I already started talking about college debt here in Somedayland. See what I have so far here: Avoid College Debt.
“Someday,” you may ask, “why is college debt such a big deal for you? You finished your master’s program without any, so what do you care about the rest of the world?”
Thank you for asking. The reason I care is, I believe that college debt is one of the most serious issues impacting future generations of Americans. And that’s saying something, because there are PLENTY of issues.
Here’s the thing about college debt. It is a personal gamble with significant impact to the person who takes it on. It carries a potential risk of becoming a serious problem for each person who takes it on, without (in the opinion of one Someday Wise) sufficient chance of equivalent benefit.
In seeking to become a wise person someday, I have learned that in the end, I really can only control myself. That includes my finances. The rest of the world will not really care about my debt, or your debt. It will be between you, whoever you owe it to, and whoever is directly impacted by your debt and what you got in return.
In short, I believe that just about everyone who chooses to attend college should be able to graduate debt free, or pretty close. Frankly I am astounded that people graduate from college with a bachelor’s degree and $10,000 or more in debt. That’s not pretty close to debt free. That’s far too much debt. But I am well aware that many people do so, and many more add another zero to the end of that dollar figure! There are many, many ways to reduce your costs as you attend college. The problem is, they may not be quite as easy, or as fun, as spending wildly with a plan to pay the piper – eventually.
You might say, well, Someday, this would be feasible if my brilliant child were going to some lousy college, but it’s worth more $$ to go to _______ (fill in the fancy school). Big Ten? Ivy League? That’s great if it’s free, or close to free. If you have enough money because your family is rich and paying your way, go ahead and go wherever you want. Or if you are so brilliant or talented at something that somebody gives you a ride, hop aboard. Otherwise, NO. Not worth very much debt.
What you choose to study is likely to have a much greater impact on your future income than where.
You can find lots of information online explaining that majors for fields with a high number of vacancies in relatively high paying careers are likely to pay off better than those without. STEM (Science, Technology, Engineering, Math) degrees, in general, are in higher demand than humanities, for example. So much so, that if you get a degree in STEM, it doesn’t matter where you go to college. See one such article linked below.
I think a lot of people really, truly, believe that a more prestigious college provides a better quality education. Back before Someday was Wise at all, she thought so too. Thirty years on, I feel much differently. Large research institutions, in which a lot of classes are taught by graduate students barely more mature than the undergrads, are not necessarily better at providing a quality education. Schools like that assume that undergrads are adults who can take care of themselves, and therefore need less guidance than those at less-selective schools.
In fact, the schools that everyone thinks are prestigious, remain so largely because of the students they attract, not because they are offering those students anything better than any other school. I read an article a few years back supposing you took a group of the best college candidates – high achievers with lots of discipline, book smarts, and test-taking skills, and sent them to a broad range of colleges. The conclusion was that the high achievers would get a lot out of their education at any of the schools, and go on to be high achieving grownups with successful lives and careers. The schools don’t really make the students into better people. “Better” schools attract better people in the first place, which makes the school look good.
Assuming you don’t qualify for a full ride anywhere, there are still many ways to save on your college education. Many other options abound that can save you money in various ways. Someday has plenty more to say about this, but enough for now. Have a nice day!
Someday Wise 