There has been a growing phenomenon of acute regret among Americans who invested in their education to obtain bachelor and graduate degrees. Changes in the country’s workforce in addition to mounting problems with the cost of private college have diminished people’s return on their investments. Here is a closer look at new findings of graduates who wish they had gone another route and some of the reasons behind this development.
Workers Feel Shortchanged
Pursuing an education has traditionally been a commendable endeavor that can potentially put people on a path toward success. Some polling has found that as many as two thirds of Americans regret their degrees. Among this staggering number, many people polled cited student loan debt as a major reason for remorse. Individuals who went into tens of thousands of dollars of debt often lament the decision to attend a pricey university instead of choosing from the most affordable online colleges. Paying for a degree from a prestigious school may not have yielded any substantive advantage over getting the same degree from a less prestigious but equally accredited educational institution.
Career Changes Are Common
In decades past, people would typically remain in the same field in which they entered the workforce for most or all of their careers. Now, changing career paths is more common. It is natural to expect that people may develop new professional interests over time. Also, changes in business and consumer trends can widen the scope of new opportunities for professionals. Furthermore, a lot of people do not want to feel stuck with a career path choice that they made while they were young and still in school.
It is no surprise that many workers end up in occupations that are not related to their degrees. In fact, some have to go through a second round of schooling because they are ultimately not happy with the choices that they made the first time around.
Industry Demands Are Changing
The fields that need workers most urgently may involve specialized knowledge and training that are not part of a typical liberal arts education track. Numerous sectors need people that have educational backgrounds in science and engineering. People who do not have an in-demand degree may need to continue their education while already contending with student debt.
The Cost of Living Is Increasing Rapidly
College graduates will not encounter the same economic conditions after school that previous generations once did. Basic components that factor into the cost of living have grown dramatically while wages are at a standstill. For many millennials, home ownership seems like an almost impossible proposition. Transportation costs are on the rise, healthcare is more expensive, and childcare is a tremendous burden on many young families’ household budgets. Having to incorporate student loan bills into a tight budget can feel financially onerous.
Ultimately, advancing your education will always be a worthwhile proposition, but you have to be very strategic about it. Consider all of your options carefully, prioritize affordability, and pursue something that you are passionate about to ensure that you will be happy with your degree.
