How much is that education worth?

A new year ushers in renewed vigor and optimism for the future. New Year’s resolutions abound from fitness and weight loss to career advancement and education goals. Mid-career professionals looking to pivot to a new career consider advanced education. High school students and parents are making plans for college in the fall by starting their FAFSA (Free Application for Federal Student Aid) to explore ways to pay for the growing cost of higher education.

Although higher education is still considered the best path to a good job and way of life the following statistics have many experts saying something is broken and needs to change. Consider these facts:

• Student loan debt now surpasses $1.2 trillion.
• Two thirds of college graduates leave with debt.
• The average student debt for a graduate is $26,600.
• The average yearly cost to attend a state university is now $24,610 and $49,320 for private institutions.
• The average time it takes to get a 4-year college degree is now 6 years.

The economy is rapidly changing, and obtaining an advanced education can be critical for many career fields, but the burden of student debt hurts many young graduates and mid-career professionals long-term.

There is another way!

The following tips will help you obtain your education goals while minimizing the financial strain on yourself and your family.

• Have a Plan – Based on these statistics, obtaining your degree in 4 years as opposed to 6 could save you between $49,220 and $98,640! This does not include the potential lost earnings of not being in the workforce and earning income during that time.

In the past, many college students have used the first year or two in college to discover themselves and what they were passionate about. That is an expensive option today.

If going the higher education route, it is best to enter college with a clear and concrete plan. Pick your degree program, and work to quickly check off all requirements to obtain your degree.

For those who need help determining the best route, it’s important to first understand how you are uniquely gifted you with special talents, skills, interests, values, and passions. I highly recommend taking a Career Direct Assessment. After completing the assessment, you are provided a personal and comprehensive report that highlights career and degree programs that are most aligned with your unique abilities. Many colleges and universities around the country are using Career Direct to help students get on the right career path and graduate in 4 years.

• Do the Math – In Luke 14:28 Jesus said, “For which of you, wanting to build a tower, doesn’t first sit down and calculate the cost to see if he has enough to complete it?” The same wise advice should be applied to college education. It is important to know what you can afford before jumping in. Do an in-depth analysis of the total cost of the degree program you are seeking. Consider any scholarships, financial aid, and personal resources you can use to pay for your education. Taking on debt should be the last recourse.

Part of this equation is understanding your “return on investment” (ROI).

Some career paths, like becoming a doctor or lawyer, require many years of advanced education. Most students have to finance some of this education with student loans. However, the return on investment is very good – the benefit of your yearly salary will outweigh the costs of accumulating short-term debt. It would be unwise to take on massive student debt for a career where the entry-level salary is $30,000 a year with few prospects for advancement. I often recommend Lumerit.com as a resource to help you understand the costs of education and how to obtain your desired degree as quickly and inexpensively as possible.

• Seek Wise Counsel – Having counseled and worked with many college students and mid-career professionals around the country, I am surprised at how many made degree and career choices based on recommendations from family or friends, not from professionals in that field.

Many of the mid-career professionals I have worked with are looking for a career change, but must go back to get another degree because they made an uneducated decision in their youth. They now find themselves in a career where they are miserable.

Before picking a career and degree program, seek out advice and counsel from those already in that career field who are 10-20 years ahead of you. Do they like it? What advice would they give you? Can you intern in their office for a few weeks to get a true understanding of the work and environment that you will be working in the future?

This is one of the most important decisions of your life that will impact the future of your family. Take the time to do your research and make a wise decision.

• Leverage Free Education – With the rising cost of traditional education, many entities are trying to democratize education for the world by offering the best college courses in an online environment for free. Granted, these MOOCs (Massive Open Online Courses) are not degree-granting programs, but they do confer certificates of completion that can be put on resumes and offer invaluable education. Most importantly, they offer the same education by the same professors from the best universities around the world.

If your goal is to gain skills and education that you can leverage in your job, this is one of the best ways to do so. Two of the best resources are EdX.org, started by Harvard and MIT professors, and Coursera.org, started by Stanford professors. Every area of education is covered by these online MOOCs, and many companies are now partnering with these sites to teach specialized courses.

I recommend current college students to seek advice from mentors in their career field by asking this question, “What critical career skill do you use daily that you did not learn in your degree program in college?” Every career has skills that are used on the job but are not taught in colleges.

I also recommend college students to take a MOOC during summer breaks, Christmas break, or even during the normal school year to obtain that skill. Upon graduation and job-searching, they can put that course and skill on their resume and start out ahead of their peers in the same field.

For the mid-career professional, many times a second or third degree is not required for advancement. Instead, obtain the skills you need through online education via MOOCs at night. Post these certificates on your LinkedIn profile and include them in your resume. Let the management at your current place of employment know you are advancing your skill sets and are eager for greater opportunities and challenges.

The world is rapidly changing. Advanced education and skills are critical to finding success in this new economy. I encourage you to be intentional and discerning about your education choices, doing everything possible to obtain the skills you need – debt-free.

Follow me on Twitter @RobertDickie