According to a Business Insider there are “7 ways life is harder for millennials than it was for their parents”*. These include:
1. Millennials are less financially stable than previous generations were.
2. Millennials are saddled with student debt — but a college education is more necessary than ever.
3. Millennial men are more likely to live at home with their parents than previous generations were.
4. Millennials are overwhelmed by the dating pool.
5. Millennials feel as if they have to be “always on” at work.
6. Millennials’ self-image erodes in the face of ever-present social media.
7. Millennials are shelling out more on childcare than previous generations were.
Over the next few posts, I want to address how I see that millennials have opportunities previous generations never had.
Millennials are saddled with student debt — but a college education is more necessary than ever. First, I believe this idea that “a college education is more necessary than ever” is false—or at least it should be. Now, I am a college professor, so, perhaps, I should buy into the myth, but I am tenured—my job isn’t dependent upon enrollments (and my courses are nearly always near or above capacity).
I discussed, yesterday, how “millennials are less financially stable than previous generations.” This should give pause to anyone considering a college degree on borrowed money.
As parents, WE need to sacrifice for our children’s education. WE need to save—and save a lot!
As prospective students, we need to understand that college costs money. We need to sacrifice, as well. We need to give up some things during high school—and certainly during college to pay the way to a degree. It is called “delayed gratification”. Knowing that we might need to borrow money means we will need to have a plan to pay it back. This means we have to expect a number of years of sacrifice post-graduation.
Borrowing money for a degree that leads to financial instability is, frankly, stupid. If you don’t want to be saddled with debt, don’t go into debt!
It is true that a college education has been growing increasingly expensive. This is at least two-fold, in my opinion. For one, “state schools” are nearly non-existent anymore. States are funding very little now compared to previous generations. Thus, the student is having to foot more of the bill. Second, student and their parents are demanding more services of the institution. This drives up administrative costs. (Believe me, faculty salaries are not driving the rapidly rising cost of college!) Private dorm rooms. Greater selection in the dining hall. Recreation facilities. Financial aid. Remedial studies. Tutorial assistance. Etc. I believe that we are failing to adequately prepare students K through 12 for college and for careers that should not require college. As a result, colleges are picking up the slack and this adds to the cost of the degree. All these services require salaried employees for whom all students pay, whether they use the service or not.
Parents and students need to weight the cost of where they are choosing for the student to attend—relative to the degree that is being sought. Have a plan and a purpose for college. A diploma is just a piece of paper. It is the education and opportunity for which one is paying. Notice: “a college education is more necessary than ever”. It does not say “a degree is more necessary than ever”.
Perhaps, this should give prospective college students pause before applying for college. They need to ask the questions: Can I afford college, now? Would I be better served working for a few years (perhaps join the military) before starting college? How can I save money for college? What am I willing to sacrifice for a college education? How will the degree I desire serve me financially after I graduate? What is the most cost effective route to my desired career? Would I be better served going to community college for two years before transferring to a four-year school? Am I truly prepared for college? Etc.
Be your best today; be better tomorrow.
Carpe momento.
* http://www.businessinsider.com/millennials-lives-compared-to-gen-x-baby-boomers-did-2018-3#millennials-are-shelling-out-m