787-The True Cost of a Degree
Episode Title: The True Cost of a Degree
Between the cost of college skyrocketing and student loans having the potential to last a lifetime, many parents are reconsidering sending their kids to college. More on this, next on The Perna Syndicate.
Ep 787 show:
Welcome back to The Perna Syndicate today! One of the biggest drivers in the attitude shift among parents about college for their kids is the escalating cost. Between the price of tuition and the burden of student loans, it’s not surprising that many families are rethinking the college equation.
In fact, according to a recent Multiverse study, a mere 47% of parents thought that taking out student loans to pay for college is worth the burden of debt their children will be forced to pay off.
52% of parents mentioned financial stress about overpaying for post-high school education as a factor leading them to consider alternative pathways. Many parents also expressed that they thought their child would be able to get the skills they need on the job, and that financial independence is more important than a degree.
Given that the cost of college has increased by 169% over the past 40 years and does not seem to be slowing down, the financial burden may not be worth it anymore.
When you couple that with the fact that nearly half of those who attend college see no income premium versus a high school diploma 10 years after graduating, the need for educational alternatives is abundantly clear.
The true cost of college can be very high—and getting higher every day.
Thank you for tuning in today! Tomorrow: what do parents truly want for their kids’ futures? We will look at survey results and more next time on The Perna Syndicate. See you then!