by our College Data Analytics TeamMany parents fear their child dropping out of college, equating it to a significant setback. However, leaving college without a degree isn’t necessarily detrimental.
Students leave college for various reasons. Some may feel unprepared for the workload and decide to take time off to better prepare themselves. They might return later or choose a different institution that aligns better with their goals. Others may wish to enter the workforce early or have entrepreneurial ambitions they want to pursue immediately.
Parents should consider the primary purpose of a college education. If their child finds happiness and success without a four-year degree, that outcome should be valued.
According to The Hamilton Project, individuals with some college education earn approximately $8,000 more per year and $100,000 more over their lifetime than those with only a high school diploma. Earning a bachelor’s degree increases this advantage to about $30,000 more annually and $500,000 over a lifetime.
As of April 2013, the unemployment rate for individuals aged 25 and older with only a high school diploma was 11.4%. This rate decreased to 6.6% for those with some college education and further to 5% for those holding a bachelor’s degree.
It’s important to note that students who leave college with significant debt may face financial challenges, even if they secure employment. This underscores the importance of managing student debt levels responsibly.
The equation of college plus job equals success and happiness doesn’t apply universally. Some students have a clear path and require a degree to achieve their goals.
However, not all students have defined career aspirations upon graduating high school. College can serve as a period of discovery, helping them develop career goals. After a year or two, they might choose a major and pursue a related career. Alternatively, they may decide that a degree isn’t necessary for their desired path and opt to enter the workforce.
Financial considerations also play a role. The cost of a year of college for the 2017-2018 academic year, including room, board, and supplies, was approximately $36,000 for public schools and $46,900 for private institutions. The class of 2017 graduated with an average student debt of nearly $39,000. Some students might prefer earning a paycheck over accumulating debt.
While it can be concerning when a student leaves college, it’s essential to recognize that it’s not the end of the world. Some students take alternative paths and may need time to discover their true interests and goals.
Students who have a clear understanding of themselves and their objectives are generally more likely to complete their degrees on time.
Interestingly, taking a gap year between high school and college can provide students with valuable insights, leading to better academic performance and higher completion rates.
If a gap year isn’t feasible, students should engage in various activities, such as extracurriculars, volunteering, or part-time work, to learn more about their interests and strengths before starting college.
At College Factual, we encourage students to explore their strengths, passions, and interests to see how these align with potential college majors and careers. A college degree should be a tool to achieve one’s goals, and a four-year degree may not be the right choice for everyone.