Quick Answer: College helps when pursuing careers that require degrees, but hurts when students accumulate debt without clear career goals. Notable successful college dropouts include Bill Gates, Steve Jobs, Michael Dell, and Lady Gaga, demonstrating that alternative paths can lead to success.
Glenn Beaton of The Aspen Times wrote a wonderful piece on why not everyone should go to college and get in deep debt. It’s an article worth reading.
Glenn said, “Here’s my advice. If you want to work in a field that requires a college degree, then go to college. Go to the best one possible. Negotiate for a scholarship. Study hard there. Graduate in four years.
But if you’re not committed to a field that requires a college degree, then don’t go. Or at least take a year or two to decide. Build yourself a life, not a debt prison.
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
In the latest issue (Oct 6): When fear picks your debt plan
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Separating yourself from the herd of sheep parading off to college doesn’t make you a person who is not good enough for college. Given how bad some colleges are, no such person exists. More likely, it makes you the opposite: a person for whom college is not good enough.
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There are many such people. In addition to the friends I mentioned above, such notables as Bill Gates, Steve Jobs, Kanye West, Lady Gaga, Wolfgang Puck, Larry Ellison, Michael Dell and William Faulkner didn’t graduate from college.”
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
