Both my kids are currently at university working towards their degrees. I honestly curse myself for not thinking further enough in advance to start saving for their education. It never occurred to me that one, let alone both my children would want to pursue higher education at the university level. I’m not sure why. I guess I was never one of those parents who forced my own expectations onto my kids. I kind of watched them develop their interests and offered support as they decided what they wanted to do. The reality is, we all march to the beat of a different drum. Finding a career that is satisfying is probably one of the most important things that leads to a happy, fulfilling life. Parents have to realize that college isn’t going to be the answer in all cases.

20 Million Students

In 2019, 20 million students enrolled in colleges in the U.S. That’s a 25% increase in 20 years. Considering that the cost of a college education in the U.S. has risen 150% in the past four decades, parents have to understand it’s a wonder anyone can even afford an education. In fact, the cost of a college education isn’t quite adding up when it comes to the income a kid can expect once they graduate. The price of a college education has risen about eight times faster than expected wages. (1, 2, 3)

Minimum Wage

I know when I was in school, not only did I get a nice chunk of grant money from the government, but my part-time job covered a lot of my expenses. Today, students are faced with a far higher cost of living and part-time job wages that are sorely lacking. At just $7.25 per hour, students would have to work an awful lot of hours to pay off their student loans and pay for all the other costs they will face.  (4)

Careers Requiring A Degree

Not everyone wants a career that requires a degree of some kind.  However, kids should be aware there are some numbers that support postsecondary education. According to a Georgetown University study, 65% of all jobs will require postsecondary education and training that goes beyond high school. Of the 55 million job openings in the economy through 2020, 35% will require at least a bachelor’s degree and 30% will require some college or an associate’s degree. The report shows that will leave only about 36% for those with a high school education. (5)

Additionally, the industries with the fastest-growing opportunities will include healthcare, community services, and STEM. Two of the four most in-demand competencies will lean towards “soft skills” such as judgment/decision-making and communications. While demand for jobs with physical skills continue to decline, it is estimated that the U.S. will be short about 5 million workers available with postsecondary education in 2020 based on how many students are coming out of college. (5)

So while parents have to accept not every kid will want to go to college, students have to consider the data to see where they have the best chance of finding a job. And, it’s important to note that your job isn’t everything. Part of what could be driving these numbers is inflated confidence in what it means to have a college degree. It wasn’t too long ago that many jobs now requiring a college degree to even apply didn’t use to. And it’s doubtful these same kinds of jobs require a degree for completion now. So, perhaps its societal perception of the value of a college degree that is the growing problem, not how many people are going to college.