June 23, 2021

Student loan borrowers feeling remorse: Personal finance study

Ken Coleman, author of ‘The Proximity Principle,’ says there are two important questions to ask…

A recent Ramsey study on “the state of personal finance” found that 53{5633677216ef9735f63f38035af82673fc44b9e3454c8b7eb714daea6e5c9f2a} of those who took out student loans to pay for college regret doing so, and 43{5633677216ef9735f63f38035af82673fc44b9e3454c8b7eb714daea6e5c9f2a} regret going to college altogether. 

Author of “The Proximity Principle” Ken Coleman discussed the intrinsic value of a college degree and suggested alternative ways to enter a new career field on FOX Business’ “Mornings with Maria” Wednesday.

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KEN COLEMAN: As you see from this data, [a college degree] is not the competitive advantage that it has been sold to Americans for 70 years, that it’s the only way to success. And this is buyer’s remorse. 

People are seeing the time and the money, and then when they get done with it, they go, ‘Wait a second, this wasn’t a competitive advantage at all. I still have to beat people out on my merits and with my relationships…’

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What you’re seeing is people that went to college and they went, ‘Wait a second, I went and I got this degree that I thought was a safe degree that would give me a safe job, and I realized when I got out, it really didn’t…’ They realize, ‘It didn’t even give me direction. And so I spent time and money again and I didn’t get ahead.’ 

Here are two questions that young people and parents, Maria, need to ask themselves, because there’s this big marketing message that says: College is the ticket to success in your career. Got to ask yourself: Is a college degree, higher education, is it the only way to do what I want to do? The second question is: Is it the best way? 

And in doing the research on those two simple questions, if you get a ‘no’ on those, you’re also going to see that there are cheaper, quicker ways to get into the field that you want to get into.

CLICK HERE TO WATCH THE FULL INTERVIEW