The numbers aren’t pretty. In 2017, the average college graduate had an average monthly student loan payment of $393. In 2018, outstanding student loan debt among all Americans stood at $1.44 trillion, and 12% of that debt was at least 90 days past-due.
With numbers like that, it’s no wonder you might be rethinking getting a four-year degree. After all, it’s not uncommon to hear about people taking out crippling student loans only to go right back to working at Starbucks.
Yet, there is another option — alternative education programs. These can be trickier to cobble together since you may not have access to an easy pipeline of federal student loans (for better or for worse), but it can be done. We’ll give you the scoop on some common programs, and how you can make them work for you and your bank account.
Have you heard of coding “bootcamps”? These programs are designed to fast-track you to an entirely new career in the tech industry in as little as three months. And, did you know that these bootcamps offer the potential of making a six-figure salary right out of the gate. (It’s true: my husband just got a high salary offer after finishing a General Assembly coding bootcamp.)
Coding bootcamps aren’t without their risks, however. They’re generally expensive. For example, Full Stack Academy costs up to $17,910 for a 13-week program, and General Assembly charges up to $13,950 for its program. These courses may offer pay-in-full discounts, scholarships, income sharing agreements, or personal loans as a way to pay the tuition bill if you can’t pony up the cash on your own.
It’s important to thoroughly vet these programs before you attend, and don’t just trust the statistics that the companies publicize. Instead, ask to speak with real graduates who’ve gotten jobs, and ask about the outcomes of their classmates as well to get a more realistic view of what you can — or cannot — expect.
Start a Business
Sure, your grandpa may have told you to start your own business like he did instead of going to college. These days, however, you don’t necessarily have to go it alone.
There are many programs out there dedicated to helping budding entrepreneurs launch startups. These outfits — including accelerators, incubators or startup accelerators – can provide the technical expertise, coaching, office space, and even funding to launch your business successfully.
Typically, you apply for these programs, and need to be accepted to get in. Some are run by universities (meaning one or more people on the team need to be an enrolled student), and others are private groups. Accelerators typically make money by taking a stake in your business (i.e., equity), so they have a vested interest in helping your company succeed.
Associate Degrees or Certificates
Who said you need a four-year degree to succeed? Maybe you only need two years of college, or less. The reality is that many professions only require a couple years or less of coursework, including:
- Radiation therapist
- Physical therapist assistant
- Dental hygienist
- Emergency medical technician (EMT)
- HVAC technician
The advantage of these career prep programs is that they’re often in high demand, meaning your odds are good for getting a job. You can also use student loans to pay for your education, but you won’t have nearly as much debt coming out of school as you would if you graduate from a four-year-degree program.
Join the Military
It’s true — Uncle Sam wants you. Yet, careers in the military can come at a high personal cost. Depending on your MOS (Military Occupation Specialty — i.e. your job within the military), you may see active combat in war zones and be deployed away from your family for long periods of time. You may also not get to choose where you live — the military will decide for you. You could end up living in a exotic location abroad, or in a cornfield in Iowa.
The rewards, however, are equally as great. You’ll be paid for the entire duration you’re in the military, including while you’re in training (and you can even take these skills with you to new jobs if you leave the military.)
You can earn extra pay in the way of signing bonuses if you choose certain specialties that may require you to be in a combat zone, a high cost-of-living area, or outside the continental U.S. The military may also provide housing and health care for you and your family, GI Bill benefits, subsidized housing, and retirement benefits.
Since so many people are being pushed to go to college these days, there’s actually a serious shortage of jobs in the trades. This includes construction workers, plumbers, electricians, pipefitters, factory workers, and other physical jobs. From 2016-2026, the Bureau of Labor Statistics expects openings for another 180,500 construction workers.
This leaves a wide-open opportunity for you: Jobs are in high demand and salaries are equally high to match. Even better, many trade unions offer apprenticeship trainings for an affordable price or even for free. You may not be paid while you’re actually in class (which generally lasts for a short time), but you’ll be paid while you’re learning on the job.
You Don’t Necessarily Need a Four-Year Degree
Don’t let anyone push you into a four-year degree if that’s not what you want. The truth is that there are plenty of other options out there these days, and more are springing up each year.
College used to be a guaranteed way to get a leg up. But unless you have a concrete plan or know exactly what you want to do, it can also be a liability, especially if you have to balance savings with debt payments. Instead, set your sights on what matters most to you in your career — whether that includes college or not.