Is A College Education Still Worth The Price?
It goes without saying that the last unemployment numbers are anything but encouraging. Despite slight improvements they are at historically high levels.
Recently, there have been reports coming out demonstrating how recent graduates are not able to get jobs and only have large debts looming over their heads. The lack of a job is a major problem especially when student loan payments begin nine months after graduating.
All majors are not the same
A new study done by Georgetown University was able to show that the choice of a college major plays a key role whether you will find a job after graduation
So what was the worst major according to the report?
It appears that architecture with 13.9% unemployment takes the top spot. This makes sense as the construction and real estate are in an all-time slump. The study also highlighted the following majors as the riskiest for those entering the current job market.
- Fine Arts
- Fashion Design
- Anthropology
- History
- Graphic Arts and Design
- Agriculture
These latest numbers do not take away from the academic value of these majors. There is no doubt that a degree in architecture is challenging and requires a lot of effort from the student. However, currently the market place is not rewarding them for their efforts.
What this and other studies are showing us is there are a lot of traditional college majors that may not have a direct employment possibility due to current market trends. This can be especially disconcerting when a student leaves with over six figure debt that needs to be paid back shortly.
The Take Away
Here are two points that this and other studies share in common:
Today, more than ever it is important for prospective college students and their parents to have the real world facts about attending college. This means not only finding the right college for your student, but also the best major.
Secondly, it is critical that parents use all the tools at their disposal to substantially lower the cost of college. The good news is there are a lot of tools readily available for parents and students to utilize that will lower the cost of attending college.
When you work with College Planning ABC, we make sure that parents and students have the most current and up to date information about the major, school, and costs associated with attending college.
In this way parents and their children are able to get the very best deal for their efforts. Our parents and students have a well-defined plan of action that increases the success of getting into the best colleges in the nation while decreasing the typical costly tuition.
In the next posting we will continue to look at some of the trends in education that will impact the value of a college education and what you can do to avoid the pitfalls. In the meantime, you can read the Georgetown University study by clicking here.