Is your college degree leading you to a new form of indentured servitude?
Using the numbers above, a student could feasibly receive an undergraduate degree from a public school owing approximately $62,560 in debt. The money is bad enough, but what other costs may come to haunt this bright-eyed hopeful new graduate?
In this day and age, a Bachelors degree is almost akin to an Associates degree. People are vying for attention from employers, and trying to stand out from the herd. A common way to increase perceived intrinsic value and marketability (aka job prospects) is to pursue an advanced degree.
According to The College Board, this can average $60k. This could buy you a Ferrari!
Once a student has graduated, their accrued college and credit card debt would require them to find a job which pays around $145,000 per year in order to put a roof over their head, food in their bellies, and begin paying off the student loans which will start demanding their pound of flesh 6 months after graduation.
This is nothing more than a form of indentured servitude, and we are spoonfed the myth that this is part and parcel of the American Dream!
In actuality, we may be limiting our opportunities and employment choices because education has become demarginalized and/or devalued, OR we’re now magically considered ‘overqualified’. Making it even MORE difficult to find jobs. On top of THAT, we must be prepared to face technological advancements which further devalue our skills and decrease the practicality of being paid that nice fat salary for our now-depreciated skills.
We wind up trapped. In a nightmarish groundhog day where we live to work instead of work to live.
In conclusion, when making your decisions about advanced degrees (or continuing your education) make sure to research trending and forecasting. Make sure that you are extremely passionate about your field.
Do a cost-benefit analysis and make sure your ROI (Return on Investment) is going to make the time/money trade worth it. If you’re not willing to continually learn and grow in your field then getting an advanced degree is tantamount to selling your soul to the college-devil that will happily sell you a bill of goods with no guarantee of success. There may be no guarantees in life, but you can take the time to ensure your decisions don’t cause a lifetime of servitude and regret.
If you would like to learn more about me, Stephanie B, click here for my story.
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