Taking out student loans isn’t something we should take lightly. According to the Education Data Initiative, “The average student borrower takes 20 years to pay off their student loan debt.” Which is not a small thing to dismiss. And with interest rates sky high, most students end up paying around $49,569 in the standard ten-year plan — and that’s if they pay everything on time.
In this economy, it’s all too common for students to skip on a payment or two. And although college has its benefits, like anything in life, it comes with a price — even for a kid whose parents can pay for their education with cash. That cost is lost opportunity, not just lost time when a kid could find out who they are, but also with money that could be invested and earning interest or even used to start a business.
In a recent episode of the Getting Open podcast, host Andrea Miller sits down with the co-founder of Degree Free, Hannah Maruyama. Together, they discuss the other options kids have besides college — and why college isn’t always the answer to everything.
Three things your kids can do instead of going straight to college
Understandably, some parents might be on the fence at first. After all, having your kid forgo college can be a tough pill to swallow if you’ve been taught that college is the only route for successful people. Some parents may fear that a child who doesn’t go straight to a four-year college or university makes them look like bad parents. Yikes! But remember, good parents let their kids take risks and forge their own paths, too!
However, your child choosing another career path doesn’t mean it’s the end of the world. In fact, it can open up a whole new world for them.
First, consider a list of careers that earn great money and offer fantastic growth potential, without a degree requirement, including machine learning developers, computer programming, plumbing, electrical, medical assistants, sommeliers, dog grooming, cloud computing architects, organ transplant techs, animators, salvage divers, elevator repair techs, sonogram technicians, landscape designers, pilots and many more!
1. Think about trade school or specific career education
For instance, the US Career Institute writes, “Trade school graduates actually tend to have more job security than college graduates, though both will fare better than people who only have a high school diploma.”
They explain that trade school offers more flexibility if you find yourself wanting to change career paths, which most kids find themselves wanting to do.
2. Let your kid try a ‘career year’
Don’t encourage your child to make a decision right away. Instead, let them work for two years when they graduate high school
“Those transitional years from 17 to about 23, (you know, depending on if your child goes to college young or a little bit older), you are burning. You’re locking up the freest years of their life, the healthiest years of their life,” begins Maruyama.
All because we think this is what they should do. But, when you tie your child down economically and limit their freedom, you’re draining their energy and making them bleed money, at a time they are most vulnerable.
Plus, we have to remember the brain doesn’t fully develop until 25, summarizes co-host Joanna Schroeder. She continues, “I don’t like to undersell teenagers. They are smart. They do know what they want. They do know what they need.” Yet, they biologically aren’t mature enough to make those decisions and they can’t fully comprehend the consequences of their actions — at least, not at that age.
Not only that, but only a select few actually need to go to college for their career.
3. Encourage them to start college at 25
“Based on your calculations, only 7.7% of people actually need degrees if they want to be a civil engineer if they want to be a surgeon, if they want to be a doctor,” Miller asks. So, she wonders should other young adults even consider going to college at all, then?
Maruyama interjects, “I’m saying don’t go right out of high school. That’s insane [when we think about it].” If their parents earn more than a basic yearly income, a teen no longer qualifies for any sort of income-based financial aid. However, if we let them mature, they become independent adults and are more likely to qualify for financial aid based on the FAFSA form requriements.
Which is why we shouldn’t rush them at this stage in their lives. Instead, be supportive of their decision to try out careers for two years.
Let them find themselves and push them to try out entry-level jobs. That way, they can figure out what they want to do with their life — without adding financial pressure to the mix.
Marielisa Reyes is a writer with a bachelor’s in psychology who covers self-help, relationships, career, family, and astrology topics.
