College Education, Losing Ground? Millennials Are Proving That There are Better Ways of Doing Life

Millennials are known for doing that which serves them best and have received a lot of flak for it. However, every day, more are coming out of the woodworks with fantastic ideas, strong economic influence, and lavished lifestyles. Maybe we should pay attention. Maybe traditions need a second opinion. The ideal of a college education may be losing ground. Millennials are proving that there are better ways of doing life.

Born from the early 1980s to the mid-1990s, Millennials are a demographic worth following. They share a keen sense of civic mindedness while embracing a fearless front against tradition. A belief is gaining traction among them about whether getting a college education is worth it. The information highway is providing alternative forms of education, careers, and income, never considered a generation ago. New pathways are being carved into old traditions. Millennials are waking up to new ways of doing things.

Traditional Perspective

College attendance was once strongly held as the only way to live a responsible life that promised upward social mobility. In support of this belief, many statistics cast the highlight of disparity in income between college degree holders and those who choose not to further their education. Some statistics show the income variance over a life-time to be in the millions, easily convincing most to continue their education. And so, the tradition continues.

College Reconsidered

However, recent surveys like the one reported by Forbes, suggest that more than a third of Millennials who graduated college regret having attended. In this group, almost half the respondents mentioned that they would have eventually ended up choosing the same career and have the same income, without a college education. Hence they did not gain any considerable utilitarian advantage by going to college.

To older generations this report can come as a massive shock, but when put into perspective it starts to make sense why some would want to forgo the myriads of career and income opportunities available with or without a college degree. The question remains of the educational value to graduates.

Mountains of Debt

The most critical reason to avoid college is the ever-increasing level of debt among college graduates. The rise of tuition in recent years has been unprecedented, and the associated surge in the cost of living has provided no relief. In 2016, the average college debt of a US college senior stands at $37,172 and for those who dream of going to law or medical school the sum can escalate five to ten times. An increasing number of people believe that education should not be a luxury but a right, in vein of the Scandinavian model, especially considering getting a degree and starting a career with mountains of debt.

A Silver Lining

A college phenomena is on the rise. There is an exponential increase of college students dropping out to start their own businesses. Young capitalists are capitalizing on opportunities in front of them. The information available on the internet is arguably like that taught by university professors. The online advantage to education is that one can direct their own learning to exactly match their career choice. However, does this ‘informal education’ measure up to an affiliated college degree?

Among the original drop outs, Bill Gates and Steve Jobs were trailblazers. But they had little impact compared to the Stanford start-up era which rose in the 1990s. More recent non-college graduates, like Mark Zuckerberg, have etched their way into our minds with money making opportunities that social media can provide. Millennials are filled with optimism that they, too, might be able to make it on their own, fueled by the large number of successful businesspersons who have dropped out of college. In addition, colleges and universities are actively publicizing their affiliations with successful entrepreneur 'non-graduates', further feeding the frenzy. More and more Millennials are encouraged to take a chance on themselves, and the security of doing so is growing.

Alternatives

Information today is easily accessed and readily available. Highly skilled procedures can be learned almost instantly and then implemented like professionals. From ‘how to’ articles to instructional videos to educational webinars, the list seems endless of what you can learn and accomplish online for little to no investment.

A business minded individual can use the internet to appear as a large company with specialized departments and provide various outsource services to thousands at any given moment, making millions in the process. All you need is an internet connection and the wherewithal to pursue an idea.

In addition, Fewer and fewer corporations are requiring a college education for their applicants. Large businesses are recognizing self-taught skillsets and ingenuity equal to having a degree in the same area.

What Gives?

Millennials are carving a new path. They recognize that their parents, the educated baby-boomers, have led an unappealing lifestyle and they are bent on changing that for themselves. But to do so requires walking a ‘path less traveled.’ The choice in front of them is to finish school with mountains of debt and start a career that they would probably do even without a degree, OR to take a chance on themselves and become an entrepreneur. The ideal of getting a college education is losing ground. Digital lifestyle opportunities can do more, in less time, from anywhere, and Millennials are taking note. Living the laptop lifestyle has a strong appeal. Millennials will soon lead the way economically, lose the stigma of doing things different, thus proving that there are better ways of doing life. Exactly what happens to the influence and tradition of having a college education remains to be seen.

Reference Links:

http://www.forbes.com/sites/johngreathouse/2016/05/21/do-millennial-entrepreneurs-need-a-college-education/#19724e1a162a

https://studentloanhero.com/student-loan-debt-statistics/