Young adults are rethinking the value of college 

Amid the heightened demand for workers, rising cost of tuition and growing student loan burden, more would-be students are choosing career-connected pathways over four-year colleges, according to recent reports. 

As enrollment falls, alternatives such as apprenticeship programs are quietly gaining steam, particularly for families anticipating the sticker shock of a college education, which currently averages around $53,430, including tuition, fees and room and board, at private colleges and $40,550 at public colleges for the 2022-23 school year, according to the College Board. 

Hafeez Lakhani, Founder and President of Lakhani Coaching in New York commented: “We are a societal turning point. People at the margin are saying ‘I don’t know if I can wait four years to make a living.’” 

Some experts say the value of a bachelor’s degree is fading and more emphasis should be directed toward career training. A growing number of companies, including many in tech, are also dropping degree requirements for many middle-skill and even higher-skill roles. 

However, earning a degree is almost always worthwhile, according to “The College Payoff,” a report from the Georgetown University Center on Education and the Workforce. 

Bachelor’s degree holders generally earn 84% more than those with just a high school diploma, the report said — and the higher the level of educational attainment, the larger the payoff. 

Apprenticeships are on the rise 

In an apprenticeship program, a company generally trains a student in one skill for a specific field. That often leads to a job, sidestepping the traditional college path — and costs. 

Over a decade, the number of registered apprentices rose 64%, according to the latest data from the U.S. Department of Labor.