Would You Tell Your Kids That College Is Worth Money?
For many, going to college after graduating from high school is the natural next step, and its value in the long run is undeniable. Going to college has been a cultural norm for decades, a widespread method for starting a white collar career.
But this thinking can change. A poll by TD Ameritrade found that one in five young people (Gen Z and Millennials) say they may not go to college. More than 30 percent of Gen Z respondents said they were considering taking a one-year break between high school and college, and more than three-quarters of respondents in these age groups said they were considering alternatives to traditional four-year higher education. This is stated in the Marketwatch article on polling.
Undoubtedly, the cost of college tuition is one factor in this debate, as student loan debt affects the financial health of over 45 million Americans ($ 1.6 trillion in student loans and counting). But enthusiasm seems to be growing for community colleges and commerce or technical education as a way to launch a career and avoid harming college debt.
The Bureau of Labor Statistics reports that college graduates earn an average of $ 1,173 per week (about $ 61,000 per year), compared to $ 836 for two-year graduates (about $ 43,500 per year) and $ 712 for high school graduates (about $ 37 000 dollars per year).
But reaching this level of income can require significant investment. The annual tuition and pay at a public four-year college for a student in the state averages $ 9,410 per year, and at a public two-year college it averages $ 3,440 per year, according to the College Board .
We’re curious about what you discussed with your kids about college. Are you encouraging this or helping your child explore alternatives? How has your own experience of attending and paying for higher education influenced the way you talk about college with your kids? Let us know in the comments.