In recent years, the rising cost of education has become a significant concern for students and their families. Mike Feinberg, co-founder of the WorkTexas program, sheds light on the profound impact that educational debt has on young adults’ futures.
The statistics are alarming. According to the Education Data Initiative, the average cost of obtaining a bachelor’s degree from an in-state public university during the 2022-23 academic year was $89,556. Remarkably, 86.3% of undergraduates resort to borrowing money to cover these expenses, often finding themselves in debt for nearly two decades.
In a Bankrate survey, over half of Americans (56%) expressed that the costs of higher education have spiraled out of control. Furthermore, 32% of respondents consider student loan debt a national crisis. Feinberg points out that, unlike the ’90s when loans were likened to car loans, today, they are more akin to home mortgages.
Given the escalating costs, many students are re-evaluating the necessity of a traditional college education. Mike Feinberg emphasizes the importance of exploring alternative pathways. Programs like WorkTexas, which he co-founded, are gaining traction as they offer skill-based training in areas such as welding, carpentry, and commercial truck driving. These programs allow students to earn professional certifications and licenses, which many high school students now view as providing better value than a traditional four-year degree.
WorkTexas, launched in 2020, aims to equip participants with skills that lead to immediate employment opportunities. Feinberg notes that the program’s curriculum is developed in collaboration with industry partners, ensuring that students acquire relevant and in-demand skills. The program also provides long-term support, staying in touch with graduates for at least five years to help them secure stable, well-paying jobs.
With the cost of attending college projected to rise further, potentially reaching $100,000 annually for some private institutions by 2030, Feinberg anticipates more students will seek alternatives. He believes that as families become more informed about their educational options, they will prioritize programs offering the best return on investment.
Mike Feinberg’s insights highlight the critical need for diverse educational pathways to mitigate the financial burdens associated with higher education. By exploring programs like WorkTexas, students can secure a brighter, debt-free future.