Trade School for All
Date Posted: July 25, 2023
Posted In: Discussion, Workforce,
From Contractor: Last year, tuition at US private colleges and universities grew to nearly $40,000 per year; for public in-state college tuition, the cost was $10,500, according to data collected by US News & World Report and reported by CNN Business. Add in housing, food, books and other cost-of-living expenses for a four-year degree, and a secondary education becomes very expensive for America’s college students.
Alternatively, going to a trade school for a career and technical education (CTE) will cost about $33,000 from start to finish, notes Career School Now, an online education network.
“Because there is such a need for skilled tradesmen and women, vocational school grads often find employment in their field relatively quickly, letting them start earning right away,” the site notes. “While everyone needs skills to support themselves, people are finally beginning to realize that these skills exist outside of four-year university degrees.”
However, a $33,000 trade school education can still be out of reach for some people.
“A very disparate and low amount of financial aid opportunities are available for students pursuing trade education compared to a traditional four-year university,” explains Eric Menees, CEO of Fynn, which provides students of all income levels with secure loans to attend qualifying trade schools. “The demographic of many of these students is at or near the poverty line.”
Many Gen Z students don’t have a credit history yet and may have a low-paying job that makes them unable to afford a CTE school, he adds.
“We work with many trade schools across the country; they may have 200 to 300 millennial or Gen Z applicants for 100 seats, but only 30 students end up in the classroom,” Menees says. “And the answer every time is financial. It’s not that they don’t want to go to the school; they just don’t know how.”
It’s a difficult problem for the schools, too, he adds, an “existential threat. They’re seeing so much demand from the employer side and so much interest from the supply side, but they’re unable to grow and do their business and get it through. They have good programs and so many people applying, but they don’t have any capital sources to help these students get in.”