It’s no secret that the class of 2017 graduated into extraordinary levels of debt. The current bill for student loan debt stands at $1.3 trillion across 44.2 million borrowers who each owe an estimated $37.172. It is generally assumed in life that if you want to get ahead then you need a college degree. While this is definitely true on an academic basis, on a financial level the prospects aren’t so appealing.
Is A College Education Still A Guaranteed Way To Succeed?
There’s no doubt about it that education is vitally important to the future of the modern world but is a degree really worth it anymore? Employers want skills as well as qualifications and there are some hugely sought after workplace skills that no amount of tuition fees can buy. The next generation of would-be college students are worldly-wise enough to know that graduating with a disproportionate amount of debt in relation to earnings is not a great start to adult life. It’s no surprise that more and more high school leavers are looking at other ways of getting on the corporate ladder such as internships and other forms of employment.
Help For Graduates Who Are Already In Debt
There are various lenders who are able to provide assistance with student loan repayments either by consolidating or completely refinancing. It is definitely possible for students to work their way out of student debt with the right financial assistance and several years of hard work. For some professions a degree is absolutely essential. Doctors, lawyers and psychiatrists work in specialized fields where education is an essential stepping stone to success. More vocational subjects such as sports, languages and the arts tend to lead to careers were a degree is less essential.
College Enrollment Is At An All Time Low
The high level of debt that graduates leave college with has potential academics wondering what the real cost of education is. It’s quite a challenge to be able to afford a mortgage, a wedding or to even start a family when faced with monthly loan repayments of around $500-$600. The National Student Clearinghouse Research Center found that college enrollment rates decreased in 2016 for the fourth consecutive year. The number of students enrolled on college courses in 2016 was down 1.7% from 2015. It’s hard to know for sure exactly what the future of education looks like for the next generation, but as college enrollment decreases we can expect to see more high-school leavers heading straight for the workplace than ever before.