Should I Borrow Money to Go to School?
Even for those who do find work in their chosen careers, or merely from the result of having a college degree, the question still remains: was it worth the investment? Accumulating tens of thousands of dollars’ worth of debt, which will only garner interest over time, in exchange for a degree from a University, that can’t even guarantee you exceptionalism within your chosen field, seems more like a gamble than an investment nowadays. The film argues that the net cost of higher education is even higher than advertised due to the lost income and work experience one could potentially have earned in the workforce had they never attended college at all. Ironically, the imperative to repay the student loans might actually force the borrower into an undesirable employment situation, thus hindering the career ambitions originally intended to be sought after.
- We can pursue undergraduate studies at an in-state intuition to avoid out-of-state price hikes, or at least earn residency in another state before attending a University there.
- Earn as many transferable credits in community colleges before transferring to a state college.
- Test out of as many college courses as you can.
- Earn as much college credit as possible while still in high school.
- Or maybe, not one to cling desperately to the fairytale that is college education, we should just fore-go college education altogether and enter the job market. If our job options are no less competitive, at least we aren’t acquiring debt in the process.
Economist Irwin Schiff has proposed some interesting alternatives to college education. He recommends just applying for the same degree-requiring jobs but requesting a lower salary in exchange for on the job training. He feels one could gain an advantage over college graduates unwilling to do the same because of their obligation to repay their student loans. Who knows? His guess is as good as mine, well it’s actually probably better, but voluntary indebtedness with dwindling career assurances just doesn’t seem like the default way to go in the current economic climate.