For years, we’ve been fed the same tired line: go to college, get a degree, land a great job, live the American dream. It sounds nice, but here’s the inconvenient truth: that dream is cracking. For many students, it’s becoming a nightmare of debt, stress, and broken promises. Many of us can certainly agree that it’s nothing like when we grew up.
Let’s start with the numbers. College costs have exploded in the past few decades. I went to college in the late 70s and it sure didn’t cost what it does today. Tuition has skyrocketed so high that it makes housing prices look reasonable by comparison. My daughter went to a Big 10 school almost 10 years ago and it cost about 30k a year. Today’s it’s even more!
The average graduate now walks away with more than $40,000 in student loan debt. Many owe much more. I remember a scholarship my daughter received for 20K a year and they still wanted 40-K more every year. We end up strapping a huge financial anchor around our kids necks before they’ve even had the chance to build a career. By the time they pay off their debt, they’ve already spent years delaying milestones like buying a house, having kids, or starting a business. In other words, “education” ends up costing them more than just money – it costs them time and freedom. BTW, my daughter has been out of school since 2018. She still owes about 15k, even after the huge amount I paid toward her education.
Then there’s the ugly truth about return on investment. Yeah, if you’re studying engineering, nursing, or computer science then college may still pay. But what about the countless students graduating with degrees in fields that don’t line up with anything even close to today’s job market? Too often, they’re working in jobs that don’t require a degree at all—while still making payments on one. Imagine owing $50,000 only to end up pouring coffee, working retail, or taking an entry-level job where your degree hangs on the wall collecting dust. It happens every single day.
Meanwhile, the world has totally changed. Many employers don’t even care as much about the diploma as they do about skills, results, and adaptability. Many of us who hire people are often looking for people who can communicate and have mastered the English language. Surprisingly, that’s no longer a given anymore. Tech giants like Google and Tesla are openly saying they don’t need to see a college degree to hire you. And in an era of freelancing, online certifications, coding bootcamps, and skilled trades, why chain yourself to four years of debt when you could be earning and learning in real time?
And let’s not ignore the emotional toll. Student debt isn’t just a line on a balance sheet. It’s a dark cloud that follows them far into adulthood. The stress of owing tens of thousands can impact mental health, delay life decisions, and make people feel trapped in jobs they don’t even like, simply because they can’t afford to leave. That’s not freedom – it’s modern-day indentured servitude dressed up in a cap and gown.
The truth is college still makes sense for some. Doctors, lawyers, engineers. Obviously, you’re going to need that degree. But the myth that everyone needs college? That’s outdated and potentially dangerous advice. It’s time to break the cycle of blindly sending teenagers into six figures of debt for a piece of paper that may or may not pay off.
Here’s the real issue… College isn’t automatically that golden ticket that these young people trust as if Ryan Seacrest handed it to them on American Idol. For many, it’s a potential trap – or worse – a financial IED. And before signing those loan documents, every young person and parent should ask, “Is this degree worth 10, 20, maybe even 30 years of my financial future?” If the answer is no, the smartest choice may be skipping college altogether.
Bob Lawrence writes weekly columns on radio leadership and business. He most recently served as market manager for MacDonald Broadcasting in Saginaw, Michigan. Throughout his career, Bob has held virtually every position in the business over his 40+ year career, from being on-air in Philadelphia, San Diego, and San Francisco to programming legendary stations including KHTR St. Louis, KITS Hot Hits and KIOI (K101) San Francisco to serving as the head of all programming for Saga Communications and working for the Radio Advertising Bureau. Before landing his current role, Bob helped lead Seven Mountains Media’s cluster in Parkersburg, WV/Marietta, OH. He can be reached by email at BGLawrence@me.com.
Bob also honed his research skills over ten years as Senior VP of Operations at Broadcast Architecture, eventually launching his own research company and serving as President/CEO of Pinnacle Media Worldwide for 15 years. Bob spent five years as VP of Programming for Saga Communications before joining New South Radio in Jackson, Mississippi as GM/Market Manager. Prior to joining Seven Mountains Media, Bob served as General Manager for the Radio Advertising Bureau, overseeing its “National Radio Talent System”.
