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Chase
Is
college the only path? Picking the education that's best for you
By Lynnette Khalfani-Cox
01/15/19
For generations, high school students like you have been told that a
college degree is the route to success and financial security. But it's
not the only way to go: in fact, while it may seem like all your
friends are heading off to college, a large number of high school
graduates—about 30 percent—don't take the college path.
Finding happiness and success in your career should start with
evaluating your goals, personality and interests because—luckily—you
have options.
With costs rising, college can be a huge investment, and like any good
investment you need to understand the risk, costs and potential value
you can gain. Explore these higher education paths—and some tips for
calculating the return on investment (ROI) of your education:
Depending on your course of study, a vocational training program can
pay for itself within eight months of graduation—far quicker than a
four-year degree.
Lynnette Khalfani-Cox
A four-year college:
A four-year college degree is the most common—and one of the most
lucrative—routes to take after high school. But even with a four-year
degree, much of your ROI depends on what you choose to study: before
picking a major, think about how much money you'll need to fork over
and the salary you can expect after you graduate.
Many online tools or apps, like the JA Build Your Future app from
Junior Achievement USA, or College Scorecard from the US Department of
Education, can give you a good idea of the ROI on your college degree.
They factor in average debt, starting salary information, and more, and
work with community colleges, as well as four-year colleges and
universities.
Tuition: According to the College Board, the total in-state cost of
attendance at a public four-year college averages $25,290 per year. At
a private, nonprofit university, the cost is almost double that—$50,900
annually. That means the overall price tag is roughly
$100,000-$200,000. Not surprisingly, 65 percent of college grads
earning four-year degrees in 2017 ended up with student loans; their
average amount of college debt topped $29,650.
Salary: The upside of paying higher tuition at a four-year school is
that you'll likely end up making more money. According to the Bureau of
Labor Statistics (BLS), the median earnings for college grads with a
four-year college degree is $61,724 annually. And salaries can go even
higher, depending on the career you choose. People with advanced
degrees typically earn bigger salaries—$1,512 weekly, or $78,624
yearly. Then again, advanced degrees also translate into extra
tuition—another cost that you'll need to factor into your ROI
calculation. To avoid that extra cost, consider a bachelor's degree
with high earning potential for recent graduates like chemical or
electrical engineering, which report salaries in the $70,000 - $75,000
range for recent grads.
Community college:
The National Center on Education Statistics shows that almost twice as
many people attend two-year community colleges as those who attend
four-year colleges and universities. At a community college, you can
earn an associate's degree after taking coursework in a general
major—like business, biology, or communications—or in a specific
vocational field, like nursing, criminal justice, or early childhood
education. This coursework can prepare you for a bunch of careers,
including medical assistant, police officer, oil and gas operator, or
software or website developer.
Tuition: Community colleges are usually a lot less expensive than
four-year schools: according to the College Board the total cost of
attendance at a public, two-year community college averages $17,580 per
year for in-district commuter students. That includes tuition, fees,
room and board, books, supplies, and transportation costs. Overall,
that works out to $35,160 for a two-year associate's degree. That's
about $66,000 less than what you would spend on in-state tuition and
fees at a four-year public college.
Salary: The Bureau of Labor Statistics reports that people with a
two-year degree earn a median salary of $825 a week or $42,900
annually. And while this salary might limit your ability to live in
some quickly growing cities, there are a number of cities where you can
live comfortably on less than 50,000 per year.
For some jobs requiring a two-year degree, the payoff is even higher.
Air traffic controllers make a median income of $122,410, while dental
hygienists average $72,910 and paralegals make $49,500.
Vocational training:
Vocational training, sometimes called technical training programs or
trade schools, might be a good option if you prefer working with your
hands, want to avoid a desk job, and only want to take training and
instruction that is directly related to your future career. These
programs commonly lead students into careers in hands-on trades like
construction, metal work, masonry, and photography.
Tuition: The average cost for a vocational training program is $33,000
over a two year period, but many students can complete their vocational
schooling in less than two years—especially those that enroll full-time
in a trade school.
Salary: Salaries for hands-on trades vary widely, but jobs like
installation, maintenance, and repair have median earnings of $950 a
week, or $49,400 annually. With that kind of salary, your vocational
training will pay for itself in just 8 months after your work start
date.
Apprenticeships:
If you want to start earning money immediately, apprenticeship programs
are a good bet. They combine on-the-job training with relevant
instruction or classroom education, giving you the opportunity to learn
and earn money at the same time. Popular apprenticeships include:
electricians, carpenters, and truck drivers. You can do apprenticeships
in industries ranging from hospitality to health care, manufacturing to
telecommunications.
Tuition: The good news is that there is no tuition for an
apprenticeship program—they pay you! You do put in sweat equity,
though, as apprenticeships typically last between one and four years.
Salary: The average starting wage for an apprentice is about $15.00 per
hour, or $600 per week, which works out to $31,200 yearly. For those
who have completed an apprenticeship, their average pay jumps to
$60,000 a year on average. That's a pretty good salary, considering you
can often become an apprentice at age 16, depending on the work.
There are numerous educational paths you can take to expand your
knowledge, sharpen your skills, and prepare for the career. Don't feel
like you have to follow the path that everyone else is taking: by doing
your homework and researching all the alternatives, you'll be able to
pick the option that leads to both personal happiness and career
satisfaction—all without breaking the bank.
JPMorgan Chase Bank, N.A. Member FDIC
© 2018 JPMorgan Chase & Co.
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