Even in the digital age, when young entrepreneurs and disruptive startups are the focus of so much media attention, it still makes good sense to take the traditional path to business success. For most young adults, getting a four-year college degree is the single most efficient route to long-term financial stability and personal satisfaction. Why is education still such a crucial piece of the career puzzle?
For one thing, the job market in the 2020s is highly competitive, and having a relevant degree can be a make-or-break factor for job hunters. Plus, after working for a year or two, it’s possible to refinance student loans to get lower monthly payments and generally more favorable terms. Across a wide range of professional fields and disciplines, college graduates enjoy higher lifetime earnings and job satisfaction. Here are more details about why attending and graduating from college is a smart move for anyone.
The Job Market is More Competitive Than Ever
The current state of the economy is not great. The jobs that are available attract dozens of applicants, most of whom are qualified for the positions. Employers can choose from a variety of candidates and keep pay rates as low as possible. Inflation, international supply chain problems, and a major war in Eastern Europe have contributed to the overall difficulty for job hunters. Graduates have an advantage in career-oriented positions, which makes it more important to start and finish college.
Working graduates Can Refinance Student Loans
The best thing about education debt is that the loans can be refinanced after graduates get jobs and begin their careers. In fact, refinancing student loan debt is a common and smart move for young adults who want to reduce monthly expenses through lower payments. Whether they have one, two, or more loans, graduates can repackage the debt into a brand-new loan agreement that comes with lower monthly payments and potentially more favorable rates, terms, and other conditions. Refinancing works because working adults tend to have much better credit scores than college students. The bottom line is that graduates can usually get a much better deal on loan terms once they’re working and earning money.
Degrees Raise Lifetime Earning Potential
For more than a half-century, those who have diplomas have been earning more throughout their lifetimes than non-degree holders. The simple logic behind the phenomenon is that employers want the best-qualified candidates, and education serves as a basic standard for measuring the potential worth of an applicant. While a four-year course of study is no guarantee that someone will be a better worker than anyone else, most hiring agents don’t like to take chances on people who have not completed college.
Education Becomes a Family Tradition
Grads who marry and have children encourage and sometimes expect their daughters and sons to attain the same educational level as they did. In many ways, formal learning becomes a family tradition, where youngsters aim as high or higher on the learning hierarchy as their parents aimed. Adults can usually remember how many of their direct ancestors attended college.
