Education is often considered a wise financial decision for the future, but new data suggests that this might not always be the case. In fact, 44% of job seekers with degrees regret their field of study and only 27% of graduates actually work in their field of study. This is concerning, especially when you consider the high cost of tuition and the rising student loan debt. Over the last two decades, tuition and fees at in-state public universities have risen by 175%, and the total student loan debt in the US has reached 1.75 trillion dollars. The average student loan debt at graduation for those who borrow is almost $30,000.
This is a far cry from the days when college was seen as a way to find oneself and figure out what to do with one’s life. Today, students are expected to know what they want to do and where they want to go to college while they’re still in high school. This can be a lot to ask of 16-18 year olds and puts a great deal of pressure on them to make a life-altering decision.
The cost of tuition has also skyrocketed, making the decision to go to college even more expensive. For many students, paying to find themselves can cost $50,000 to $100,000, a weight that will sit on their shoulders for years and be a hindrance to starting their lives from zero.
ZipRecruiter recently conducted a study on regretted degrees, and found that certain fields of study are more likely to result in regrets than others. These include:
- Fine Arts
- Art History
- Drama/Theater Arts
These findings suggest that students should carefully consider their major and their future career prospects before investing in a college degree. They should also be aware of the high cost of tuition and the burden of student loan debt.
In conclusion, while education is important and can have a huge impact on the rest of one’s life, it’s important to make informed decisions about college degrees and careers. By understanding the risks and potential consequences, students and their families can make wiser financial decisions for their future.