If education is an investment, then what is the return?
Business asks itself all the time, what will be the return on these invested
capital resources? As a father of 3 children ages 16-21, I challenge my children to
look at their educational choices and get the best ROI that they can. My
children are of different abilities, interests, etc. I expect different career
pathways for each of them. What should be the constant is that if we are going
to pay for the education, then that education needs to pay off.
No one single pathway is correct. The skilled trades are
not for everyone. Neither is college. Young people need to answer, what do I
like to do? What skills and/or knowledge to I need to have to do that job? How
much will that cost? What can I expect to make after investing the resources of
time, effort, energy, and money?
Skilled trades are occupations that require special
skills and work that is typically done with your hands. Skilled trade jobs can
be found in construction, service and industrial areas. Training for skilled
trades often combines classroom time with on the job training. Some examples of
skilled trade occupations include electrician, auto mechanic or machinist.
At LCCTC, we offer 14 different vocational programs that lead to entry
level work in a variety of careers. Students pick and area of interest and over
a 3 year curriculum gain the skills and knowledge necessary to enter the
workforce. This education comes at no cost to the student. The student enters
the workforce with no debt.
Many skilled trade workers are in high demand!
Someone looking for work in the skilled trades will find large increases in
online job postings from just a year ago. Many skilled trade industries showed
tremendous growth in our area: construction, machining, welding, fabrication,
health care occupations to name a few. The
need for some skilled trades is expected to continue not only in Lawrence County, but across
the nation.
According to the Pennsylvania Center for Workforce
Information and Analysis (http://www.workstats.dli.pa.gov/Products/HPOs/Pages/default.aspx),
ten of the top 15 jobs in our area do NOT require a college degree. They
require skills, experience, and training.
Education does
pay. Getting a degree does pay. In its most recent survey, the National Association of Colleges and
Employers found that for 10 broad degree categories ranging from engineering to
communications, 2016 graduates are projected to have an average salary of $50,556. That's up 5% from 2014, when
new grads earned an average of $48,127.
College degrees to have a
cost. According to their
Project on Student Debt, 68% of 2015 bachelor's degree recipients graduated
with student loan debt. The average was $30,100 per borrower. One-quarter of graduate students borrow
nearly $100,000, and
another 1 in 10 borrow more than $150,000.
Before any other expenses, students will have to address that debt.
I currently have one child who is currently in the
workforce, one child currently pursuing post-secondary education, and one child
still in high school. I encourage them to follow their dreams. But also
understand if your passion does not produce a good paycheck, your dream will be
a financial nightmare.
