According to the National Center for Education Statistics, the average cost for a 4-year degree in 1984 was $11,548, adjusted for inflation. In 2014, that figure rose to $25,409, a 45% increase from thirty years earlier. Given these rising costs, what alternatives are there for those interested in an industry where degree requirements are commonplace?
The Self-Taught Student
There has been some buzz around MOOCs (Massive Online Open Courses) in recent years. MOOCs such as those offered by Udacity and EdX, or MOOC-like instructional videos from Khan Academy, are a valuable source of knowledge that I personally have taken advantage of many times in my career, and even sometimes as a supplement to my paid college courses. MOOCs and other, similar instructional videos have been refined to an art form at this point, with a level of succinctness and thoroughness that rivals the typical college course. They are a great resource for getting started and gaining new skills.
That said, MOOCs aren’t a perfect solution. There’s no question a traditional degree is valuable. As college costs have risen, outpacing the inflation rate more than twice over, the positive impact of a college education on average salary remains firmly supported by statistics. Unless you have an entrepreneurial streak or work in an industry where they are less emphasized, college degrees are as important as ever, despite being more burdensome to obtain than they were in previous generations.
Student loans are commonly cited as a “good” type of debt, and even considering the amounts involved—tens of thousands of dollars, subject to continuously-accruing interest over periods of ten years or longer—going that route may be worthwhile, based on your expected post-college income. To mitigate some of the cost, grants and scholarships are extremely valuable if you can get them, but this can be difficult. Not all of the following alternatives may be possible for everyone, but they are worth considering.
Community College = Cost Savings
Community colleges tend to have vastly lower tuition rates than full universities, and in many cases offer associate’s degrees in a wide range of fields. Paying for even this lower tuition out-of-pocket can still be a challenge, and depending on various factors (where you live, which in turn affects cost of living and the type of job you’re likely to be able to obtain without a college education), you may need to supplement with loans. Still, you’ll end up with a much lower level of debt than if you had gone straight to a full university.
Another important point to consider: many colleges and universities accept transfer credits from community colleges. By taking advantage of this, a two-year degree can be leveraged into a four-year degree for a much lower cost. If you plan on going this route, it’s important to check with the colleges you plan on attending to make sure that the credits will be accepted. From my personal experience, very few of my credits from a North Carolina community college were accepted by the University of Pennsylvania, but almost all were accepted by University of Maryland University College (UMUC). It can vary greatly, which makes it extremely important to find out ahead of time how valuable the course credits are going to be.
With some good fortune, you might be able to find decent-paying work using your lower-cost associate’s degree, which can then be used to make paying for a bachelor’s degree a little easier. It’s relatively easy to find IT jobs in the government sector where having an associate’s degree will confer a distinct advantage, and you might have an opportunity to work for a company that offers tuition reimbursement, making it much easier to complete your education. This is the method I used to graduate with a minimal level of debt, though I would caution: working and taking classes full time isn’t easy, and taking mostly—or exclusively—online classes will most likely be necessary. My personal recommendation is UMUC, as they offer a number of large number of majors that can be completed entirely online.
My opinion should be a single data point among many as you research what is right for you. Consider the options I have described, but also consider that some of them may not get you results as quickly as taking a more traditional college path. And some of my experiences may not be typical. This is true of almost everyone who offers you college advice: they can tell you what they’ve learned or what they wish they knew, but unless they have experience with your own specific location, preferred industry and financial situation, it’s always a good idea to find other perspectives before making any commitments.
