How is the College Debt Crisis Affecting Trade Schools?
Prior to the COVID-19 pandemic, going to a university was a given for a lot of high school students. Now, however, trade schools are proving to be a great option for students who are looking to still get an education, but at a much cheaper cost . Attending a trade school can give a student quality education for a fraction of the price that a university may charge for tuition – not to mention that numerous fields that someone can go into.
Even big businesses are beginning to realize that workers don’t necessarily need a 4-year degree to excel at their company. Apple, Bank of America, Google, and IBM have all stopped requiring degrees partially due to the fact that employees can learn the needed skills at a trade school. If equipped with the experience and knowledge gained at a trade school, potential workers can realize that they have a fair shot at getting the same job that someone with a 4-year university degree has.
In a recent survey, studies show that the likelihood of a high school student attending a 4-year school has plummeted by 20% in less than a year. This now shows the rate at 53% instead of the 71% it was previously at. In another study, one-third of high schoolers said that the COVID-19 pandemic’s financial impact made it less likely to attend a 4-year university, which caused more emphasis on career training.
The average student loan debt has increased 4.5% and the national student loan debt balance has also increased by 8.28% in 2020. This indicates that a trade school education may be the best financial option when it comes to higher education.
Data has shown that now 35-40% of high school students will continue on to a college education, which has been a decrease from roughly 50% of students. This data goes hand-in-hand with the data that states undergrad enrollment decreased more than 4% last year as well as the fall’s freshmen count dropping 13% from last year, as well.
All of this data shows that trade school educations are increasing in popularity – especially after the start of the COVID-19 pandemic. Porter and Chester Institute offers quality, higher-education programs with several learning methods and schedules that work for you. To learn more information, visit our website and see where you can get involved.