ONLINE EDUCATION OFFERS LOWER-COST ALTERNATIVE
by Contributor
(Jun. 26, 2017) — A recent survey of the things the millennial generation are most concerned about in terms of the future of the country showed some interesting things about how the student debt crisis is already impacting them.
Student Debt the Biggest Threat Perceived By Millennials in the USA
Respondents were first asked if they saw the student debt crisis – currently at $1.4 trillion in money owed – as a bigger potential problem than the tensions with North Korea. Only 30% of the millennials asked felt that North Korea was a more serious threat – despite the concerns around the nuclear capabilities of Kim Jong-un’s regime.
Perhaps even more tellingly, the millennials in the survey also responded that they felt the student loan crisis was a bigger immediate concern than global warming. Wherever you stand on the climate change issue, this still shows just how serious an issue young working people believe the weight of student debt is – both for themselves as individuals and the American economy.
The young people who hold student loans are not the only people worried about it. Economists have for some time been warning that the student debt situation may well be the cause of the next economic crisis to hit the US.
More Students Looking For Other Solutions
With millennials clearly very worried about how the debts incurred when going to college might affect themselves and the country as a whole, it is probably no surprise that many are seeking alternatives.
One thing that is seeing a massive upsurge in popularity is studying online from home rather than going to college to get qualifications. Many degrees and masters programs can be done in this way. For example, students who want to work in hospital management can take an online masters in health administration with Maryville University for a fraction of the cost of living on campus and studying at a private college. These online MHA degree students earn a qualification that is just as valid and well-respected professionally while incurring less or no debt.
Something Needs To Change
While some students are taking things into their own hands and looking for other solutions, others believe the solution is mass debt forgiveness and free education in future. There are serious considerations to take into account, however. It could also be said that employers could have a part to play in switching the culture around so it is easier to gain entry into a career without an expensive degree or to be trained within a company. As it stands, degrees are listed as mandatory qualifications for lots of jobs that don’t really require degree-level knowledge. This is because there are so many graduates looking for work to help pay off their loans that employers believe they can get more highly qualified people for any role.
If it was easier for people to consider careers straight out of high school, more people would feel they can avoid debt and still have the career they want.
It remains to be seen what solutions will come up over time, but for now, the message we are being given by millennials is that student debt is a priority for them, and so it should be for government.