Perhaps this is the most common question students ask today. With the increase in college cost, many prospective students contemplate their decisions and are realizing that college is not the only option. While they can be just as successful without a degree, only a few end up making it. The truth is that most jobs require a college degree, making it difficult for nondegree candidates to land good-paying jobs. If you are on the fence, you should consider going to college, but you should make sure that your investment is worth it.
Financial Aid and Scholarships
If you decide to attend college, make sure you do your own research and learn about financial aid and scholarships. Since college cost has tripled during the last few decades, most students cannot afford to pay for the tuition and living expenses, so they naturally opt for loans. Borrowing loans, however, can be a bad investment in the long run. You would have to pay them back six months after you graduate, and you also have to consider the interest rate. Instead of paying back the same amount you borrowed, you would be forced to pay significantly a higher amount. Therefore, if you do not plan on getting into a career with rewarding pay (e.g., the medical field or engineering), you should consider cheaper options.
Public vs Private
If you are not offered scholarships, or if you are not eligible for grants (awards you receive but do not have to pay back), going to a public college is a safer option. The total expenses for a public institution will certainly save you thousands of dollars. While private institutions might be more prestigious, reputation does not always guarantee you a job.
In-state vs Out-of-state
Another factor to consider is the in-state vs out-of-state tuition cost. Many students who end up going to out-of-state colleges have to take into account not only higher tuition but also living expenses. If you decide to live on campus, you will have to take additional loans to help you cover the room and board, which, on average, can cost $10000-$15000 thousand a year. However, opting for a college in your city or state will help you avoid paying for room and board. Living with your parents or relatives will certainly decrease your out-of-pocket expenses.
Still not sure?
If you are still unsure if college is for you, consider attending a community college. Community colleges are a lot cheaper compared to four-year colleges and can offer ample opportunities. You can explore your options without exhausting all your available financial aid or spending thousands of dollars on a field or a discipline that is not emotionally or financially rewarding. If you are not satisfied with an associate degree, you can always decide to return for a higher degree later down the line.