When choosing a college, there are a lot of different things that you have to take into consideration. Location, program, and cost are probably the most important ones. Some people believe that they will get a better education if a school is well-known, so they will attend ridiculously expensive colleges just to graduate with the same piece of paper as anyone else. But, in truth, the name of the school doesn't matter as long as you gain the skills necessary to land your dream job.
If you think about just the educational experience (you know, the reason why you would actually go to college), going away to a school that costs amounts near $30,000 a semester just for tuition sounds ridiculous. Why would you pay so much to go to a school when you could get the same degree for less than $10,000 a semester?
But, something to remember is that the education often isn't the primary factor in a student's decision to attend an expensive school. Sure, you might want to go to a school because they have "the best" program. But many times, the deciding factor is really about where you might get to have the best "college experience:" living in a dorm with a person you don't know, moving out and living without your parents, and, of course, the legendary parties that you see in the movies. After all, would it really be college if you didn't experience these things?
More and more students are set on having this experience, and it's costing them. Seven out of ten students have to borrow loans. On average, graduates of the Class of 2016 carry $37,173 in student loan debt. Students of the incoming freshman class can only expect that number to increase. The average loan debt has been increasing about $2,000 per year for the last few years. According to this estimate, graduates of the class of 2020 can expect to carry over $45,000 in loan debt, on average. Don't let this number scare you, keep in mind that some students will have much more loan debt, and some will have less.
College has a reputation of being a time to party and as a transition between teenager and adult. For some people, this is just what it is. But for others, living the "ideal" college life just seems like a waste of money and time. Many people want to get out of the town and the household they've lived in for nearly 18 years, but this usually comes at a high cost. Often times, the subjects they want to study are available to them closer to their homes and at a much lower price. Before thinking about pursuing a general major at an out-of-state college, consider somewhere closer to home.
Some students have the belief that they may make more money in their lifetime based on the reputation and selectivity of what college they attend, but this is untrue. Stacy Dale and Alan Kreuger first found this to be false in their 1999 study. Their second 2011 study revealed that earnings still were very unaffected. To employers, it doesn't matter where you went to college. It just matters that you have skills that will make you a great employee.
Employers want to see innovation, critical thinking, problem-solving, and communication skills in new graduates. These are areas that are often focused on in schools that offer a liberal education. If you can come out of college with those critical skills along with the skills related to your career, you will be successful in your career.
Don't just assume that you won't be getting a great education from a school that's close to home. Just because the school may not have as big of a reputation as some others you may want to attend doesn't mean that the value of the education is any less. You will still learn information you need to know in order to get the job you want, but at a much lower cost.
The value of your degree is much higher than the name of the university printed on it. Yes, most employers want to see that you've gone to college. Yes, they want to know that you'll be able to complete the tasks that need to be done. But, they are going to think that your application of what you've learned is more important than your degree.
Of course, some majors are difficult to find at local colleges. If you're unable to pursue your education at a school in your state due to limited program offering, make sure to do your research into where tuition and housing will cost you the least.
It's obvious that staying at home for college is the cheapest option. You might want to get out as soon as you can, but, you'll be thankful you waited it out in 10 years when you don't have to worry about hefty student loan debt.
