Do you need a college degree to be successful?
The COVID-19 pandemic has offered many of us the opportunity to reflect on our lives and, possibly, start making plans to change them. It can be both exciting and somewhat scary to ask yourself: “What should I do with my life?”
As you take steps towards the life that you are envisioning for yourself, you may ask: “Do I need to go to college or graduate school to be successful?”
The short answer is: “it depends.” Some of us know people and maybe even ourselves who didn’t get a traditional college degree but have very successful careers and lives.
We live in an era where technology advances in automation and artificial intelligence are rapidly expanding how folks can pursue multiple paths to a wealthy, purposeful, and fulfilled life. Think about the last time you used social media to make a new contact that opened new doors of opportunity for you. Or, consider how many folks purchased groceries online during the early stages of the pandemic. Tasks that many of us paid someone else to do are becoming automated, resulting in a growing national conversation about the importance of a traditional college education.
Companies like Google, Airbnb, and others are offering high paying tech jobs without a college degree. A 2019 Gallup study highlighted that nearly half of US adults consider a college degree “very important” compared to 70% of US adults in 2013. It seems fewer Americans are buying into the narrative that everyone has to go to college to have a better life or a better job.
College may not be the chosen path for everyone, and that is okay. If you or someone else you know is struggling with deciding whether a college or graduate school degree is the best decision, then consider the following five points.
If you go to college, keep it affordable.
If you’re looking to continue your education beyond high school, do not go deep into debt to do so, especially if you — like me — are from a limited-income background. “You shouldn’t have to go into debt to get out of poverty,” to quote the words of Dr. LaNysha Adams in episode 3 of my You Can Afford College podcast.
Don’t shy away from applying to expensive colleges or graduate schools. A combination of completing the FAFSA and applying to outside scholarships may fully cover the cost of your attendance.
Consider starting the first two years of your college education at a community college and then transfer to a four-year college. This strategy could save you thousands of dollars, depending on your financial circumstances. Especially in your first two years, do not take on a large amount of student loans. It can be tempting to spend thousands of dollars on a college because of its “brand name.” Trust me, a brand-name is “cute” but not worth being thousands of dollars in debt to pay.
In 2019, 70% of college graduates owed nearly $30,000 in student loan debt. For many young people, taking on student debt may not feel like a “big deal” because you can sometimes overestimate salaries and earning potential post-college. In truth, many of us struggle to pay back student loan debt because we may also have to navigate finding jobs that pay well, becoming entrepreneurs, purchasing a home, or getting married.
Having a college degree doesn’t necessarily translate into career success.
Going to college doesn’t guarantee that you’ll get a well-paying job. Even if you get that job, there’s no guarantee that you will be fulfilled or enjoy the job. And if you get a job, you could be underemployed, meaning working at a job that didn’t require a college degree in the first place. In planning to get a college degree, think strategically about the type of career path that you’d imagine yourself pursuing.
If you choose not to attend college, have a success plan.
Going to college is not necessarily a slower and more expensive path to success. If you’re unsure what you want to do or choose not to go to college immediately after high school, then you still need to have a plan. Otherwise, you might find yourself not maximizing your full potential. Even if you decide to get a job after high school, be sure to take online classes on platforms such as Coursera, EdX, and YouTube to expand your curiosity.
Be honest with yourself about your commitment level to your future goals and dreams. For example, if you want to be a YouTube entrepreneur after high school, what has been your demonstrated track-record in keeping yourself disciplined towards pursuing that dream? Becoming financially successful with or without a college degree will require delayed gratification, patience, and support.
The majority of jobs today require some form of education beyond high school.
Before the pandemic, 2 out of 3 jobs required more than a high school diploma. Experts predict that in seven years, people with some college but no degree will have access to fewer job options; whereas, those with at least a two-year college degree or higher will have a more significant share of jobs to explore. Again, as mentioned earlier in this article, the growing impact of automation and artificial intelligence is changing the job market in favor of college graduates.
If you start college, do whatever you can to finish — especially if you’ve taken on debt.
If you start college, especially with student loans, I encourage you to complete your college degree. There is nothing worse than paying for a college degree that you don’t have. Be sure to do your research on the colleges you plan to attend so that you find the one that will be committed to your college success.
P.s. be careful with letting people tell you that you’re not cut out for college and be cautious with telling others that they are not college material.
P.s.s. a trade school is not a second-class, second-class education path. Try to explore the many possibilities that vocational education can provide you as soon as possible to become aware of the variety of approaches to a successful career future.
