By Carol H Cox
Full-time employees with bachelor’s degrees have median earnings that are 67% higher than high school graduates, according to 2016 data from the U.S. Bureau of Labor Statistics, approximately $60,100 versus $36,000. An individual who has a 4-year college degree improves his or her potential income by hundreds of thousands of dollars over 40 years or more of employment.
Yet, to achieve a bachelor’s degree is increasingly expensive in the U.S. and out of reach for many individuals unless they and their families are willing to shoulder student loans in the tens of thousands of dollars. Encouraging young adults, age 18 and older, to take on sizable debt is not a very appealing solution, although that is what is happening in the U.S. today.
Many young people sign up for student loans without fully appreciating the future aftereffects of having the responsibility of large monthly loan payments for 10 years or more. These are individuals who have in all likelihood never had any considerable debt in their name before. To minimize educational debt, students might first consider ways to reduce the overall cost of a bachelor’s degree.
One clear alternative is for a student to begin the first half of a 4-year college education at a local community college, an easy entry point to a bachelor’s degree. According to College Board’s report Trends in College Pricing 2017, annual tuition and fees at a 2-year college (community college) on average costs $3,570 versus $9,970 at a 4-year public college for in-state students. That’s a 64% savings for two years.
After two years at a community college, students who are in good academic standing and have completed the correct coursework should be eligible to transfer to a 4-year college to earn a bachelor’s degree. Careful coursework planning with the help of college guidance counselors can make for a smooth transition from community to a public or private college.
There are over 1,100 community colleges spread throughout the U.S. today (you can search for one at the American Association of Community College’s website). Community colleges came into being during the turn of the 20th century and surged in number during the 1960s, as many Baby Boomers were becoming of college age.
Today community colleges have a variety of educational offerings, everything from associate degrees, distance learning opportunities, vocational training, and certificate programs, as well as programs designed for students planning to transfer to 4-year colleges. And a few community colleges even offer a limited number of bachelor’s degrees.
Some criticism has been heaped on the community college system because of low-rates of completion and less emphasis on students who are transfer-bound to a 4-year college. Certainly, there is room for improvement. Community colleges need to provide better guidance and counseling for students aspiring to obtain a bachelor’s degree. Transfer-bound students need to be focused, goal oriented, and connected to counseling staff in order to effectively navigate to a 4-year college.
Community colleges aren’t perfect, but they do offer a very accessible, attractive, and much cheaper start to a bachelor’s degree. Students and families feeling the financial pinch of higher education costs may want to seriously consider using this as a pathway.
Photo credit: Jack Moreh, www.freerangestock.com