Why College Degrees Are Still A Good Idea (And How to Make Them Work for You)

Higher Education Will Open Doors for You Nothing Else Can

"As a college-dropout entrepreneur making six figures a year, you probably think I am here to tell you that you don't need college. But I'm not. Instead, I am here to tell you that it will open doors for you that nothing else can. Doors I had to squeeze around because I didn't have a degree."

I sat at my desk in confusion as I heard this 26-year-old entrepreneur elaborate on her story of dropping out of college, quitting jobs, and eventually becoming a wildly successful (and rich) business owner. I always knew college was important but was it THAT important?

A Decreasing Trend

“I am not here saying that college is the ONLY route to take to be successful. I'm just saying it's the EASIEST. But only if you do it right.”

For the last seven years, college enrollment has been on the decline, dropping over 14%. More students are going into trades, sales, and other career paths that don't require a four-year degree.

Now I am the daughter of two college dropouts. My dad alone makes a quarter of a million dollars doing IT sales, so I am not here saying that college is the ONLY route to take to be successful. I'm just saying it's the EASIEST. But only if you do it right.

The biggest argument against college is student debt. They argue that while college graduates make more money than those who don't go to college (about $1 million more in a lifetime, or $17,500 more a year), they have a larger amount of debt they are paying off (national average of $37,000 with an average monthly payment of over $300), so it ends up equaling out. However, if we got rid of that debt, that argument would disappear.

The other argument against college is the lack of jobs. They say that the market is saturated with bachelor's degrees with not enough jobs to fill them. But again, if we can show how possible it is to get jobs with a college degree, that argument would also disappear.

My goal for this post is to debunk these two myths:

1. College is no longer a good option because you will graduate with too much debt.

2. College is no longer a good option because the market is saturated and you won't get a job.

Disclaimer: I am not here to bash on trade programs or vocational schools, they are amazing programs that allow people to get into the workforce quickly for a small cost. My college (Utah Valley University) had a duel mission where they were a vocational school AND a university, which I LOVED. There were many times I actually told students to go into trades instead of college based on their interests. I am here to debunk the myth that college is no longer a good option.

MYTH #1: College is no longer a good option because you will graduate with too much debt.

While this may be true for out-of-state tuition, it is not always the case if you stay in-state. For example, the average yearly tuition cost in Utah is only $8,000, with many schools such as Utah Valley University (UVU), Brigham Young University (BYU), and Weber State University (WSU) coming in around $5,000 a year.

The average trade school cost to completion is $33,000. While this may be faster, it is actually more expensive than the Utah average ($8,000 X four years = $32,000), and much more expensive than the cheaper schools ($5,000 X four years = $20,000).

Now you may be thinking, "But if I go to a cheaper school, my degree won't be 'as good'". In a study done by Stacy Dale and Alan Krueger, they found:

"For most students, the salary boost from going to a super-selective school is “generally indistinguishable from zero” after adjusting for student characteristics, such as test scores. In other words, if Mike and Drew have the same SAT scores and apply to the same colleges, but Mike gets into Harvard and Drew doesn’t, they can still expect to earn the same income throughout their careers."

What does that mean? It doesn't necessarily matter where you go to school, it just matters that you go. And therefore, if you go to a cheaper school, it's probably not going to affect your future salary.

Now let's talk about how to get rid of that debt. Because while $8,000 is cheaper than other schools, it is still a lot of money.

Financial Aid

The Free Application for Federal Student Aid (FAFSA) is a government program that provides three main types of financial aid to college students. The amount is determined by the average cost of attendance (COA), which depends on your college, and your estimated family contribution (EFC).

1. Pell Grants: The glowing star of financial aid. THIS IS FREE MONEY YOU NEVER HAVE TO PAY BACK. Currently, the maximum amount of pell grant you can get is around $3,000 a semester (including summer semesters). When we look at schools such as BYU, UVU, and WSU this is more than their tuition costs.

2. Student Loans: These are loans that you will have to pay back, and this is what they are talking about when they talk about student debt. Currently, you can get between $5,500 and $12,500 a semester depending on your year in school and if you are a dependent (claimed by your parents on taxes) or independent. Just remember, you will have to pay this back, plus interest.

3. Work-Study: The other glowing star of financial aid. If you qualify, your college - or another nonprofit organization in your community - will give you a job. You can choose to get a paycheck, or to send the money straight to the school to pay off your tuition and fees. Many times they try and give you a job that is related to your course of study, so it is also a resume builder.

If you have more questions about FAFSA click here.

Scholarships

Most colleges offer from 150 to 300 different scholarships. Usually, only about 5 to 20 of those are merit-based (high school GPA and test scores). The rest are involvement-scholarships and program-based scholarships. These can range from $500 to full tuition.

When I was a tour guide at UVU, my favorite thing in the world was seeing kids come in with their parents who were worried and stressed about paying for school. Just along the tour route, I talked about fifteen different opportunities for either half or full tuition involvement-scholarships such as honors, student government, clubs, service council, and our outdoor recreation center. By the end of the tour, these families were stress-free and fully confident they could pay for school by getting involved.

These don't even include all the private scholarships you can get! (Like the Gamble Professional Development Fund. Okay, end of shameless plug.) My friend Ashley is going into STEM, and as long as she walks a 5k once a semester, she gets a private scholarship of $2,000 a semester.

MYTH #2: College is no longer a good option because the market is saturated and you won't get a job.

According to a study done in 2019 by Georgetown University,

In 2020, "35 percent of the job openings will require at least a bachelor's degree, 30 percent of the job openings will require some college or an associate's degree and 36 percent of the job openings will not require education beyond high school."

Seeing as according to the US Census one-third of Americans have a college degree or higher, that seems to line up with 35% quite nicely. In fact, 35% is actually higher than 33.3%.

The truth is, if you skim through college just to get it over with, then yes it will be harder for you to find a job. Employers can tell the difference between someone who went to college, got involved in their program and related clubs, did internships to gain more experience, and put effort into projects and skills to build their resume while still in college.

As someone who has a job out of college with an EXTREMELY SATURATED degree (Communication and Public Relations), here are three tips to make sure you can secure a job right out of, or at least soon after graduating.

1. Do Internships

Internships not only give you experience in your field and skills to put on your resume, they also give you connections for future references and job opportunities. According to the National Association for Colleges and Employers (NACE), 60% of paid-internships turn into job offers.

2. Network Network Network

My goal in life is to never have to interview for a job again. Networking is the greatest way to find jobs because people are more likely to hire people they know and have worked with than strangers they talked to for 15 minutes.

Network with your teachers, other students in your major, people at your current job, literally everybody. You NEVER know where, or who, your next job is going to come from.

I have found one of the best ways to do this is to job shadow. You can do this as a high school or college student and it is a great excuse to get into places you would never get into otherwise. Find people who have your dream job and reach out to them. When I did this with the PR Director at Waldorf Astoria in Park City, I got an offer for a mentor, a reference letter, and for her to reach out to others with the same position to let me job shadow with them.

3. Get Involved in Your Program

Most colleges have clubs to help you get experience and network with people in your career field. For example, there is a club called ENACTUS for business students that allows them to start their own businesses, work with third-world-country businesses, and compete at a national level. This not only looks amazing on a resume but allows for traveling opportunities where they get to meet professional businessmen and businesswomen who can give advice and provide networking opportunities later.

You Do You

When it comes down to it, you need to do what is best for you. If you are passionate about a trade such as construction, cosmetology, or massage therapy, DO IT! If you are passionate about a saturated field such as marketing or art, DO IT! People can sense the passion and you will be the most successful if people know you are passionate about it.

Do not let other people tell you what to do once you graduate high school. They can give you advice and information, but ultimately the decision is up to you.

Good luck out there!