IF YOU’RE LIKE ONE OF MORE THAN 16 MILLION HIGH SCHOOL GRADUATES, YOU’LL ENROLL IN A TRADITIONAL COLLEGE AFTER RECEIVING YOUR DIPLOMA, A TRENDING PATH (AT LEAST BEFORE COVID-19) FOR LATE TEENS.
Indeed, over the past two decades, enrollment at traditional colleges has risen more than25%, from 13.2 million in 2000 to 16.9 million in 2016, according to the National Center for Education Statistics.
But a traditional school is not your only post-high school educational choice. Enrollment at trade schools has risen more than 65%, from 9.6 million (1999) to 16 million (2014), with many students migrating to a trade and filling a much-needed labor gap. In the 1980s and 1990s, enrollment in vocational school dropped sharply, creating a void of skilled tradespeople.
Of course, you know this first-hand if you’ve tried recently to hire a carpenter, plumber, drywaller … well, you get the idea.
No matter your academic credentials, the decision to attend a traditional or trade school has become more difficult than ever. Below is an overview of the key considerations:
Required learning: If you’re heading for a specific career where a degree is required — for instance, engineer, doctor, or lawyer — a traditional college is a necessity. However, before you plop down your hefty tuition check, review the remaining considerations, which may give you pause.
Escalating costs: Four-year college costs are STEEP. It’s not uncommon for a state university to cost $15,000-$20,000 per year (for in-state students), with private colleges costing $70,000 or more. Multiply your totals by four, add in the cost of books, and you can face a $300,000 tab — and that’s before any necessary post-graduate school.
- Five-year plans: Of course, the above is for those who are diligent enough to complete their undergraduate studies in just four years. Many need a year or two more, depending on their major(s) and whether they’re juggling jobs at night. In which case, add another $30,000- $140,000 to the four-year total.
- Deep debt: Many college students face
deep student debt after they graduate, a
financial liability that can last for more
than a decade.
- Focused training: Trade school
education is focused learning — students
take the courses they need to excel
at their career choice. Contrast this
with many undergraduates at four-year
universities, whose course loads include
many courses that bear no relationship
to their future jobs.
- Faster earning: Trade schools are often at
most two years, after which the graduate
begins earning money. This is often far
sooner than those who attend a four-year
college begin earning money.
- Growth fields: Many trades are
experiencing high growth and earning
potential. For instance, the job growth
for electricians in Pennsylvania is
projected to be 14%, with an average pay
of more than $55,000.
So, will it be traditional? Or trade? The choice is not so easy. Consider your
finances and professional goals before writing your tuition check.
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