As discussed in the blog ‘The “Most Alarming” College Statistic’, almost 50% of college graduates are “underemployed” because they are unable to get a job that requires a college degree. Instead, they are forced to take lower paying support-type jobs. In addition, it typically takes 6 years for them to graduate because the change majors 2 or 3 times.
There is a large dollar impact to the nearly half of graduates who are underemployed. For example:
- The added costs, lost income and added student loan debt during an added 1 or 2 years of college can be about $100,000 to $200,000.
- Lost wages during a 40-year career will range between $1.2 and more than $2.5 million, depending upon the level of management reached by the graduate immediately hired into a job related to their major.
Also, the graduates will obtain additional Student Loan Debt of $25,000 to $75,000.
These costs and lost incomes are obviously very large and life changing. In his study of the impact of college major selection, Dr. John Krumboltz, Professor Emeritus at Stanford University stated:
“This is a big problem in society — and it’s overlooked and unrecognized. Here is a decision that affects everything in our future — not just how we spend eight hours a day, 50 weeks a year — but probably who we’re going to marry, the neighborhood in which we live, who our friends are, and how much money we have to spend.
A decision with such profound consequences deserves careful study. How much time do young people spend planning it and considering options? Many give more thought to choosing a new pair of shoes. For many people, it’s a decision they never knew they made — it was made by default.”
I could not agree more. And the real shame is that this is a massive unintended result from parents’ or students’ misunderstanding that choosing the right major is critically important for any student entering or already attending college. This is a primary reason we developed PATH2HappiSuccess to provide an affordable and straight forward procedure to determine the Best Major for you.
See www.path2happisuccess.com for more.