How fortunate that on the first day of my blog that I stumbled upon this piece from The Atlantic providing a snap shot of the life circumstances of today's 27 year olds.
The piece summarizes research that followed students from their sophomore year in high school in 2002 to the present day, documenting their education level, employment status, incomes, debt levels and living arrangements. We can only hope that our high school seniors don't experience the economy that these folks have had to endure, but it does provide some valuable insights.
The good news - not all of them are living in their parents' basement (about 22%). However, many are saddled with substantial student debt. Over 40% of those who went to college have college debt above $10,000.00. On the flip side, about 40% of college goers have zero debt.
Only about 33% have completed a bachelor's degree. Overall, about 65% have some college, which could include an associates degree or a certificate. A common challenge with pieces like this is that they generally assume that a bachelor's degree is the optimal degree for all students. While those with bachelor's degrees do on average earn more than those with other college education levels, this graph from the Bureau of Labor Statisticshttp://www.bls.gov/emp/ep_chart_001.htm shows the difference, it does not mean that someone with an associates or certificate can't earn a good living. It is true, however, that having any kind of college credential is far better than having gone to college and not finished. The Atlantic piece illustrates that the unemployment rate is almost three times higher for college dropouts, than for those who have a degree.
Reading between the lines - you don't want your student to fall into the no man's land of having some college, but no credential and be saddled with significant student debt. The bottom line - a college credential, including a certificate or associate degree, is far better than going to the expensive four year institution and never graduating. All of of this is important to keep that in mind when your daughter tells you - when she is a year away from a degree - that she needs a break from college to backpack across New Zealand.
Overall, a great overview of the world your high school student might find after college.
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