Trade school vs College - How they compare

Summary

This video compares the benefits of attending a trade school versus a traditional 4-year college. While a college degree is often seen as the key to higher earnings, trade schools offer faster, more affordable training for high-demand careers, with many students entering the workforce in just two years. The video explores key factors like salary potential, education costs, job opportunities, and personal preferences, helping students make an informed decision based on their career goals, financial situation, and time commitment. It emphasizes that trade schools are a viable, and sometimes more rewarding, alternative to college education.

Takeaways

• 😀 Trade schools offer hands-on training for specific trades, such as plumbing, welding, and auto mechanics, which can lead to well-paying jobs.
• 😀 College education typically requires 4 years of study, while trade school programs can be completed in as little as 8 months to 2 years.
• 😀 Trade school education is significantly cheaper than a 4-year college degree, saving around $94,000 in tuition costs alone.
• 😀 Graduates from trade schools often enter the workforce earlier, gaining work experience and earning income before college graduates.
• 😀 The starting salaries for trade school graduates may be lower than those with a 4-year college degree, but they often catch up due to earlier entry into the job market.
• 😀 College graduates have higher median salaries overall, but their higher education costs and longer study time can reduce financial benefits in the long term.
• 😀 The dropout rate for college students is high, with 40% leaving before graduation, whereas trade schools have a more focused, job-oriented curriculum with lower dropout rates.
• 😀 Trade school graduates often find jobs while still in school, especially in fields that cannot be outsourced, such as plumbing and automotive repair.
• 😀 A traditional college experience offers a more rounded lifestyle with extracurricular activities, while trade schools focus more directly on skill development for specific jobs.
• 😀 The choice between trade school and college should depend on career goals, financial situation, and personal preferences, such as whether one enjoys hands-on work or a more corporate setting.

Q & A

What is the primary difference between a trade school and a traditional 4-year college?

The main difference is that trade schools focus on hands-on, practical training for specific careers, typically within 2 years, while traditional 4-year colleges offer a broader education that includes general studies and takes longer to complete.

How do salaries compare between trade school graduates and 4-year college graduates?

While college graduates generally earn higher salaries, the gap isn't as large as expected. For instance, trade school graduates earned a median salary of $35,720 in 2017, while college graduates earned $51,800. However, some trade school jobs, like elevator installers, can earn as much as $77,000 annually.

How does the duration of education differ between trade school and college?

Trade school programs typically last between 8 months to 2 years, whereas traditional college takes at least 4 years to complete. This means trade school graduates enter the workforce earlier and start earning money sooner.

What is the cost difference between attending a trade school and a 4-year college?

The average cost of a 4-year college education in the U.S. is around $127,000, while a trade school education costs about $33,000. This results in a significant savings of approximately $94,000.

How does the cost of education impact student debt?

Trade school education leads to significantly lower student debt compared to college. For example, a bachelor's degree can cost up to $154,000 with interest, while a trade school qualification costs about $40,000. This means trade school students can avoid large debts and the financial strain of loan repayment.

What is the dropout rate for college students, and how does it compare to trade school?

The dropout rate for college students is quite high, with around 40% not completing their degree. In contrast, trade school has lower dropout rates since the focus is more career-oriented and practical, attracting students who are committed to entering the workforce.

Which education path offers better employment prospects?

Trade school graduates often have better employment prospects because many of the skills they learn cannot be outsourced and are in high demand. Jobs like plumbing, automotive repair, and construction require a physical presence and are less vulnerable to offshoring.

What are the key benefits of attending a 4-year college that trade school doesn't offer?

4-year colleges offer a broader educational experience, including extracurricular activities like sports, clubs, and a vibrant campus life. Additionally, students can interact with a diverse group of people and attend lectures by prominent figures, which is not typically part of trade school.

How can a student decide between trade school and college?

Students should consider their career goals, interests, and the time they are willing to commit to education. If a career requires a degree, a 4-year college is necessary. However, if a career can be pursued with hands-on skills, trade school may be a better option due to its lower cost, shorter duration, and specific training.

Can a student transition from trade school to a 4-year college later on?

Yes, students who start at trade school can transfer their credits to a 4-year college if they wish to pursue further education. This allows them to save money and time initially before deciding whether to complete a bachelor's degree.