So you think you have an extra $100,000. Sure, but do you have the four years it will take? Okay, what are you expecting for a rate of return on your investment? Well, you’ll be glad to hear we’re here to help you finance this wonderful opportunity. There’s a whole package of government loans and impressive sounding scholarships to make it all possible. Congratulations you’re going to college. But is college a good investment?
The decision point
Of course, you’ll have to pay interest on the loans. Sure the interest will double the cost over time…but that’s a problem for future you. It isn’t something that need concern us today. So what do you say? Do we have a deal? Of course, we do! You want to succeed in life, don’t you? How can you do that without a college degree? What are you waiting for? Sign on the dotted line.
Does that sound crazy? I don’t know why it should. Millions of college students make that deal every year. Usually their parents’ encourage them to do it. Some even provide some financial support. Don’t get me wrong, there’s nothing wrong with college. It can be a worthwhile pursuit… under the right circumstances.
Go or No go
If you want to be a doctor or an architect it’s a necessity. For you college is a good investment. But look through the typical college syllabus. It’s clear that most of the majors, most of the classes are a waste of time and money. So why do responsible adults, who only want the best for their children and are cautious with their hard-earned money, squander it on such a bad investment?
Why would they send their son or daughter to a school to learn to reject the values they hold dear? On what planet does that make sense? It doesn’t. It’s an old paradigm, and we need to break it. So, how do we do that? Here are two solutions that would go a long way to solving the problem.
A rite of passage… really?
Ask yourself if you really need to go to college. Most of us go to college because it’s simply expected that we do so. Our parents expect it. Our friends expect it. It sounds like fun; it’s a rite of passage; an escape from Mom and Dad and all their rules. But none of that actually has anything to do with getting an education or earning a living after you leave college.
Maybe you’re not the academic type. What’s wrong with that? Nothing. According to a Georgetown University study, there are 30 million jobs paying over $55,000 a year that don’t require a college degree. That’s a tolerable existence. Learn a skill like welding or plumbing or a dozen other trades and you’ll never be looking for a job. The jobs will be looking for you. We’re talking $50 an hour or more. Six figure income after five years and no debt. Consider the military. You learn essential skills and, again, no debt. Or go into sales. You don’t need a sociology degree for that.
At least have a reason to go there
If you are going to college, have a goal and a plan to achieve it. Your college journey will cost you and/or your parents a lot of money. What are you going to get in return? Choose your courses with a practical mindset. Stay away from the silly stuff. And if you don’t really know why you’re going to college, consider another answer.
There is an alternative
Consider delaying college for a year or longer. If more graduating high school seniors would do this college curriculums would improve and nonsense like “safe spaces” would disappear. Why? Because students who had spent a year or longer in the real world wouldn’t put up with it. So get a job, any job, for a year before starting college. What’s the big rush, anyway?
One year isn’t going to make a difference as to whether or not you succeed in life. Waiting tables, stacking boxes or whatever you do for a year will almost certainly change your attitude about a lot of things. Things like how hard it is to earn a dollar and how easy it is for the government to take that dollar away. You will also develop a new appreciation for the privilege of going to college. You’ll be much more likely to be immune to the BS.
Conclusion
Don’t be a passive investor as a student or a parent. Go ahead and ask the hard question. Is College A Good Investment? Your education is too expensive and too important to let it happen to you by accident. It’s your time and your money. Shouldn’t you get something for it?
