It is often accepted that college is the best way to pursue a career and gain financial freedom. Many students work hard to make the dream come true.
Recently, however, many college graduates are finding it harder to find employment in the job market. What is even more troublesome is the fact that these students armed with bachelor’s and master’s degrees are entering the job market with an enormous amount of debt in the form of student loans.
Many students feel like they are passing up on great opportunities and putting their career on hold while going to college. PayPal co-founder Peter Thiel is even paying students to drop out and start their own business.
While people with bachelors degrees still fare much better in the job market than those without, having a college education no longer guarantees a well-paying job. The unemployment rate for those with bachelors degrees is currently 4.4%.
The biggest issue with this statistic is that it does not specify what field in which the employees are working or how much money they are making. Most businesses are looking for employees with experience, and those coming out of college are short on it, while high on debt. Many “employed” graduates are working in jobs which highly under-employ their skill sets, rendering their education essentially useless.
For students who have the opportunity to succeed immediately in areas that may not require a degree, going to college is not the best option. Enterprises such as Facebook, which is a billion-dollar business, were founded by students in college. If they had stayed the course in their college career and neglected the opportunities in front of them, then they would have been in the job market just like every other graduate, looking for a job. They would likely be contributing to the national student loan debt which will soon be over a trillion dollars.
Peter Thiel has started a 2 million dollar fund to get college students to drop out. He’s giving selected students $100,000 to start businesses instead of finishing their college career. He feels that it is a waste of time and potential for these students to get a degree when they could be innovating. For those with ideas in the technology industry, time is the most important aspect. Missing out on an opportunity to cash in on great innovations in order to get a college degree could end up costing them millions.
If a student has the opportunity to start a business or cash in on a great invention, then that opportunity far outweighs what they could achieve with a college degree. Those who are seeking careers in industries that do not rely on innovation are much better suited to staying in school. People with college degrees have a much better chance of landing a job, but people with great opportunities should not waste them in a classroom when they can be making money off of them.