College is expensive and growing costlier by the minute. As a result, more young adults are saying, “No thanks” to a four-year degree and finding more affordable ways to launch their careers. Instead of starting their adult life with nearly $30,000 in college debt, these financially savvy young adults are finding career paths that cost less to enter and offer a faster return on investment.
Are you questioning whether college is right for you? Before spending thousands of dollars on a degree you’re not sure about, consider one of these alternative career paths instead.
Join the Trades
New college grads may earn more than newly employed blue-collar workers, but within ten years, tradespeople with at least a one-year certificate earn nearly as much as workers with four-year degrees. Not only that, but people who enter the trades start earning an income sooner and take on less debt at the start of their career. The average trade school degree costs $33,000 (in some cases, all you need is an apprenticeship). Meanwhile, a four-year degree from a public university costs $9,970 on average, and attending a private or out-of-state public university can be even more costly.
Work in the Gig Economy
When most people think of the gig economy, they think of side gigs like driving a rideshare or walking dogs. However, the gig economy encompasses far more than these part-time jobs. Designers, developers, handymen, IT technicians, caregivers, chefs, and more can find clients and earn high hourly rates. Popular gig economy apps have made it easier than ever to hire self-employed professionals. While working in the gig economy can be riskier than securing a full-time job, it’s a good fit for go-getters who value the freedom and flexibility to work wherever, whenever.
Enter Public Service
High student loan debt paired with low wages in the non-profit and public sectors makes it challenging for college graduates to afford a career in public service. While it’s possible to receive loan forgiveness in exchange for your public service, you have to make payments for 10 years before you can qualify. Even then, you might be denied.
If you want to give back, there’s another way. High school graduates can join AmeriCorps, a national service program designed for young people. Unlike Peace Corps, most AmeriCorps programs don’t require a college degree to join. While AmeriCorps positions are time limited, graduates can use the professional experience they gain to advance their careers. AmeriCorps VISTA members also receive non-competitive eligibility for federal jobs following their service.
Join the Military
Whether you join the military for a few years to reap the GI bill benefits or stick it out until retirement, military service can be a smart way to start your career. There are drawbacks, of course, like the risk of deployment and not having control over where you’re stationed. However, for many young adults, that’s a fair tradeoff for a stable income, great benefits, and on-the-job training.
If you don’t expect to stay in the service for the long run, choose a military career that readily translates to the civilian workforce. Listing your infantry job on a resume might not get you far in the civilian world, but including your military service in health science, cybersecurity, or human services may.
If you’re interested in a career path that requires a bachelor’s degree or higher, college is likely the right choice for you. Even then, it’s important to research job growth and salaries to make sure you’ll be able to pay off your student loans and afford a good quality of life.
For everyone else? If you’re not confident college is for you, don’t go into debt just because it seems like the thing to do. There are a lot of ways to earn a great living without college, and if you do decide you need a degree, you can always go back to school in the future.
The article above is a guest post from Brittany Fisher over at Financially Well.