Many students and even educators are questioning the worth of a college degree in light of the increasingly unmanageable financial burden it poses. It’s a well-publicized fact that attending college has become extraordinarily expensive. The National Center for Education Statistics reveals that the cost of undergraduate tuition rose 40 percent at public institutions between 2000 and 2010 and the amount of student loan debt in the United States is now over $1 trillion. However, current statistics show that a higher education still gives you a huge advantage in the marketplace.
- 70% of Americans will start at a 4-year college, but over 1/3 will drop out.
- Only 60% of students will make it past their 1st year.
- of college dropouts had no help from parents in paying tuition.
- Being unable to balance school, jobs and family is one of the top reasons for dropping out.
- A high school graduate earns 84% less than a typical graduate from a four-year college.
- 50 percent of college dropouts have incomes lower than $35,000.
- Those without a college degree are twice as likely to be unemployed as those with one.
- A college degree is worth $365,000 for the average American man and $185,000 for the average American woman.
It’s clear that a college degree is well worth the investment just by looking at the facts. However, it is also no secret that the cost of a college degree can make it seem like an unobtainable goal. In the end, ensuring that you can finance your college education comes down to planning and preparation.
College Finance 101: How to make it to graduation without student debt will provide you with the tools, resources and information you need to financially prepare for college, minimize student debt and forge a path to a bright and successful financial future.