Today’s generation of college students has been extremely optimistic — one study claimed that three-quarters of our students predicted they would be millionaires. Most expected to become famous as well. But that was all before the economic crisis hit.
Today’s students are worried, and colleges and universities are worried too. After all, much of the newly minted workforce comes through our gates. We are responsible for preparing them for their futures. We support their dreams and ambitions. Until recently, many of these students felt relatively secure about their ability to finance their educations and then find a job.
What a difference recent circumstances make. The members of next year’s incoming freshman class see things a bit differently. Close to 70 percent are concerned about their ability to pay for college and have already considered strategies to help them manage the situation. Ninety-three percent hope to get a scholarship or grant, 82 percent plan to work while in college, 66 percent plan to take out a loan, and 56 percent will attend a less expensive college than they otherwise might have.
Here’s a worry: 69 percent are considering selecting a major based on earning potential. Think finance, accounting, engineering, computer science.
Two years ago, the average starting salary for a Penn State finance major was $53,011, for a chemical engineer $55,548, and for a computer scientist $57,833. By comparison, a sociology major made an average $25,250, a psychology major $34,012, a recreation and park management major $27,500, and an elementary education major $36,813.
Should we be worried about a trend on the horizon, one that could have unintended implications for our nation? If students majoring in certain fields anticipate that they won’t be able to afford paying back their student loans, how long will it be until there is a dearth of qualified job applicants in these fields? Who will protect our national parks, counsel at-risk children, and teach the next generation?
(Brainstorm illustration incorporating photos by Flickr users jenn jenn, roger imp, venturist, and Mel B.)
