Is a student loan really worth it?
August 11th, 2017 by Felicity Bradstock
Is a student loan worth all of the financial repercussions that follow? I know, I won’t sugarcoat it, the costs of college and studying abroad are extortionate. So, you may be asking yourself if it’s really worth taking out a student loan to cover the costs? Or, should you avoid college altogether and start working? Here’s why we believe college really is worth the cost.
One of the obvious reasons to pay for a college education is to be rewarded at the end. College graduates earn on average double the median income of high school graduates. While the initial investment may seem substantial, you long-term earnings will be far higher than those of people without a college education.
Unemployment rates amongst college graduates are far lower. The unemployment rate for college educated people is around half that of those with only a high school education. Think that earning money instead of spending it on college seems like a better idea? In reality, it will be significantly harder to find employment, especially in your desired field of work.
Choice of Work
Out of high school you will most likely only be able to find a job in services or low-skilled work. But if you decide down the line that you want to work in a specific industry, it will be far more difficult to find a job. You will probably have to undergo training and education just to enter into your chosen industry in a low-level position. Then, you will have to work your way up from the bottom. This could take just as long as a college degree or more. Additionally, your earnings will be low throughout this time.
However, if you specialize in a subject at college, you will have the advantage of being knowledgeable about the industry already. You will have developed the necessary skills to find a job in your desired area. College is an expensive way into your chosen industry but you will have a better opportunity at entering at a higher level. You will start in a role that will build upon your education and offer you the opportunity to develop professionally.
The College Life
Let’s forget work, salaries and long-term preparedness for a minute and think about what college actually gives you. Living away from home, living with people of your age from all different backgrounds, learning not only academic teachings but also what your interests are (what sports you like, what charity work you’re interested in, what societies capture your attention). This is the part of college that can’t be bought.
Learning about yourself and becoming a more confident, independent person, will help you in your personal life as well as supporting your performance in an interview and professionally. Although education is important, you can gain so much more than this from college. You will establish life-long connections with the people around you. You will have the opportunity to take part in hundreds of activities, learn about different cultures and adapt to a new city or country. Honestly, college is a great, albeit expensive, excuse to have the best time of your life while also preparing for professional growth.
So, if you’re on the fence about going to college, explore the institutions you’re interested in. Think about what they have to offer consider the long-term benefits of attending your chosen college. Remember, you’re not just gaining an education but life experience. If you decide that college is right for you then check out at the different student loan options available to help you get there.