College is Expensive and Not Worth It

How a different option can save you from going into student debt.

Collegedata.com states the average in-state tuition for public Universities was $10,560. Private school was even more shocking, with yearly tuition and fees at $37,650. The statistics from CollegeData are from 2020.

Some Universities, like Penn State, exceed the average in-state tuition by over $8,000, with just tuition and fees for in-state, first-year students coming out to roughly $19,000 a year. I use Penn State because someone close to me went there, so I was inclined to look up their tuition rates.

So before you even step into an internship Junior year, expect to see about $30,000 of student loans. I was generous and gave this fake a cushion of about 50% in grants and awards from various entities.

The Typical College Graduate

I like taking different perspectives, so let’s say you want to be an accountant. Entry-level positions (based on the results from ZipRecruiter) come out to be around $40,000 a year. Of course, it depends on the state you reside in, but I was nice enough to give this fake guy/gal an above-average starting salary.

Okay. So, you make $40,000 a year. With a monthly payment of $313 to student loans and about $1,500-$2,000 to necessities, like food, housing, car, and utilities, you make about:

($40,000/12)-$1,500-$313 = $1,520/month

I didn’t include taxes like Medicare and other taxes that come out of your paycheck. On a positive note, you can actually save a few hundred bucks a month. But be honest; $1,000 of that will go to partying, drinking, useless purchases, PF Changs/takeout, buying your SO gifts, etc.

Also, that $313/month will be a payment you would make for 10 years. So, you’d be 32 before your loans are paid off in full.

Plus, college teaches about 50% of courses that aren’t necessary. They call them “core” courses, but I call them useless. Accountants don’t need history or American literature classes. They received that in High School. So take that percentage and throw it in the meaningless pile, like geometric proofs.

I don’t want to frown on the idea of going to college, but I guess I am. I’ve been in school for over 9 years and have basically nothing to show for it. I have a Bachelor’s in Kinesiology, MBA in Project Management, a Post-Grad Certificate in Corporate Finance, and I am completing an EdD in Educational Leadership.

I work at a job that is fantastic but basically covers only my student debt. I am the epitome of digging out of a student debt trench. So I can assertively tell you to consider all avenues after your high school years are done.

A Viable Option

If I had to do it all over again, I’d join an Apprenticeship. And no, not like as a plumber or HVAC guy (even though they get paid nicely), I’d do it in IT. Why? Because apprenticeships pay you while you learn about it (earn while you learn).

So, I’d have zero student debt, and I can live on the salary for an IT apprentice (range from $40–60K depending on what I did). Plus, after that one year, I’d move into a normal job as an entry-level worker, which usually brings in $78-$90k yearly. I used a mainframe developer as an example, but you get the point.

In addition, IT is in massive demand; Intuit considers IT one of the fastest-growing industries in our current climate. Plus, we are continually adapting to technology. Hell, I work remotely and do EVERYTHING on my computer.

So yes, I’d rather not pay $300–400 a month for 10 years if I were a 22-year-old fresh grad from a big college; I’d rather be paid to learn. Sadly, $30,000 of student debt is on the low-end; I have friends that finished Med School and owe over $250,000. I might begin to bury my grave now if I had that kind of repayment.

Bottom-line, up-front

Apprenticeships are the future.

Technology isn’t going anywhere.

Consider all options when you graduate high school.

You don’t need college to work on computers.

Please do your homework; it could save you tens of thousands of dollars.