For a significant part of the student population, the next step after high school is to attend college and attend a four-year program. This seems to be the automatic choice, something that goes without saying. The reason behind this choice is higher income. According to a National Centre of Educational Statistics report, a bachelor’s degree accounts for an average of $16,950 as additional income per annum compared to a high school diploma.
Over a career span of 30 years in the workforce, this difference amounts to a minimum of $500,000 in earnings. These numbers, however, do not paint the complete picture. Due to the increasingly high expenses associated with college and other drawbacks related to college, more and more people turn towards trade school as an alternative.
Trade School vs. College: The Drawbacks Associated With College
1.Length
For starters, a typical college course such as a bachelor’s degree generally takes four years, which means that the minimum age during which people enter the workforce after receiving a bachelor’s degree would be 22 and above.
Taking up some years off of a person’s career, an opportunity cost for not experiencing the ‘real-world’ first hand instead of being confined to a classroom. Another requirement for a 4-year course usually requires you to take several classes outside your major to fulfill the credit requirements. Unless you are one of those students who enjoy spending time in classrooms, it seems a little excessive to pay for nonessential credits and courses. Sure these extra credit classes can be fun but are they helpful for your major. Â
2.High Cost For A Degree
Another drawback of a bachelor’s degree is the cost. Research shows that the average cost of a bachelor’s degree in the United States costs $127,000. On top of the high price, nearly 70% of students take out loans to pay for the tuition. According to another study, more than 20% of students who take on loans owe a little over $50,000, and 5.5% of students owe around $100,000.
However, it is important to mention that some student loans are better than others; the added cost of interest makes the overall expense of receiving education in the US considerably more costly. Apart from the tuition, college life isn’t economical — food expenses, dorm facilities, laundry, going out, etc. these all add up to be quite expensive.
3.Dropout Rates And Late Graduates
The third drawback of a four-year course is that some people are simply not ready for rigorous college life. For many students, college is their first experience away from home, and those without a proper plan can stray off the course. Up to 40% of attendees drop out of a four-year program before finishing their course. If you are one of the 40%, you must have incurred some expense without even receiving a degree; however, if you are one of the 60% who does complete their course, a total of 64% of students take longer than four years to graduate.
5.Poor economic conditions
Lastly, the economic prospects for graduates may not be as promising as they expect. Although it is also true that some college majors fare better than others concerning labor market outcomes. Over the past five years, graduates have had to face passive labor markets.
