Long gone are the days when you could pay your way through college with a summer job. 

The average cost for a public university undergraduate student living on campus reached $25,700 in the 2020 academic year, according to the National Center for Education Statistics (NCES). For private university students, the cost reached $54,500 for the year. Tuition alone has risen more than 10% over the past decade at public universities, and nearly 20% at private ones, after adjusting for inflation. 

With that amount of money on the line, it’s a valid question to ask whether a college degree is worth it. Before taking out student loans, you should carefully consider your career goals and evaluate other options you have to get the skills and experience you seek.

If you’ve exhausted your scholarship, grant, and federal loan options, you might consider taking out private student loans to help fund your education. Credible lets you compare private student loan rates from multiple lenders, all in one place.

Pursuing your education beyond high school is generally a worthy investment. But the type of college or training program you should choose is a much more complicated question and depends heavily on your personal goals.

The case for higher education in general is pretty straightforward. On average, college graduates earn significantly more money per year. Young adults (age 25 to 34) working full-time who completed a bachelor’s degree earned an average of $59,600 in 2020, according to the NCES. That’s 63% higher than people in the same age group who only finished high school, who earned $36,600 on average. 

Nearly two-thirds of job openings will require some form of college degree by 2020, according to a report from the Georgetown University Center on Education and the Workforce.

But the world is changing, and more pathways to a good job are opening up outside of the traditional four-year college degree. Today, whether you should pursue a two-year degree, four-year degree, or an advanced degree depends on your career goals. You might also consider online courses, an apprenticeship program, coding boot camps, a certificate program, or a host of other options. 

Employment for people with associate degrees is expected to grow 10.5% over the next decade, according to the Bureau of Labor Statistics (BLS) — faster than the growth expected for people with bachelor’s degrees or a high school diploma. And many large employers are moving away from requiring a four-year degree for their entry-level jobs. Instead, they’re emphasizing the specific skills potential candidates would need to demonstrate to be hired.

Whether you choose a four-year university or a two-year program, you’ll be in good company: Of the 2 million higher education graduates each year, about half were in a bachelor’s degree program and the other half pursued a two-year degree or certificate, according to the Georgetown University report.

If federal aid and loans don’t cover all your college costs, visit Credible to compare private student loan rates from various lenders in minutes.

Attending college has several benefits to consider, including:

Getting a college degree could come with some potential downsides as well, including:

When deciding if college is the right decision, you must balance the potential benefits of a college education against the costs. It’s important to keep in mind to compare your likely total debt upon graduation with your salary expectations as you don’t want to take out more debt than you’ll be able to repay based on your income. 

With Credible, you can compare private student loan rates without affecting your credit.