By: Carter Hall
In July of 2021, MeasureOne, a data firm that focuses on academics, reported that the total amount of outstanding federal student loan debt in the United States is $1.61 trillion. This debt is held by only 43 million Americans, who all took loans to pay for higher-education and have been unable to pay them off.
Many young adults in America have a dream of going to college, but lack the funding necessary to attend for four years straight. Student loans may be a viable option for some people, but not all. There are many different paths people can take to build a successful career and earn their degrees, some requiring more patience than others.
The picture becomes clearer when looking at statistics provided by educationdata.org.
As of 2019, 66.2% of people who graduate high school or earn an equivalent degree went on to attend more educational institutions. This does not mean just four-year higher education programs, but this statistic does shine light on how much of the population feels the need or desire to get a degree from a higher-education institution.
In 1970, there were only 6.3 million students enrolled in college in the U.S. Over the next 40 years, the number of college students would drastically increase, reaching a high of 21 million students in 2010.
After 2010, the number of students enrolled in college would decrease for the first time in decades. The decrease seen in the years after 2010 was not drastic, but it has been steady.
Once the number of college students began decreasing after 2010, it did not stop. Every year since then, there have been fewer students enrolled in college than the year prior. By 2019, the number of students enrolled in college was 19.6 million. Out of these college students, 14 million were in a four-year program. Only 12 million of these students were enrolled full-time.
This decrease probably does not represent the end of higher-education, but it could represent young adults being more aware of other options and other factors like the ever-increasing rise of tuition costs.
Many young adults want to go to college after they graduate high school or earn an equivalent degree. There are many reasons for young adults to go to college as soon as they are old enough and eligible, but just as many reasons not to.
The freedom, the college experience, relationships and connections are some of the biggest reasons why full-time Auburn University senior Seth Kuehn decided he wanted to go to college right out of high school. The problem that Kuehn faced was the hefty price tag that came at his dream school, Auburn University.
Growing up with a single mother, Kuehn knew that he was going to have to make a decision once he graduated high school. There was no way that his mom would be able to save enough money, but he wanted to start his own life away from home.
Kuehn applied to many schools, both large and small. After getting accepted to Auburn University and the community college in his hometown of Huntsville, the reality of the decision he had to make became very real.
In 2018, Kuehn made the decision to take out student loans in order to attend Auburn right out of high school.
“I had the option of staying at home for two or three years and attending community college for much cheaper, but I just kept thinking about the freedom and fun that I would miss out on. I also felt like I would be unable to make good connections at community college, compared to connections I could make at Auburn” Kuehn said.
Kuehn is graduating in the spring class of 2022 and with a bachelor’s degree in business with a focus on information system management. With several job interviews lined up in his home town, Kuehn said he hopes to start building his career with a good job while living at home for two to three years.
“I’ve done the math, and best-case scenario, I will have my debts paid off in 10 to 15 years. I don’t really regret taking student loans right now because I have made life-long relationships while at Auburn and have learned a lot. But I do think that I may come to regret it when I am making monthly payments from my mom’s house.”
Kuehn’s story is familiar to many students, but not all. Wyatt Staggs, a student at Kennesaw State University, is taking a different approach to earning his college degree, while avoiding taking on any debt.
Rather than going to college as a full-time student, Staggs decided to enroll as a part-time student and focus on starting his career, while earning an education. Because he is only a part-time student, Staggs is paying a much lower tuition and has been able to get a successful job.
“I have learned more while working with this company than I have learned in any class that I’ve taken in college. At this point, I am just earning my degree so that I don’t face any problems furthering my career in the future.”
Staggs is currently living with his parents, which he said he enjoys because “I don’t have to pay rent and can just save literally every dollar that I make.” He plans to graduate from Kennesaw State University in 2024 with a degree in business with a focus on business management. He takes two classes a semester, and his current job has “a great salary and great benefits.” Staggs may not be having the same college experience that many young adults look forward to, but he is content with his situation and is excited for what the future will bring.
Another student, Garron Terrel, followed another path. Terrel is set to graduate college after his fifth year as student, but not at the same school he started at. Terrel began his college career at Mississippi State University, but after two years, he saw an opportunity.
The summer after his sophomore year he began working for a sales company and immediately fell in love.
“It started as a part-time summer job, but once the first summer ended, I knew I wanted to do more. That’s when I decided to transfer from Mississippi State to a cheaper community college in order to focus on my job.”
While still focusing on his classes as best as possible, Terrell has allowed his job to be his number one priority and is reaping the rewards. He is able to pay for his own schooling, while still putting extra money into his savings account or investments.
“I may not have a degree from the most well-known college, but what I will have are actual experiences and real connections. Obviously, I can make connections through college, but my job has already opened up so many doors for me that I would rather focus on that.”
It is almost impossible to determine which one of these college students will have the best financial situation in the future, but is possible to look at examples of others.
Steve Piejak, a man in his late 50s, has only had a bachelor’s degree for about 10 years. Regardless of this, he has been able to build a successful career that can be traced back to his early 20’s, when he faced a similar decision to Kuehn and many other young adults interested in higher education.
Piejak’s family did not have the funds to pay for college, so he had to pay his own way. Rather than taking out loans, he worked part-time and went to a cheap community college, where he would stay for only two years and earn an associate’s degree.
After earning this degree, Piejak was accepted into several schools to complete his bachelor’s degree, but he turned down the offers in order to begin a career in sales.
“I began working full-time because the idea of getting paid so much money was enticing. I was already good at sales and figured that I could make connections and work my way up the company.”
Doing exactly what he thought he would do, Piejak was able to climb the ladder at the sales company he worked for and made good connections, which eventually landed him a job working for The Wall Street Journal.
“After eight years working at The Wall Street Journal, I felt like it was time to complete my bachelor’s degree. I felt like in order to go any further in my career, I needed that ‘seal of approval’ that shows that I can work hard and learn new things. I enrolled in online college and completed my classes before and after work, on the weekends… pretty much whenever I could find time.”
Piejak has gone on to work for many more large companies, such as LinkedIn. He admitted “having a degree does help to get noticed, but it is not impossible to get where you want without one.”
Attending a four-year college is a common thing to do in the United States, but that does not mean that every person takes the same path in order to earn their degree.
There will always be a need for traditional universities and the skills and knowledge that come with degrees earned. There are many career paths that require the schooling, and there is no getting around that.
Students do, however, have the ability to be patient and focus on building a secure financial future. By taking the time to work before college, students can make connections in the workforce and save money to pay for schooling, hopefully avoiding debt.
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