One Simple Step to Avoid College Debt

Are you aware the student college debt in 2021 is about $1.7 trillion? Today, the norm for a college education is spending a lot of time and money with very little direction on how to pick a major. And this is vastly out of line with student expectations. About 17% of students expect to earn more than $85,000 per year from their first job after graduation, according to a recent survey of over 20,000 college students nationwide. 

At PathwayU, we believe that students should not have to spend a ton of money to complete their degree. By identifying a path with purpose, students can vastly reduce their debt. Here are some options:

The State of Today’s Educational Climate

In today’s educational climate, over 45 million people collectively owe $1.7 trillion in student college debt. Many people go into college with little to no direction on which major to choose, what degree programs are available to them, or how to pursue what they are passionate about. 

DYK?  45 million people collectively owe $1.7 trillion in student college debt!

This means that most students are expected to pick a major without knowing the full options available to them. Students may not be aware of what programs their campus offers. And they may have no idea what career paths they can pursue post-graduation. 

Statistics show that over 68.6% of loan borrowers are between the ages of 25 and 50. After graduation, people typically spend the next 10 to 20 years trying to pay down this debt. It is our belief that students should not be expected to start their life with a giant mound of debt following them around.

Student Debt Fact: People typically spend 10 to 20 years after college trying to pay down student debt.

Why the Major Switch? 

One critical contributing factor to the college debt crisis is students switching their majors. In fact, 61% of people said if they could go back in time and change their undergraduate field of study, they would. Among those surveyed, the most popular reason for changing majors was that they wanted to pursue their passions. 

We cannot allow students to go on without knowing their purpose. 

Having them know their purpose can be life-changing. When students pursue what they love, they are more likely to stay in school and graduate with a degree. Also, by staying on a degree plan, they will acquire less college debt as they are not exploring other degree options. 

The Solution to Debt  

One solution for avoiding college debt is identifying your purpose after they enroll. This is a domino effect; once you know your purpose you can explore your institution’s degree programs. From there, you can choose a major and pursue your degree. Finally, you can pick a career path that best suits you. 

PathwayU partners with campuses to offer resources for students to discover their true purpose. This includes a scientific-based career assessment where students can explore what majors to pursue based on their interests and values. Additionally, students can see what programs their institution offers as well as statistics on different career routes. 

Mounting student debt doesn’t need to be the norm for students seeking higher education. Instead, students need access to resources that help them discover their purpose. With the help of various institutions, we can aid in student success and cut down on college debt. 

Help students discover their purpose and find the career path that fulfills them in the future with PathwayU. Let us take you on a (virtual) tour of our software so we can help you guide learners to their purpose. Book a meeting here!