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The leaves are falling, the temperature is dropping and Halloween is just around the corner. But this time of year, the only thing on most high school seniors’ minds is what college they will be enrolled in this time next year.
College is a rite of passage for this generation. The mandatory status of post-secondary education is not just cultural, but also quite practical. According to the National Center for Education Statistics, 25-34 year olds with a bachelor’s degree earn almost twice as much as those with just a high school diploma of the same age. In fact, the average income of a high school graduate without a college education is around $27,000 annually. This is barely above the $23,400 poverty threshold for a family of five.
Today, college is essential to achieve a middle-class life in America, but this was not the case 20 years ago. A high school graduate could go straight into the workforce and earn a good living. Blue-collar and manufacturing jobs were abundant and college was a pursuit left to the high school elite and aspiring lawyers, doctors and engineers.
In fact, as recently as 1988, the Polyvinylchloride producer, B.F. Goodrich, was hiring chemical operators with little or no college education. Today, the same job requires at least an associate’s degree and some college chemistry courses.
Companies are not raising their standards for its own sake. There are simply more college graduates available in the workforce. According to the most recent census, nearly 52 million out of 60 million high school graduates also had at least a bachelor’s degree and 87% of high school graduates have a bachelor’s degree. In 1980, that number was only 46%. The workforce has been so flooded with college-educated workers that it is clear why companies are raising their requirements. There are more college graduates available so their price has decreased.
This demographic shift has very serious consequences. Of course, it is better to have a more educated population, but with the influx of students that would not have attended college two decades ago, professors are forced to teach to the lowest common denominator. A college degree just does not mean as much as it did.
Now, exceptional talents are forced to acquire master’s and doctorate degrees to separate themselves. A bachelor’s degree is an indication of adequate aptitude while a post-graduate degree indicates adequate training.
Not only does this mean staying in school longer, students are also accumulating more debt. American’s have amassed record consumer debt and a significant portion of that is student loan debt.
The average student will graduate college with as much as $16,000 in student loans. That burden is even larger for students from high-income backgrounds. This debt does not include wages lost because of going to college instead of working full time.
A college education is a valuable item to have and a worthwhile investment, but we should be careful not to dismiss alternatives.
Some students could be better off to avoid accumulating student debt and enter the workforce. Some young people might be entrepreneurs. Low-cost community and technical schools are great ways to get a foot in the door. The military is a great alternative for young people who want education and experience without the price tag.
College is for many people, but maybe not everyone and perhaps this generation is hurting its future by assuming that college is the only way to get ahead.
Darren McVey is a junior majoring in political science. E-mail him at opinion@louisvillecardinal.com.
