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.
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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.
Trade schools As An Alternative
After taking the several drawbacks of a four-year college program into consideration, it is safe to say that college isn’t for everyone. People should look to trade schools as an alternative, especially if they are not at the top of their class. Trade schools offer a pretty great career path, especially when compared to the potential of a college degree.
What Are Trade Schools?
A trade school is also known as a vocational school and is an educational institution that teaches skills related to a specific occupation or job. Trade schools are more particular in their teaching and focus on the skills and knowledge required by the student in his/her field rather than giving the students a general education. Training schools take lesser time, have smaller class sizes, and students get hands-on experience in training. Vocational degrees have the potential of leading to great well-paying jobs with room for further growth.
What Are The Advantages Of Trade School?Â
1.Salaries for trade schools
For starters, the difference in salaries of college degree and trade school isn’t much. According to the NCES (National Center for Educational Statistics), the median annual salary of a trade school graduate is $35,720. However, this figure can differ based on the industry and the experience of the worker.
The estimated salary of a college graduate is around $46,900, which makes the annual difference $11,180. However, these numbers do not factor in long-term earnings. Because trade schools only take two years of completion versus four, the additional two years give them a head start in income.
2.Price of Education
The average cost of a trade school degree is $33,000, which, compared to the price of a bachelor’s degree cost of $127,000, is quite significant, bringing your savings to a total of $94,000. This number becomes way more significant when you factor in any loan cost and boarding expenses.Â
3.Job Security
Another great advantage of trade school jobs is the lack of outsourcing. Employers can’t outsource trade jobs as easily since they usually require a physical. Apart from that, the demand for high precision skills has grown exponentially. According to recent studies, the population of skilled workers is disproportionately older, creating increased opportunities for the younger generation.
Final Thoughts On Trade Schools And Colleges
If you are graduating from high school soon, it is important to keep your options open. Many people overlook trade schools as an option and follow the college line to reap no significant benefits. Both college degrees and trade schools have their advantages, but most people are unaware of trade schools’ benefits, so it is crucial to shed light on the topic. A four-year degree is expensive, and the salary difference between the two degrees isn’t huge.Â
Conclusion
There you have it all you need to know about trade schools and their many benefits. Even if your plan worked, it is important to explore your options before making a concrete decision. So give Trade schools a fair shot before you decide on anything.
