Traditional college and university degrees can be very expensive and lead to debt, while jobs can be scarce. Jobs in the trades tend to be secure. Training for trade jobs can be affordable, if not free or paid. Skilled trades offer the opportunity to do important hands-on work.
Four-year colleges and universities are getting considerable competition these days: Institutions that teach trades are rising in popularity. The National Student Clearinghouse Research Center reported that enrollment in vocational programs rose by 16% from 2022 to 2023, a trajectory that's continuing this year.
With the cost of traditional college high and the job market for those with degrees uncertain, learning a valuable trade quickly and inexpensively has become appealing.
Here are the financial reasons many are opting for a program that will prepare them for a career they love in a field that’s hiring.
According to a 2024 Strada Education Foundation and the Burning Glass Institute report, 52% of recent four-year college graduates are underemployed a year after graduation. Ten years later nearly half still don’t work in a field that requires a four-year degree.
Although higher education has many intellectual rewards, some common majors don’t equip graduates with job-ready skills or sustainable salaries.
For example, per HeyTutor’s 2024 data for jobs in mass media, often a stepping stone to a career in journalism, there is a 7.8% unemployment rate, 55.2% underemployment rate and a median early-career wage of $35,000. People who graduate with liberal arts degrees (humanities, social sciences, physical sciences and arts) experience unemployment rates of 6.7%, underemployment rates of 58.4% and a median early-career wage of just $33,400.
This is particularly problematic when student loans come into play. An Education Data Initiative report found that the average federal student loan debt balance in 2024 is $37,088, but escalates to an estimated $39,981 when private loans are included.
With minimal career demand and low-paying positions in their fields of study, making........