Student loan debt consumes millions of college grads every year, but most don’t know that they could have avoided this debt headache had they simply applied for jobs that don’t require four-year college degrees.
This is especially true based on the data from a new Georgetown University study. It reports that many of the market’s best paying jobs are available to individuals who don’t hold a bachelor’s degree.
Non-Grads Can Land the Best Paying Jobs Too
At least 29 million of the labor market’s best paying jobs exist in the United States, many of which would help employ middle-class Americans who have been out of work for years.
For many, the great part about these jobs is that they don’t require a four-year degree college degree, something most workers assume is a requirement in order to acquire a job that can support their families.
Among the jobs identified, nursing and sales came out as two top fields that are currently in need of workers. Also, work as a paralegal, insurance agent, truck driver and fork lift operator are some of the best paying jobs available, with the average wage for the jobs listed at $42,000.
Some positions even pay well above $50,000, helping workers hit the median household income mark, without the burden of student loan debt.
Can Student Loan Debt Be Avoided?
It’s no secret that student loan debt is a major issue for college graduates. Earlier this year, a report from the Consumer Financial Protection Bureau (CFPB) revealed that student loan debt topped $1 trillion in 2011, and is increasing at a rapid pace.
Some may wish that they had avoided their student loan debt and simply acquired one of the best paying jobs listed above. But despite not requiring a four-year degree, most of these high-pay jobs require some type of post-secondary certificate or training. And some require a two-year college degree, which means there is no guarantee that debt could be avoided without financial assistance.
These two types of financial aid help to reduce the amount of student loan debt students must shoulder.
- Grants & Work-Study: Though student loans are included in most financial aid packages, other types of aid are available, including grants and work-study programs.
- Scholarships: Private and school-based scholarships are available every year to help pay for finance education.
If you’re considering applying to the best paying jobs on the study, the good news is that many certificate and apprenticeship programs are found at community colleges or private trade schools that don’t cost as much as a four-year university.