Is a College Degree Worth the Student Loans?
As college becomes increasingly expensive, recent high school graduates are going to need to really think hard about the importance of a college education. Here are some numbers to consider:
8 of the top 10 fastest growing jobs through 2014 don’t require a bachelor’s degree
The average student loan debt at graduation is $21,000
Federal interest rates are on the way to 3.4% by 2012
Here is a quick list that shows some salaries for skilled vs. non-skilled employment:
The Hottest Jobs (No College Degree Required)
Sales representatives
High turnover and new products equal demand: $42,000-$114,000
Translators
The need is expected to grow 26% by 2014: $43,000-$100,000
Insurance adjusters
These jobs aren’t easily outsourced or replaced by technology: $34,000-$75,000
Transportation workers
Rail and trucking companies can’t meet the demand: $28,000-$53,000
Personal trainers
A growth business, due to the spread of health clubs: $23,000-$55,000
Auto technicians
Today’s computerized engines require specialized training: $27,000-$40,000
Legal secretaries
Experts predict 47,000 new openings by 2014: $35,900-$60,000
The Hottest Jobs (For College Grads)
Forensic accountant
Combines accounting, auditing and investigative skills: $30,000-$150,000
Logistics manager
Plan, implement and control flow of goods or services: $35,000-$118,000
Corporate librarian
More companies need specialists to manage information: $37,000-$93,000
Emerging media specialist
Managers in Web content and online marketing need communication skills and tech savvy: $26,500-$100,000
Physical therapist
Aging baby boomers will drive the increasing need: $34,600-$74,000
Information security
Workers plan, implement and support network security: $47,000-$122,000
A sample of weekly salaries by profession:
Petroleum engineer: $1,891
Veterinarian: $1,160
Computer programmer: $1,130
Registered nurse: $901
Firefighter: $898
Occupational therapist: $882
Clergy: $774
Social worker: $706
Corrections officer: $610
Dietitian: $555
Taxi driver: $461
Bartender: $342
Telemarketer: $303
Dishwasher: $245
Child-care worker: $228
Most importantly, here are the average hourly wage reports for high-school vs. college degree:
High school graduates:
Men: $15.65
Women: $12.34
College graduates:
Men: $28.06
Women: $21.30
So decide for yourself. Is it worth it?
Student Loan Watcher @ June 27, 2008