There were two very interesting, very different stories about college graduates written last week.
The first, written in the FSView & Florida Flambeau (which I used to write for), tells the story of recent FSU grad Giovanni Rocco. According to the FSView, Rocco is the poster child for the horrible plague of student loans and increasing college costs. The FSView writes that Rocco now owes $42,000 for a dual degree in Political Science and Communications.
The same day, NBCNews.com posted an article on Michael Vaudreuil, a 54-year old father of three who graduated after working as a janitor at Worchester Polytechnic University for eight years. According to NBCNews, Vaudreuil graduated with a Bachelor's of Science in mechanical engineering with a minor in psychology. He took advantage of the university's policy of free tuition for employees and completed one to two classes per semester.
In the big picture, this is what is wrong with our university systems. They push the idea that students have to complete undergrad programs in 4 to 5 years and that they have to do these programs immediately after high school.
College administrations need to do better.
Yes, college costs have risen. Yes, student loan rates have risen. But students make their schedule. Vaudreuil took an adult approach to his education. He saw his resources and applied them to his situation, figuring as long as he maintained the course, he would reach his goals.
I don't mean to pick on a younger Seminole, but Rocco did everything college students shouldn't do.
- He knew he didn't have the funds, but took loans anyway.
- He majored in a program that leads to low paying entry level jobs.
- He participated in student clubs instead of working.
“I decided that it was more important for me to get a quality education and not focus so much on how to pay for it,” Rocco says. “If you’re only thinking about how to pay for it and not what you’re going to get from it, that might cheat you out of a good opportunity.”This is what college students need to be talked out of. Opportunities are great, but maturity means balancing opportunities with cost. The typical student is already facing enough learning experiences in college. They are learning their capacities in social relationships, academics, group involvement, and time management. They should not be left to flounder in financial management.
By the simple fact they barely out of their teen years, most college students do not think about long-term risks. Most also don't think about long-term financials. They need to be given better information on how their debt will grow. They should also be given realistic plans that incorporate not only their academic needs, but also their financial budget. College student loan counselors need to work better with academic advisors in crafted plans for each individual student.
And if the case calls, counselors need to tell kids to stop taking on debt. Even if that means delaying their education.
Of course, Vaudreuil faces his own challenges now. According to US News, people over 50 face increase challenges finding new employment. The workforce is getting younger, faster, and more fluid and Vaudreuil needs to compete with his new skills against many young workers half his age. As a mechanical engineer, he might never make senior management. Time might have passed him by for a lengthy career in the field.
But he is still debt free. And in the big picture of taking care of his family, an entry level job in mechanical engineering should pay more than his current job as a janitor. In the long run, he and his family can look forward to improving their status in life.
Meanwhile, Rocco will be saddled with debt for most of his working life. He will struggle to pay off the balance as the interest on his loans begins to accumulate. When he buys a house or a new car, his personal debt will continue to grow.
From an employers' perspective, the fact that these two stories are public, we can make some judgement on the personal traits of each. Hiring managers will look up Rocco's name and read about a student that while intelligent, made poor financial decisions and didn't think long-term. He might also be more likely to jump to higher paying opportunities sooner, turning off hiring managers at organizations that might not pay as much.
For Vaudreuil, hiring managers will see someone with determination. The right company will see someone they can plug right into their corporation and get maturity and someone who plots a goal, understands the risks, and is dedicated.
As someone who enlisted in the military so I could get the GI Bill to pay for college, re-enlisted in the National Guard to pay for my first graduate degree, then put aside money made in Afghanistan to pay for my second master's degree, trust me, there is nothing wrong with taking your time to get through college.
If college takes 10 years to graduate, then it takes 10 years. A career path is not a race.
