022, we were still only at 4% of Americans in the unemployed category. This means there are few vacancies and even fewer vacancies for positions requiring a college degree. People who need to work are working...
Next, how many college graduates do not have student loans? Obviously the data is skewed if only graduates with student loan debt in underemployed statuses are unable to pay their loans. Without seeing the dataset, I am shocked the number is not greater than 50% given the low unemployment rate. If those who do not have student load debt were included in the numbers of underemployed graduates and they are recent (say last three years), then we can have a conversation. However, if college grads without student loan debt are not in the mix, the data presented are overstated. The conversation is more about the economy broadly, than individually.
In other words, the United States is not growing. Companies are not expanding and creating more jobs. Instead, we are treading water which puts attending college in question for many and rightfully so...higher education is a huge investment. This is a great time for high school juniors and seniors to take advantage of dual-enrollment programs through their high school. Programs that fill in-demand positions and provide work experience may be more beneficial than heading to college right away. Another option is to attend a two-year college and focus on general education requirements.
With the high application rates for 2024 graduates and increased selectivity (not to mention the FAFSA debacle), many students are still deciding whether to attend a school, and which one, in fall 2024. If you are in the bucket, I highly recommend focusing on completing general education courses or attaining a certification to enter the work force until the economy decides if it is going to grow. A stagnant economy is better than a declining one, however, something has to give. For 2024 high school graduates, this provides an opportunity to do some investigating in future careers.
Take a look at the Bureau of Labor and Statistics website. All kinds of data is available on hot jobs for 2024 as well as projections for in-demand jobs through 2032. When evaluating the cost/benefit of a college degree, be sure to consider if the job(s) connected to the degree will be relevant in four years. Additonally, will the degree ensure a salary comensurate with the cost of the education (not to mention meet cost of living)? If unsure, re-evaluate the program, credential or degree. This is a time and financial commitment! Interdisciplinary programs or credentials demonstrating leadership, critical thinking and attention to detail can be used for a wide variety of positions and could the best option besides entering the work force.
Would you like to discuss your options? I'd love to chat with you! Send me a contact request through the website or we can set up an appointment for a consultation.
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