It wasn’t long ago that the standard aspiration for any kid or teen growing up in the US was to graduate from high school and go straight into a four year college. For anyone who wanted a serious career or even to simply earn “official adult” status, graduating with at least a four year degree seemed to be an absolute must.
In 2022, things are a bit different. The US education system has been a troubled one for many years, and has only become increasingly so as time goes on. At this point, it’s no longer a secret that federal loans are a bit of a scam and that many graduates get out of college only to owe thousands of dollars and not be able to get a job in their field of study.
The bottom line is that a four year college often comes with a pitiful ROI, and college age Americans are catching on to this fact, which means that many are foregoing the entire experience, some instead are starting small business ideas.
These issues, along with the economic impact of the COVID pandemic, during which many parents delved into their children’s college funds to stay afloat, are resulting in many colleges being forced to close their doors for good.
Although it’s clear that the traditional college experience isn’t for everyone, and isn’t a “must”, many young Americans are still opting to take this route. In this case, it’s important to be informed and prepared in case their chosen college falls prey to financial failure as well. Learn more about colleges going out of business below: