There is a joke that goes around about working hard to get to college, learning through student loans, getting a job, and spending the rest of your life repaying the college loans. Even though this statement is made in light and humorous situations, it is a reflection of the situation that many people find themselves in after college. This is what has lead to serious economic forums asking, is college worth the investment? However, in order to determine whether college is worth investing in or not, there are certain factors that you should bear in mind.
What college degree do you plan to take?
The subjects you major in are an important determiner of whether you will benefit from the college degree or not. A smart prospective student weighs the job market, and chooses the college course that will guide them to a financially beneficial career. For instance, a student who decides to major in Spanish in college, knowing very well that the country borders many native Spanish speakers, will most probably end up jobless, or be forced to take up a job they would have qualified for even without the degree.
College degrees that seem to be very beneficial after school include:
1. Medicine: Doctors and surgeons are paid an average of $234,000 annually.
2. Dentistry: Dentists follow doctors closely with an average annual income of $196,000. The career has become even more lucrative than before due to cosmetic dentistry.
3. Business administration: Chief Executive Officers get an average annual wage of $178,000. Those that work in the film industry get paid as much as Doctors.
Therefore, before starting a college education, you should think about the amount of money that people in your preferred field are earning.
What do you intend to do with the skill gained?
Another thing you need to think about when answering this question, is what the learners plan to do with the skills gained in college. For instance, if you are taking a teaching degree to be a simple classroom teacher, it will take a while to settle those loans. On the other hand, if you want the teaching skills to be a basis for establishing a school of your own, you will probably gain more than the regular teacher when the institution starts thriving.
What is your job market?
Even though the worst of the economic crisis seems to have ended, the country is still not as stable as it should be. Teachers are opting to take up jobs abroad in places like South Korean and Japan because the pay is a lot better than what is offered locally. Therefore, the teacher that gets a better paying job abroad will have a better chance at getting the loan repaid in time. They will also gain a lot more from their degree.
These are some factors that should be considered before answering the question: is college worth the investment? If you find that your passion or business idea can be achieved without passing through college and accumulating a loan, you can choose to avoid it altogether.