I’m burdened by what I’ve learned about the “average” college student today. 67% of high school students register for college immediately after high school, and soon after 1/3 of them drop out. According to The Project on Student Debt 59% of students borrow money, and begin their journey with debt up to their eye balls and no job. They are accumulating debt with no way to pay it down. My guess is that they’re following the advice of friends who don’t have a clue, and college counselors who just want to enroll as many students as possible. The average debt carried by a student who has received a bachelor’s degree is around $21,000. This does not include interest, which adds another $5,000-$10,000, loans from family members or credit card debt. You’re given 10 years to pay off most student loans, but many exceed that time limit. I also hear stories everyday from students who are not even using their degree, after going through all the heartache it took to achieve it! Many of these students do not successfully enter the workforce, and struggle to find their place, while drowning in debt.
So what can we do to prevent it?
Problem #1 – Staggering Drop Out Rate
Students tend to drop out because college is not what they expected, either academically, socially, or both. They also struggle with a lack of motivation, inadequate preparation, and poor study skills. 80% of students change their major at least once. On average they change majors at least 3 times.
Solution:
Look inside first. Like many adults struggling in the work place, students have not learned how to assess themselves before choosing a college or an appropriate major. Students need to understand their personality tendencies, strengths, values, dreams and passions, before moving forward and jumping into something they’re so unsure about. By doing this, they can more accurately search for a college that fits them, instead of carrying the burden of constantly trying to fit in at a college, while being distracted from their studies. You know, the reason they’re at school in the first place. Knowing yourself, and your unique set of strengths, is what makes you valuable in the work place, so why wouldn’t begin to understand yourself when searching for a college? Parents who are paying for their kids schooling, this is crucial, if you do not want to throw money at college, only to have you child drop out.
Problem #2 – Mountains of Debt
Students are borrowing tons of money, and dropping out, leaving them with no degree but tons of debt. There are also many who do finish school, but never use their degree, again wasting tons of money and spending years paying off the debt.
Solution:
DON’T BORROW MONEY! Work your way through school. You can apply for thousands of scholarships online, and RECEIVE them. It’s a lot of hard work, but it’s the right way to do it. Don’t listen to people who tell you student loans are good debt. Good debt is an oxymoron! Debt ONLY works against you. How can anything that works against you be good? Don’t go to the school your friends are going to, just to be with your friends. It’s possible that once you get to college you’ll grow apart. It happens everyday, and happened to me. It’s your life, and when you’re done with school, it’s YOUR debt. Start of in a community college if necessary, then move onto a more expensive school to earn bachelor’s degree. I know most students are eager to have that “college experience”, but that is like cotton candy. It’s big and fluffy on the outside, but you put it in your mouth, and it’s gone in 5 seconds. Go to school to learn. To learn what you love. Remember, the borrower is slave to the lender!
Problem #3 – Failing to Enter the Workforce Successfully
80% of people in the workforce say that if they had the chance, they’d change jobs in a heartbeat. These people used to be college students, who spent the time and money to receive they’re degree, only to find it sitting on the shelf gathering dust. The degree didn’t provide for their dreams the way they’d hoped.
Solution:
Again, Search your heart. You need to learn who you are. Take personality tests; evaluate your skills and abilities, values, dreams and passions. This is 75% of the process to finding the work you love. If you would have begun doing this BEFORE choosing a college and degree, the chances are you’d love your work, and not find yourself cringing every time you look in the mirror on Monday morning. Seek out life and career coaches who can help provide you with a plan to move you toward your goals. These people get you results! They are not interested in wasting your time or your money, but in serving you.
Don’t be the “average” college student. Average is broke and confused.
God Bless