College or Career: Work-Based Education Provides Both
A recent survey looking at the personal financial and graduation plans for American high school students found that 25% of respondents were delaying college due to the pandemic. The onset of COVID-19 seemed to increase a trend of young people pushing back against the repeated narrative that college is the best path for a successful future. With frequent decrying the student debt crisis, it is no wonder that the cost of college is a major concern for high schoolers. Are four more years and tens of thousands of dollars of debt worth the investment that college is supposed to be?
Robert Russell, a financial algebra teacher at Columbia River High School, helps students answer that question for themselves, individually. Despite being a math course, the intended outcome of financial algebra is for students to “become responsible and self-reliant consumers.” The course dedicates an entire week for each of the main types of debt students will encounter in their future, including student loans, car loans, mortgages and credit cards. According to Russell, the greatest surprise to students is “the speed at which the debt increases in a short period of time.” However, his students also learn about compounding interest for savings accounts and that “compound interest is the engine that makes your money work for or against you.” Unlike many other math teachers, Russell has never had to answer the question, “When am I ever going to use this in the future?” Instead, “I start from day one explaining that everything in Financial Algebra is about learning how to make and keep money.”
With this background, Russell’s seniors can face graduation with a better grasp on the true cost of college, including opportunity cost. Four years of full time college oftentimes means four years of little to no income and a large amount of debt. Fortunately, school districts in Clark County offer programs to help high schoolers prepare for future high-paying careers, whether they choose to attend higher education or not. In fact, many programs offered on the campuses themselves teach students real work skills and even offer industry-recognized certifications to secure in-demand jobs, often immediately after graduation.
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