A guest post by Dan Chaney
Student Loans: Is the Degree Worth The Debt for your College Bound Child?
There are definitely times where students have to try to balance the scale in concerns of student loans. They have to ask themselves if the degree is worth the debt that comes with college.
There was a time when this wasn’t even debatable. People went to college to obtain the job the high paying jobs that high school students could not get. Higher education was expensive, but the payoff was almost certain. College students that get degrees now are not always able to find jobs after the graduation. Some of them don’t even have a chance to work in the field that they majored in. This is what causes lots of people to consider whether it is even worth it.
In many cases it becomes about the degree. Will the degree that your child is earning really warrant this cost of the education? People that become engineers, for example, will find that the degree is worth it but only if they land that engineering job. It’s a risk that inevitably has to be taken to see the end results.
There are times, however, when a student may have a desire to do something else that doesn’t really require a college degree. A person that has talent to design clothes or cut hair may have better luck taking the loan and opening up a shop. The return on investment may be greater and the amount of the loan may be lower. It just all depends on the potential student and their desires.
In the last several years the cost of college has turned many people away from the concept. Lots of people are not even interested in finishing after all the raised tuition rates. People that have undergraduate degrees are holding off on obtaining a Master’s degree. This is just how high the price of college classes has become.
Overall, the degree is still worth the cost of admission because the benefit outweighs the risk. Even if people graduate and don’t find jobs instantly these college graduates are still more marketable than their high school counterparts. The only people that go on to make a lot of money with degrees are the visionaries. These are people like Bill Gates that had the vision to operate their own companies. The majority of people that enter the workforce will not be entrepreneurs. To the contrary, these will be people that have a skill that is better utilized under the direction of bigger organizations. The teachers, engineers, and doctors of the world all need degrees
Dan is a financial blogger who specializes in helping customers find insurance quotes online. He has found that his student loan debt was a worthwhile experience but believes college expenses are not beneficial for everyone.