Debt is the one thing many students have in common; some of
my friends have accumulated 20,000; 30,000; and up to 60,000 dollars-worth of
debt. It is not uncommon to have racked up absurd amounts of debt to pay for
school and living expenses while you are getting your formal education.
One of my former professors, a part-time faculty member at
Western University, is a high-achiever in academia; she has a master’s degree
from Harvard, and is a PhD candidate. She diligently warned her students against
accumulating too much debt. Despite her competitive edge and her Ivy League education,
she was and is unable to secure a full-time position as a faculty member. My
former professor was a living example of how investing in a superior education
doesn’t always have a good return.
But that’s not all. Most post-secondary students are in the
same boat. Many of us have been brought-up to think that investing in a formal education
will provide us with a great return on our money. We are confident that when we
are finished school we will get a job; we believe that one day we will make
enough money to pay off our student loans in a couple of years, live a
comfortable life and retire. But this wide-spread conception of formal
education has proven to be nothing more than a myth.
Post-secondary education is a prerequisite for many jobs: if
you don’t have a degree then the job candidate who does is more likely to obtain
a position, but the job market is flooded with university graduates and competition
is high. It is a truly a no-win situation – there are more graduates than there
are available jobs. What does this mean?
It means that investing in education to gain a better position, earn more money
and, as a result, more security is a far-fetched ideal that will only be
attained by a minority of post-secondary graduates.
The solution? Avoid student debt entirely by pursuing trades,
apprenticeships and entrepreneurship. Trades and apprenticeship programs are
often paid-positions and are either fully or partially funded by the
government. If apprenticeships or trades don’t tickle your fancy, then get
creative. Try saving enough money to start your own business and start earning
your own revenue.
Perhaps many of us
have already accumulated massive debts, but throughout our search to get a job,
it is important to keep these viable options in mind if we are not able to find
employment in our fields.
