Trade Schools

Another potential route for someone unsure about his or her futures would be a trade school. Trade schools are exactly as they sound; they teach a specific trade and thoroughly prepare students for the workforce. They teach more practical hands-on type training than a traditional college where theories and concepts have more of a focus.

Trade schools are also often times smaller than traditional schools, which allows for an even more specialized training. There has also been a growing trend in employers who prefer hiring people with technical school experience. This has launched trade schools onto a new level. They have come a long way since their origin in the 1970s. Before them going to a traditional college was pretty much your only path to success.

One of the largest benefits of trade school are the savings; not only in money, but also in time. Due to the more concentrated course work you earn your degree faster and can enter the workforce quicker, which gives you a jump start on finding a job and earning money. The less time you have to spend in school the more money you save. There have been reports of a much as 60-70 percent of less money spent on going to a trade school rather than a 4-year institution.

One of the major drawbacks of trade schools is that they do only specialize in certain things. Not all areas of interest are covered under there programs. So this may not be an option if your not passionate about what they offer. You also, again, miss out on the college experience of being on a campus and experiencing a lifetime worth of things.

National Retention and Community Colleges

While there are no guarantees and the fear of the grip that debt can put on a person is always imminent, a college degree is still a solid stepping-stone into a brighter future. According to College Board, the average cost of an education has gone up %70 in the past decade. Which has more than doubled the inflation rate of the same time frame. But the average income of someone with that degree is $10,000 dollars more than someone without it.

Another worry of the college student is finishing school. It is a tough enough decision determining whether or not college is right for you. Then on top of that you have to maintain a level of success to ensure graduation. It’s a terrible shame when people go to college for a year or two than drop out and still find them selves in debt, but without a degree. As of 2008 the national average college retention rate was 74.7 percent, and only forty-two percent of people who enter a four-year institution actually graduate.

For those who know that they want to continue their education but are having trouble funding their future, or are intimidated by attending a four-year college, community college is recommended. Community colleges are typically cheaper than public and private colleges. The national average cost of a community college is $2,076, which is more than half as much as the $4,694 tuition cost at a public university. Another benefit to community colleges is they normally are for commuters only. This allows you to save money by avoiding having to pay for room and board and other miscellaneous fees. You are also allowed to complete 2-year associates degrees as well as your typical 4-year bachelors. Community colleges also allow you to work at a more leisurely pace. Many people can continue working jobs and earning money while you complete your degree.

College Retention and Expense

Survey: Did not graduate

Did not Attend College: Nathan Buzzard

Age:23

Salary: $29,000- Deka Batteries

Did you consider going to college?

Not really. It just seemed too expensive to go. Even community college, which is cheaper, seemed like a waste of money. I started working young and after I graduated I just wanted to make money, and didn’t want to waste time and money.

Do you wish you would have gone to college?

Sometimes, more so for the experience rather than the actual education. I like my job and the money I make. But I am also envious of my friends having heard their stories and the different things they have done.

So, would you go to college if you could do it again?

No, I like where I am in life. I am happy that I don’t have any debt; it makes the money I make seem like a lot more because I can save easier.

Is there any opportunity for you to make more money?

There are quarterly wages, but my salary will eventually plateau. I can put together a nice retirement package. There is potential for me to get a promotion if guys ahead of me retire or things like that.

Are you satisfied?

For the most part, yes. At times I wish I would have an opportunity to make a lot of money. Everyone has million dollar dreams, but I make a decent wage and could provide a good life for myself, which I am happy with.

Survey: Graduating in May

Graduating in May: Jennifer Dryden

Age: 21

Major: Psychology

Do you have anything lined up after you graduate?

I have a summer job as a guidance counselor at a camp, but after that I’m not sure. I plan on looking for work over the summer.

Are you worried about finding a job?

Yes, my major usually requires more training. I don’t know if I could find a job in psychology with just a bachelor’s degree. I think I will try to find something and if I can’t I’ll go back to school.

Do you have student loans?

Yes.

If you can’t find a job, will you be worried about your student loans?

Yeah, I think about it all the time. It’s scary to think I might have to pay money that I don’t have. I just have to keep reminding myself that it’ll all work out.

Would you have done anything differently?

Probably not; sometimes I wish I could just make money and not have to pay any back, but I wouldn’t have had a lot of the same opportunities if I didn’t come to college.

Survey: Graduate

I surveyed people who have undergone all process of higher education to find out what they think of the worth of college degree.

Graduate: Ray Pietrouchie

Age:27, graduate 2006

Salary: $49,000- Lutron-accounting

How long did it take to find a job after college?

1 year.

Could you have gotten your job without your degree?

No. My job is specific to my major. You need to be trained to be able to do it.

Would you have rather paid less money to get specialized training in your field?

Not really. While it would have been nice to save some money, I would have missed out on a lot of great things that I wouldn’t have gotten to experience.

How long do you estimate until your student loans are paid off?

10-15 years.

What would you have done if you had not gone to college?

I would have continued to work at my local bank, and hopefully would have been able to move up to management.

Have your student loans added any pressure in your life.

A little at first. After my grace period was over I received my first bill when I didn’t have a job. I had to put my first payment on my credit card and get a job at a supermarket to continue paying until I found my job now. Now that I have some security my payment isn’t hard to make, I wouldn’t mind having that extra money though.

If you could change things, would you still have gone to college?

Definitely. It was the time of my life, and while having to pay thousands of dollars to learn seems a little unfair. It was well worth it. I got lucky and found a job that pays pretty well, but if I didn’t I’m sure I would be cursing the higher education system.

The chart below has the ratio of lifetime earnings by degree using the average lifetime earnings of persons with high school diplomas as a median.

A look at how varying levels of education are effected by unemployment

Expected Lifetime Earnings by Education Level