I am Taylor Sohns, CEO of LifeGoal Wealth Advisors, a CIMA and CFP. I spend my days helping people make money decisions that align with their goals. Lately, one question keeps coming up. Is college still the default path for young adults?
The numbers give me pause. They tell a story about cost, debt, stress, and uneven outcomes. I value education. I also believe families deserve clear facts and a plan. In this piece, I walk through what the data signals and how to think through the decision with care.
“Twenty four percent of college freshmen drop out. Less than sixty percent graduate in six years. After ten years, less than half are working a job that requires their degree.”
“The cost of college today is approaching $250,000. The average undergrad graduates with $30,000 in debt, causing delays in homeownership and family creation.”
“Thirty five percent have been clinically treated for anxiety or depression.”
The Problem Hidden in Plain Sight
We tell teens that college is the right move by default. Yet many do not finish. Many who do finish do not use their degree in their job a decade later. That gap between promise and outcome can be costly.
Sticker prices at some schools now sit near $250,000 for four years. That number shocks parents and students. Even when aid lowers prices, many still borrow. The average undergrad leaves with about $30,000 in student loan debt. That is not a small bill for a first job salary.
Debt changes life timing. I see it delays home purchases. I see it push out plans for marriage and kids. Monthly payments force people to forgo opportunities that could increase their income or improve their well-being. It adds stress. It narrows choices at a time when flexibility is vital.
The mental health picture is also serious. More than a third of students have been treated for anxiety or depression. College years are a time of change and pressure. That mix can overwhelm even strong students. Support is not equal across campuses. Access to care varies. Wait lists grow. Some schools do it well. Many do not.
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What Graduation and Job Data Tell Us
Less than 60% of students finish a four‑year degree within six years. That means a large share pay for some college but leave without a diploma. They often still carry debt. Without the degree, the chance to earn it back shrinks.
Ten years after finishing, fewer than half work in roles that require their degree. Work is changing. Skills shift fast. Many jobs value experience and adaptability as much as majors. This is not a total loss. Many people thrive in fields outside their major. Still, if the goal is a specific career that needs a license or credential, misalignment stings.
Finishing on time also matters. A fifth year is not just another year of tuition. It is one less year of full-time earnings and retirement savings. It is also another year of stress, study, and cost.
What This Means for Families
These facts do not say “skip college.” They say, “Plan with care.” The goal is to match the person to the path. Some students know they want to be a nurse, teacher, or engineer. Licenses and advanced training often require college. Others are unsure. For them, there is more than one route.
Best advice: families focus on fit, net cost, and outcomes. Fit refers to the environment in which a student can succeed. Net cost refers to the actual price after grants and scholarships are applied. Outcomes mean graduation rates, time to degree, and job results by major. A strong plan blends these three.
How I Would Evaluate the Decision
Here is a step‑by‑step way to turn a hard choice into a clear plan:
- Define the career target and the level of training it needs.
- Compare schools on graduation rates, not brochures.
- Use each school’s net price calculator to estimate the true four‑year cost.
- Weigh likely debt payments against starting salaries in that field.
- Ask about mental health services, wait times, and on‑campus support.
- Plan for internships or apprenticeships to build real skills early.
Every dollar and hour should have a purpose. If a school cannot show strong results for your chosen major, that is a risk signal. If the price forces heavy borrowing, consider another route to the same goal.
Alternatives That Deserve a Fair Look
Community college can be a smart start. Two years at a lower cost reduces total debt. Many systems have transfer agreements with four‑year schools. Students can prove they can handle college work, then finish at a university with a major in mind. It stretches dollars without closing doors. Skilled trades offer paid training and clear income paths. Electricians, welders, HVAC techs, and other trades are in demand. Apprenticeships blend work and learning. Many pay while you train and step up wages as you master skills. These roles can lead to business ownership and strong long‑term earnings.
Gap years can help uncertain students build direction. Work full-time. Volunteer. Learn online. Try a certificate that links to a stable job. Gain clarity before taking on debt. A focused year can save four unfocused years. Short‑form credentials can stack with experience. Certificates in coding, data support, project management, or design can be completed more quickly. Pair them with internships or entry roles. For some careers, this can beat an unfocused degree in both speed and cost.
Debt: What It Does to Life Goals
Debt shapes choices. A $30,000 balance can mean a $300 to $400 monthly payment for a decade. That payment competes with rent, car expenses, and savings. It also pushes back the timeline for buying a home. Lenders look at debt ratios. A high monthly student loan can reduce how much you qualify for on a mortgage.
Debt also affects job freedom. People stay in roles they dislike because they need the paycheck. They pass on lower‑pay roles that offer better growth. That can trap them in a slow track. Early career years should be spent building skills and networks. Heavy debt narrows those lanes.
There is also the mental load. Monthly bills wear down confidence. It stresses relationships. Choices feel smaller. That is not the start you want for a 22‑year‑old.
Mental Health Needs to Be Part of the Choice
More than a third of students have received treatment for anxiety or depression. That figure should be part of the school search. Ask about counselor‑to‑student ratios. Ask about session limits. Find out whether there are drop‑in options and crisis support. Ask how faculty and advisors flag students who are slipping.
Look at class sizes and advising. Smaller seminars can help students feel seen. Good academic advising can prevent course missteps that delay graduation. Thoughtful support lifts completion rates and eases stress. It also helps students switch majors with a plan if they discover a better fit.
If You Choose College, Make It Pay Off
A good college choice is more than picking a brand name. It is a plan to hit key milestones without wasting time or money.
- Finish general education with purpose in the first year.
- Declare or narrow to a field by sophomore year if possible.
- Secure at least one internship or co‑op tied to your target field.
- Use career services early, not just as a senior.
- Track required courses to avoid a fifth year.
- Work part-time on campus to limit borrowing.
Scholarships are work, but they add up. Apply widely. Reapply each year. Many funds go unclaimed because students assume they do not qualify. Keep borrowing reasonably. Aim to keep total debt at or below your expected first‑year salary in your field. Lower is better.
If You Do Not Choose College Now
You can still build a strong career. Start with a trade, certificate, or entry-level job at a company that offers training. Show up, learn, and track your results. Ask for more responsibility. Take on projects that build your portfolio. Keep learning through low‑cost courses. Many employers now pay for education after you prove yourself. Revisit the degree question later with a clearer goal and the cash flow to support it. Plenty of people return to school in their mid‑20s or 30s and finish strong. They go in knowing why they are there. They pick programs that fit their schedule and wallet. They get the most out of every class.
What I Tell Parents and Students
I want every student to win. That means fewer automatic choices and more informed ones. Start with the end in mind. If the end requires a degree, pick a school where the odds of finishing are high and the cost is sane. If the end does not require a degree, or the timing is not right, choose a path that builds skills and savings now.
College is a tool. It works best when used for the right job. If you choose it, plan to finish on time with hands‑on experience. If you wait, plan to learn by doing and stack credentials. In both cases, control your costs and protect your mental health.
The Path Forward
The statistics are clear. Many students start college and do not finish. Many who finish do not work in roles that require their degree. Costs are high. Debt weighs on life choices. Mental health needs are large.
So, should college still be the default? I believe the default should be a careful plan, not a single path. For some students, the best move is a degree with a clear aim and a tight budget. For others, the best move is to work, train, or attend community college first. The right choice is the one that matches the person, the price, and the purpose.
I will also share the case for college: where it shines, for whom, and how to get the most value. Both views matter. Smart families look at both before deciding.
Frequently Asked Questions
Q: How can we estimate the real price of a college?
Use each school’s net price calculator to see your expected cost after grants and scholarships. Compare four‑year totals, not just the first year, and include housing and fees.
Q: What signs suggest a school is a good fit?
Look for strong graduation rates in your intended major, clear internship pipelines, responsive advising, reasonable class sizes, and accessible mental health services with short wait times.
Q: If I skip college now, how do I stay on track?
Pick a skill path with paid training, document your results at work, stack low‑cost certificates, and revisit degree options once you have a clear goal and steady income.
Image Credit: RDNE Stock project; Pexels
