Consider Alternatives to Traditional College
There was a time that a four year college degree would pretty much guarantee you a great paying job with a good company. If you worked hard there was always room for advancement; the sky was the limit.
It takes four years to earn a college degree. Although lifetime wages for a traditional college graduate are higher, they accumulate a larger loan debt in those four years.
Job prospects for new college graduates are not as bright as they were many years ago. Over the past five years graduates have faced a slower labor market, and are also faced with limited job opportunities making it difficult to pay off their student loans. College degrees are a career investment requiring a considerable amount of both time and money. A portion of graduates are unable to find desirable employment (or employment at all) and are seeing negative returns.
A trade school, also known as a technical or vocational school, is an educational institution that teaches skills related to a specific job. Trade schools have a more streamlined approach to education, with curriculum focused on developing particular skills and knowledge for a career rather than receiving a general education. Trade schools typically take a lot less time to complete, have smaller class sizes, and the majority of the training is hands-on. Vocational degrees can lead to well-paying jobs like electrician, mechanic, machinist, pharmacy technician, nuclear technician, and dental hygienist. Each of these fields have room for growth and management potential.
Average annual income for some trade degrees:
The cost of tuition for trade schools vary by school and program. On average, a trade school education costs a total of $33,000. The average yearly cost of a four year college is $35,000 for a total of $140,000. If you take into account student loan interest, and loss of income while attending, the ultimate cost of the Bachelors may exceed $400,000.
Another advantage of a technical trade school is that most of the jobs you’ll get are extremely difficult to export to another country. We all know many more jobs are being outsourced to places where labor is cheaper, which makes domestic employment in certain sectors difficult to get. Computer programming work or other information economy work is easier to export than carpentry or electrical work. These skilled workers require a physical presence.
The demand for domestic high-precision skills is growing. Skilled trade workers tend to be an older population, and will only continue to get older. This will create increased opportunities for young workers to fill their shoes.
If you are graduating from high school soon, or have a loved one who is approaching graduation, they should seriously consider trade school as an alternative option.
It takes four years to earn a college degree. Although lifetime wages for a traditional college graduate are higher, they accumulate a larger loan debt in those four years.
Job prospects for new college graduates are not as bright as they were many years ago. Over the past five years graduates have faced a slower labor market, and are also faced with limited job opportunities making it difficult to pay off their student loans. College degrees are a career investment requiring a considerable amount of both time and money. A portion of graduates are unable to find desirable employment (or employment at all) and are seeing negative returns.
A trade school, also known as a technical or vocational school, is an educational institution that teaches skills related to a specific job. Trade schools have a more streamlined approach to education, with curriculum focused on developing particular skills and knowledge for a career rather than receiving a general education. Trade schools typically take a lot less time to complete, have smaller class sizes, and the majority of the training is hands-on. Vocational degrees can lead to well-paying jobs like electrician, mechanic, machinist, pharmacy technician, nuclear technician, and dental hygienist. Each of these fields have room for growth and management potential.
Average annual income for some trade degrees:
- Dental Hygienist - $77,000
- Radiologic Technician - $63,000
- MRI Technician - $74,000
- Electrician - $60,000
- Plumber - $$60,000
- Automotive Service Technician - $45,000
- Aircraft Mechanic and Service Technician - $67,000
- Heavy Equipment Mechanic - $55,000
- Diesel Mechanic - $60,000
The cost of tuition for trade schools vary by school and program. On average, a trade school education costs a total of $33,000. The average yearly cost of a four year college is $35,000 for a total of $140,000. If you take into account student loan interest, and loss of income while attending, the ultimate cost of the Bachelors may exceed $400,000.
Another advantage of a technical trade school is that most of the jobs you’ll get are extremely difficult to export to another country. We all know many more jobs are being outsourced to places where labor is cheaper, which makes domestic employment in certain sectors difficult to get. Computer programming work or other information economy work is easier to export than carpentry or electrical work. These skilled workers require a physical presence.
The demand for domestic high-precision skills is growing. Skilled trade workers tend to be an older population, and will only continue to get older. This will create increased opportunities for young workers to fill their shoes.
If you are graduating from high school soon, or have a loved one who is approaching graduation, they should seriously consider trade school as an alternative option.
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