The more student debt piles up, the more millennials have to ask themselves: Is college worth it?
According to a recent survey, more than a third of millennials regret having pumped tens of thousands of dollars into their college education, which, they say, hasn’t even benefitted their professional careers.
The survey’s findings show glaring weaknesses in the effectiveness of our higher education system.
The survey found that 37% of former students regretted going to college given the amount of debt they now have …
The study also found that 49% of millennials believed they would have reached the same level in terms of career progression had they not gone to college …
Almost two thirds (63%) said they were relying on a one-off event, such as winning the lottery or an inheritance, to ease their money worries …
If nearly half of working millennials say their degree has nothing to do with their success – or lack there of – then the system is clearly broken.
The issue is that opting out of college isn’t a realistic option. See, even though employers still look for technical skills and specific fields of study, the physical evidence of a college education is the crucial preliminary screener. Thus, with degrees being a prerequisite to any well-paying job, students are forced into paying for something that gives them no specialized advantage.
Case in point: My buddy who’s paying down his $120,000 political science degree by managing a Joe’s Crab Shack in Baltimore.
Additionally, as automated alternatives replace uneducated workers, paving new roads for highly skilled employees, those college educations become unaffordable, but still necessary endeavors. That combination simply doesn’t work.
If we don’t want out labor economy to implode, we need to make college accessible and effective. This means ensuring students are getting the most bang for their buck when it comes to a relevant education and transferable skills. Honestly, at this point any bang at all would be a major improvement.
GenFKD is equipping millennials with the skills and education necessary to create and lead the “new economy.” To learn more, head over to GenFKD.org.
Founded in 2013 as a financial literacy organization, GenFKD is growing into an organization that’s revolutionizing American higher education. Through skills-based training and student-first reforms, GenFKD is advancing a system of “new education” focused on improving post-graduate outcomes in areas of gainful employment, financial preparedness and entrepreneurial readiness.