Is College Really Worth It? The Dave Ramsey Team Weighs In
Written by
Nicole Spector
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Sean Fisher
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The cost of a college education in the U.S. has been rapidly rising. For many, obtaining a Bachelor’s Degree (or beyond) is too expensive to embark on without a student loan, which can bog you down financially for years.
In light of the soaring cost of a college education, financial and career experts have been deeply considering whether academic degrees – often required by companies – is genuinely worth it. Among those recently thoughtfully chiming in on the matter is the Dave Ramsey team. Ken Coleman, a bestselling author, leadership coach, host of The Ken Coleman Show and co-host of The Ramsey Show,
On June 28, 2024, Coleman shared a blog post on Ramsey Solutions called “Is College Worth It?” in which he proposed some ways to determine whether it is – or isn’t.
Firstly, it should be noted that Coleman doesn’t take a side here. “It depends,” he wrote, and delved into question that you should ask yourself to make the right decision for you and your finances.
Bear in Mind That Not All Companies Require a College Degree
There are plenty of careers that mandate at minimum a Bachelor’s Degree. As of July 2, 2024, there are 287,942 Bachelor Degree-required jobs available, according to Indeed. So, if you want a career in say, education or finance, you don’t have much of an option to bypass a traditional college education.
But Coleman pointed out that 34% of companies in the U.S. don’t stipulate that employees have a degree for salaried positions. Additionally, another 41% of companies say it depends on the job. Some research indicates that even more companies are ditching the requirement. According to a Payscale’s compensation best practices report, also reported on by CNBC, 1 in 3 companies say they no longer list educational requirements on their salaried job postings.
“You should never assume the industry you want to join requires a degree to get in the door,” Coleman said and suggested that you scope out the entry-level job postings listed by companies you want to work for. This method could be more effective than merely looking at the fields that generally require college degrees.
“You may discover that ‘college degree’ is nowhere to be found under the job requirements,” Coleman wrote.
Don’t Overlook Jobs That Require Associate’s Degrees and Other Less Traditional Educations
There is a lingering stigma associated with not going to college. In fact, even community college educations, though totally legit, may be frowned upon. Associate’s Degrees, increasingly valued by employers across many sectors, may also be perceived as carrying less weight than Bachelor’s Degrees.
But, as Coleman discussed in the blog post, jobs that don’t require traditional college degrees shouldn’t be overlooked. They can, in fact, be the perfect fit for you.
Coleman said to consider the following educational paths that may suit your dream job’s qualifications:
- Training or certification programs, which can be more affordable than traditional four-year degrees.
- Acquiring work experience right out of high school.
- Apprenticeships
The point, as Coleman underlined, is that a four-year degree could be worth the investment – but it’s not the only option out there, not by a long shot. Be open to jobs that are more open or niche in their requirements. They just might end up better aligning not only with your financial goals, but with your professional goals, too.
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