Introduction
There are a plethora of reasons why I don’t believe college is a good option for most young adults. If a young boy or girl does decide college is for them they should make that decision based on a well laid out strategy, one that involves calculating opportunity costs and future debt liability.
Unfortunately our society has brainwashed the masses with a million dollar lie–A College Education is The Obvious Next Step out of High School-. I thought a top 5 list of why college is overrated, or maybe even why college sucks, might be a good way to generate a discussion. Feel free to leave a comment at the bottom of the page whether you agree or disagree.
Tuition Costs
Reason#1: Tuition Costs. Do you know how much it costs to attend college currently? Tuition and fees vary from college to college. Among ranked National Universities, the average cost of tuition and fees for the 2019–2020 school year was $41,426 at private colleges, $11,260 for state residents at public colleges and $27,120 for out-of-state students at state schools, according to data reported to U.S. News in an annual survey.
.@AOC: "It was literally easier for me to become the youngest woman in American history elected to Congress than it is to pay off my student loan debt. That should tell you everything about...our economy & the state of quality of life for working people." pic.twitter.com/uj7tzyV3d6
— Kyle Griffin (@kylegriffin1) June 24, 2019
A lot of schools will include some type of grant and/or scholarship to help reduce cost, but rarely eliminates it. College tuition prices are a lot higher today compared to two decades ago.
According to a 2017 paper by the Center on Budget and Policy Priorities, state spending on public colleges and universities remains at a historic low since the 2007-2008 school year.
Debt After Graduation
Reason #2: The Debt Load After College. Most new graduates don’t know how hard it is to live a life consumed by debt, especially when the piper comes to collect.
Imagine getting your first job after graduating from college, and you make around $30,000-$40,000 a year (pre-tax). It could be better, but you’re still stoked about making this amount. That is, until your grace period ends and you start getting $400 bills from the Student Loan companies.
What you don’t realize is that only a fraction of your payment will go toward your principal in the beginning, your initial payments are interest heavy. The interest you deferred during college is now due and payable.
That $400 is perhaps what you used to owe on your credit card bills in college. However, things have been piling up a little since you left school because somehow that first check just isn’t covering all the bills every month.
You also need to cover your rent, electric, and water bills, garbage service, and how could you live without cable and Internet!
Plus the car payment for your new car, including insurance. Your fiance is nagging you about finding a home for the two of you while you’re still making monthly payments to pay off her ring….
Many college graduates are amazed and horrified to find out how much stress a debt of $40,000 brings. Plus you are now 23 and haven’t even started a retirement fund. When you see your high school buddy who did not go to school, driving around in his new truck, inviting you to a party at his house later that night, it can really drive you crazy.
Be prepared to put some of those major life decisions like a new home or a new car on hold for a while after college, because the money usually isn’t there, but more debt is.
Lost Working Years
Reason #3 is lost working years. So just what the heck is a high school graduate doing from the ages of 18-22 that a college student is not doing? Working full time. I know a select few are able to work full time and carry a full course load, but I venture to say that this is a rarity. Most likely, students will work part time, if at all, in order to graduate in 4 years.
Never underestimate the importance of work experience. Think about it. While you were getting your management degree, your buddy started out as a entry level worker, became an assistant manager and hustled for two years before making manager.
When you apply for the same job, is the hiring manager going to think you are ready to be a manager just because you have a piece of paper saying you graduated with a management degree, or are they going to go to the guy who already has 2-3 years of management experience? Unless you have experience through an internship, you’re probably not getting that job.
While you are racking up debt at college, the high school graduate is making money, and the smart ones are investing it already in a Roth IRA. That four year advantage is going to turn into a new car, possibly buying a home, traveling, and if the high school graduate is smart, $2,000 or $3,000 a year going into a retirement fund. The only thing the college graduate has after graduation is debt, and a much later start on a new car, a home, and a retirement fund.
Graduation Rates, or Lack Thereof
Reason #4: Because almost 40% of college students won’t graduate anyway. An alarming statistic is that a whopping 40% of students won’t graduate. What does this really mean? It means that these young adults are going to college and failing to get a degree, but are still amassing a mountain of debt. Ironically, the sooner a non graduate drops out, the better he/she will be financially because there will be less accumulated debt.
Enrolling in college and dropping out takes away any advantage they might otherwise get from working right out of high school and not taking out any student loans.
I know, I know, you won’t be one of the people who drop out, but the thing is, statistics show that almost 40% of ALL students who start never graduate and get a degree. Until the system is fixed and a college degree doesn’t mean going in debt $50,000, why spend a lot of money to fail?
You Don't Have to Go to College to Learn
Reason #5: Because skills often matter more than academic degrees. Why do people go to college? We have to assume that one of the reasons is to learn, and there’s nothing wrong with that. In fact, learning for the sake of learning is a very noble and commendable pursuit. But why do you have to go to college to learn? If you want to be a lawyer or a doctor, that’s one thing, but anyone who has a library card can get a hold of the same books as people who attend college. Anyone who can use the Internet can learn anything from website design to computer programming, to basically any type of study they want. All of this learning takes place at a fraction of the cost.
There are online courses like the one from Dave Sharp that will literally walk you step-by-step to becoming an online entrepreneur. Even if he charged $10,000 for the information, it would be worth it. Why? Because within 6 months you will learn how to make enough money to quit your job or never work for anyone, ever. Here is the link for anyone who doesn’t want to go in debt $50,000 trying the college route. (By the way, the info is free)
Conclusion On Why College is Overrated
We do want to make 2 things clear before jumping into the conclusion:
- We are not against the college experience—that can be a fantastic time of growth, discovery, and friendship—but students should be told the whole truth before going in.
- We are not against education or learning. But we are against the current system.
That said, college is definitely overrated and the way it is promoted to high school students in our opinion is nothing short of an outright scam for many.
Tell the English major they will not make 100K a year and that their employment options will be limited.
Tell a philosophy major how difficult academics really is before pushing them to grad school. Go ahead and tell science majors they’re fine…if they can survive the basic science courses at the college level.
I hope this Article will help to open a dialogue and a good solid discussion on the true pros and cons of college so young adults can truly make an informed decision and go into it with their eyes open.
College to this day remains the biggest mistake of my life. Its been 10 years now and I have never taken a job in my field of study. Luckily I learned how to undertake entrepreneurship in my private time. Otherwise I would have been doomed to poverty by following the track my “educators” had laid out for me.
Student loans are definitely a scam. I’m glad I paid mine off in full before the first payment was due. I never had to pay any interest (that’s what gets people in the hole)! I just gave Great Lakes back what they gave me — no more, no less. As for the financial aspect of attending college in the United States, I could go on and on, but I’ll keep it short by just saying this — if any other industry was as fiscally irresponsible as higher ed, then they would be out of business. Period.