1.The cost of a college degree is high, second only to a home mortgage.
“College has never been more expensive–over the last three decades, tuition at four-year colleges has more than doubled, even after adjusting for inflation,” according to the Department of Education.
For the 2015-16 school year, the College Board estimated the average tuition and fees to be $9,410 per year at four-year, in-state public institutions, plus room and board at about $10,000 annually. When you total various scenarios, the average cost of a bachelor’s degree ranges from $52,000-$130,000 or more!
2.There’s a student debt crisis—student debt is at its highest point in history.
The average class of 2016 graduate with a student loan will owe more than $37,172, the highest level of debt yet. Almost 71% of bachelor’s degree recipients will graduate with a student loan, compared with less than 50% two decades ago according to the Wall Street Journal.
3.In terms of job prospects, college is more necessary than ever.
According to the Department of Education:
College graduates with a bachelor’s degree typically earn 66% more than those with just a high school diploma and are less likely to face unemployment.
The average bachelor’s degree recipient will earn about $1 million more in their lifetime than those without a postsecondary education.
By 2020, an estimated two-thirds of job openings will require postsecondary education or training.
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Wealth Preservation, LLC in San Diego.