Would You Take the Opportunity to Go to College Without Any Student Loan Debt?
Yes, I would take the opportunity now, even at my age of 65 with a Master's degree obtained through personal finance and family support. The decision to pursue higher education should be based on more than just financial considerations.
My Personal Experience
During my younger days, I paid for my college education, while my family covered the costs of my advanced studies in Mexico, which is known for its affordable tuition. Studying abroad in a country with lower tuition costs can be a viable option, especially if you have financial backing from family or other resources.
Reasonable Borrowing and Future Earnings
Borrowing for education can be acceptable if it is done with reason, taking into account future earnings that can be generated through your degree. When selecting a school, it's wise to consider whether a state school is a better option over a prestigious institution like MIT, where the tuition costs are significantly higher. For instance, when faced with a choice between South Carolina and UConn (University of Connecticut), a student should weigh the ranking and relevance of their major in addition to the tuition fees. In all but a few cases, staying in-state for a highly ranked university might be more beneficial.
The Changing University System
Historically, universities were designed to cater to the top 20% of the student population, focusing on advanced education. However, over time, these institutions have lowered their standards to attract more students, primarily due to the government's guarantee of student loans. This has transformed universities into “certification” services, but it does not negate the potential benefits of a university education. Attending college can provide a variety of advantages, including networking, meeting diverse individuals, and gaining lifelong friendships.
The Tuition-Driven Certification Model
Universities today are more focused on tuition revenue, which is partly due to the easy availability of student loans. This has led to a certification model where obtaining a degree is primarily about passing the required coursework. Nonetheless, the university experience still offers significant value. You can learn how to navigate social dynamics and build strong, lifelong relationships. Additionally, if you pursue a practical degree that can help you in your career, the investment in higher education can be worthy. Specialise in business, STEM fields, or any other area that can lead to a good job post-graduation. Passion should not prevent you from completing your degree in a timely manner.
Ultimately, education is crucial for personal and professional growth. With self-determined learning and free resources available online, you can educate yourself at home. However, a university education can still provide valuable and irreplaceable experiences. If you can afford to go to college without accruing student loan debt, then it is a worthwhile investment. Embrace the challenge and take advantage of the opportunities offered by higher education.
Conclusion: If you have a way to finance your education without incurring debt, you should absolutely pursue a college education. The benefits far outweigh the risks, and the experience of tackling difficult challenges is part of what makes a university education valuable.
Good Luck with your academic journey!