Consumer Watch: How trade school can make you more money than traditional colleges
OKLAHOMA CITY (KOKH) —
The average costs for a four-year degree nationwide is hitting over $100,000. The cost in Oklahoma tends to be slightly less expensive, but that average cost still hangs around $90,000. It’s important to know that there are other options, that could still set people up for careers that are high paying without accumulating so much debt.
Whether it's keeping up with the Jones's or even just tradition, major decisions could be keeping you in debt, and that includes education. In grade school and at home, it's common in the US to push young people toward higher education. It is true, after all, that higher education will give you earning power and open many doors. However, for many young people, it will also put them face to face with debt before they even earn a dime.
Personal finance and banking website Money Crashers says that on average a bachelor's degree will cost $127,000 while something like trade school will cost $33,000.
“You'll probably start working and earning an actual income, two years earlier by choosing a trade school,” says Andrew Schrage, Money Crashers.
Trade school focuses on teaching students to do the tasks required of their jobs. Think health, construction, and electrical work. It usually lasts two years, but there is no degree. What you get is a certificate of completion.
“Tradition tells us that spending more and staying in higher education for longer might make sense, but there are plenty of trade school jobs that will rival that with a career of a traditional college degree,” says Schrage.
Money Crashers points to some of the highest paid job in the nation as being trade school jobs:
Construction manager can make 50 to 80 dollars and hour.
Air craft mechanics can make 30 to 45 dollars an hour.
Electricians can earn between 28 dollars an hour to 45 dollars an hour.
Money Crashers says that even if it makes money sense to opt for a trade school over college, it's also important to have passion for your career, and it might mean getting that four-year degree, but you should be armed with a financial plan for your education.
There are many plus-sides to a four-year degree if you want to go into business, education, or the sciences. Money Crashers says a bachelor's degree will likely open the most doors and set you up for many possible careers.