Student loan debt is increasing dramatically as we speak. As of May 2018, approximately, 44 million Americans owned over $1.5 trillion in student debt. Students who accumulate loans claimed that it was not worth it. People who argue that college is not worth it contend that the debt from college loans is too high and it delays graduates from saving for retirement, buying a house, or getting married. They say many successful people never graduated from college and that many jobs, especially low skill jobs, do not require college degrees. From this statistic, it seems that the odds are against college, however, we must realize that the society we live in, calls for a college education if we want to be considered as a strong candidate in this globalized world.
A college education is an asset that more and more jobs require. Only 34 percent of American jobs will accept a high school diploma. Jobs are looking for people who can bring their skills that were developed through college. Richard Deitz, Ph.D., Assistant Vice President for the Federal Reserve Bank of New York, said in a Buffalo News interview in August 2013, that, "Because you are getting skills by getting your degree, no matter what your major is, those skills are going to help you no matter what your job is and those skills are going to help you continue to move up the ladder… So there are significant differences in terms of what wages you can expect to earn with a degree, even if you don't find your dream job right out of college."
Understanding the value of a college education is important. It explains why the debt is acceptable. It is evident that a high school education leaves many young Americans unemployable and unprepared to meet future challenges. Students graduate without the communication, collaboration, and analysis skills that will help them be successful and is required in the majority of the jobs out there. According to Tom Carroll, PhD, President of the National Commission on Teaching and America's Future, to succeed in the "antiquated structure of many public schools, students have to shut off their technology, separate what they are learning into the often arbitrary silos of discrete courses, and succeed at reproducing answers obtained through rote learning." These strategies are harmful in the sciences, where aptitude occurs through hands-on experimentation and problem-solving. All too often, college is the first time that students have the opportunity to learn in this way.
I understand that many may think that instead of colleges opening doors after graduation, the debt accumulated closes those doors. Because you can only go after jobs that can service the debt which eliminated the majority of the jobs that you could be getting. This happens become some think that you won't earn enough to pay back the loans each month. You won't earn enough, for example, to live in a city where there are other young people and have your own apartment or your own place to live and pay back the debt.
However, we see in the long run, that a college education. Yes, you can drop out of college and start a tech company but not everyone is Steve Jobs. Let's be realistic. The world is a tough place and a college education is supposed to prepare you to stand out from all the other candidates. In the long run, a college graduate will make more money. Forbes' January 2012 edition reveals that about 85% of America's 400 Richest People do, in fact, have a college degree. Looking through the past years Forbes 30 under 30 in the Tech category and a crushing 92.5% stuck to school. So the facts don't lie. Go to school kids! It worth the investment. I rather live in in a world where we all have to pay some debt and not be ignorant.