Definitely get a degree, but don’t overpay
An August Dayton Daily News front-page article, “Grads question cost of degrees,” explored the value of getting a college degree.
Getting a college degree won’t guarantee your student will get a great job or get rich. But try getting ahead in life or on the job without education after high school. Post-secondary education — whether it’s a degree or a credential — gets young people in the door and allows them to compete for jobs that pay a good living wage.
Education is also job security in a world where what you know is increasingly all that counts.
Here are two facts to know about the value of a college degree:
Fact 1: The more education you have, the less likely you are to be unemployed.
Fact 2: People with two-year degrees invariably earn more than people with high-school diplomas. Likewise, people with four-year degrees typically earn more than those with a marketable credential or two-year degree. There are exceptions, of course, but they aren’t the norm.
Luckily for us in Montgomery County, every young person can get an undergraduate degree at an affordable cost — IF the student gets good advice and makes smart choices. There’s no need to rack up crushing debt for a two- or four-year degree.
To minimize student debt, families and young people need to explore all of their financial aid options.
To get started, complete the FAFSA or Free Application for Federal Student Aid. Then look into grants, work study opportunities and loans. Grants do not need to be repaid and are based on financial need. Work study is earned income that students receive while going to college or earing a credential. Loans, of course, must be repaid and can add up quickly.
Here’s a good rule of thumb offered by Mark Kantrowitz, a student financial aid expert: The total a young person borrows to complete an undergraduate degree should be less than his or her anticipated annual starting salary. Taking on any more debt than that can make it hard to buy a house, or even a car, in the future.
This rule of thumb is important when deciding where to attend college. Some schools simply may be too expensive (even after accounting for financial aid). In that case, choose a different college or path to a degree. You have choices!
Visit studentaid.ed.gov, an easy-to-navigate web site with reliable financial aid information on grants, scholarships and more. The Dayton Foundation’s ScholarshipConnect at DaytonFoundation.org has information about local scholarships for area students.
Don’t forget that to get a degree, students don’t have to leave home or start out at a four-year college. Sinclair Community College, which has the lowest annualized tuition of all Ohio community colleges, is helping thousands of students get a two-year degree or high-value credential, often with little or no debt.
Students who are worried about the cost of a four-year degree can start at Sinclair (or another community college) and then move to a four-year college. Students who take this route often have completed all or many of their introductory courses at a reduced cost.
Did you know Sinclair Community College and the University of Dayton have a special academy where students can be a part of UD while they take courses at Sinclair?
Wright State University and Central State University have affordable degree paths, too, and they welcome and help transition students who started out at a community college.
Ohio ranks 45th for college affordability, which is defined as the cost of tuition and living expenses minus all financial aid as a percent of income.
This ranking is an embarrassment that our political leaders need to change if we’re serious about Ohio’s goal that, by 2025, 65 percent of working-age adults will have a degree or marketable credential. Nonetheless, there are ways to beat the high cost of getting a posthigh school education. College isn’t out of reach — if families and young people choose carefully. But, by all means, understand and limit the amount you and your student borrow.
Education is the one thing that can never be taken from us. Getting a degree should never be a bad investment — and it never is if students get the help they need to make wise choices about where they go to college and how much they pay.