Comparing The Cost of College vs. Trade School

Introduction: Understanding Education Choices

Pursuing higher education is crucial today. More and more employers want applicants with more formal training and education. However, with the very high cost of education, many students are stuck in a dilemma between college vs trade school.

Colleges and trade schools have one mission: to help students land careers. Yet, these two institutions approach their shared objectives differently.

Colleges focus on providing a broad academic foundation alongside vocational training. On the other hand, trade schools prioritize hands-on,  industry-specific skills in a specific field. The cost of attending these institutions varies significantly as well.

Choosing between attending college vs trade school will depend on your personal goals. You need to thoroughly do your research before choosing which path to pursue. Making an uninformed decision can lead to financial challenges and regrets later on.

Here, we will discuss the top factors for comparing college vs trade school costs. We’ll look into the cost of college and trade school, what you’ll need to spend on living, and how much money you might make afterward. These aspects will help you better understand how your choice can impact your financial future.

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What is College?

The cost of college is deemed more expensive than trade school costs. This is especially true since the former offers more academic and networking opportunities than the latter. There are two main types of colleges based on their institutional structure:

• Public: funded by state governments and offers lower tuition fees for in-state residents.
• Private: funded through tuition fees, donations, and endowments. While they typically cost more, they’re known to have more financial aid opportunities available than public schools.

Besides the difference between public and private colleges, there are many different degrees you can choose from based on what you want to study and your career goals. Here’s a breakdown of the types of degrees commonly available in college:

Associate Degree

You can find these types of programs in two-year colleges or community colleges. You can also find them in four-year institutions. However, associate degrees in four-year colleges tend to cost more than community colleges.

Nevertheless, associate degree programs are the cheapest college degree programs. They’re also the quickest, typically lasting only two years. Here are the most common types of associate degrees:

• Associate of Arts (AA)
  • Associate of Science (AS)
  • Associate of Applied Science (AAS)

For some students, an associate’s degree is a stepping stone to a bachelor’s degree. For others, it’s a valuable qualification on its own, enhancing job opportunities compared to having only a high school diploma.

Bachelor’s Degree

A bachelor’s degree often required for many entry-level jobs, such as those in engineering, business, and teaching. These programs typically last four years. However, those who have earned an associate’s degree and qualify for credit transfer can often complete their bachelor’s in three years or less.

These programs have a more stringent admissions process than associate degrees. Four-year college tuition is also much more expensive than two-year programs. However, bachelor’s degrees are much more comprehensive than associate’s.

Here are the main types of bachelor’s degrees:

• Bachelor of Arts (BA)
• Bachelor of Science (BS)
• Bachelor of Fine Arts (BFA)
• Bachelor of Business Administration (BBA)

Master’s Degree

A master’s degree is a higher-level qualification where students gain advanced knowledge in a specific field. It helps deepen understanding and develop skills relevant to their profession. With a master’s degree, you can improve your career prospects and even consider further education, such as a doctoral degree.

Those who want to qualify for leadership roles must pursue a master’s degree. For some career paths, like law and medicine, pursuing a master’s degree is essential to qualify for advanced positions and specialized roles.

Master’s degrees are vast and varied and typically last two years. The most common types include:

• Master of Arts (MA)
• Master of Science (MS, MSc)

There are also specialized master’s degrees, like the Master of Laws (LLM) and the Master of Business Administration (MBA).

Doctoral Degree

Doctorates are terminal degrees obtained mainly by those pursuing research and teaching careers. Each field requires its own doctoral degree. Here are common types of doctoral degrees:

• Doctor of Philosophy (PhD)
• Doctor of Medicine (MD)
• Doctor of Education (EdD)

Doctoral programs vary in length and structure but generally require several years of study (5-10 years) beyond the master’s level. They often involve coursework, comprehensive exams, original research, and dissertation or doctoral thesis completion. College tuition for postgraduate degrees is highly expensive.

What is Trade School?

Trade schools are the quickest path to a skill-based career. Unlike college degrees, trade school programs skip general education, like literature and history. They don’t focus on providing students with a broad academic foundation.

When understanding college vs trade school, one of the biggest differences is that when you attend a trade school, you’ll only focus on developing skills specific to one industry/sector. This is often the best option for those wanting a streamlined career readiness approach. Also, trade school tuition is cheaper than associate degree tuition costs.

It typically takes two to four years to complete trade school, depending on the specific program and the trade being pursued. Some may offer accelerated options for quicker completion. The most common types of programs offered in trade schools include:

• Air Traffic Controller
• Dental Hygienist
• Web Developer
• Power Utility Tech/Line Installer and Repairer
• Diagnostic Medical Sonographer
• Aircraft Mechanic/Aviation Maintenance
• Boilermaker
• Respiratory Therapist
• Home Inspector
• Commercial Diver
• Cardiovascular Tech
• Rotary Drill Operator
• Architectural and Civil Drafter
• Electrician
• Plumbing
• Diesel Mechanic
• Construction/Heavy Equipment Operating
• Carpentry
• Licensed Practical Nursing

Upon graduation from trade school, students earn certificates or diplomas. These show employers they are ready to work in fields like construction, automotive technology, healthcare, and others. Many trade school graduates get jobs soon after finishing because they have learned specific skills needed for these jobs.

Comparing the Costs: College vs. Trade School

Debt is a major problem in the US higher education system. According to the Education Date Initiative, student debt totals $1.727 trillion. The majority of students in debt are those enrolled in four-year degree programs.

When it comes to costs, it’s no secret that trade school tuition is much lower and less complicated than college tuition costs. According to the National Center for Education Statistics, four-year degrees cost an average of:

• $9,750 each year in public colleges
• $35,248 each year in private colleges

These numbers include only tuition and required fees. When adding up room and board fees, students in public schools can expect to spend $22,389 annually, and those in private schools must have at least $49,654.

On the other hand, community colleges are much cheaper than four-year colleges. According to the same data, community colleges cost an annual average of

• $3,598 in-state
• $8,565 out-of-state

In contrast, trade schools are cheaper, with an average annual cost of about $3,000. This makes trade schools a good choice for students seeking a less expensive education.

When it comes to college vs trade school costs, trade schools offer a significantly more affordable option for education.

Long-Term Financial Impact

Education costs comparison reveals that trade school tuition is cheaper than college tuition. However, the long-term financial impact of choosing between college and trade school involves more than just the upfront costs. Graduates from both paths can earn different amounts and follow different career paths.

Here’s an overview of earnings and unemployment rates by educational attainment from the US Bureau of Labor Statistics:

	Median Weekly Earning	Unemployment Rate
Doctoral Degree	$2,109	1.6%
Master’s Degree	$1,737	2.0%
Bachelor’s Degree	$1,493	2.2%
Associate’s Degree	$1,058	2.7%
Some college, no degree	$992	3.3%

The numbers show that getting advanced degrees usually means earning more money and facing less unemployment. However, you should also consider the overall money situation, such as how much college student loans might add up.

The higher the degree, the more expensive it will be.

As the EDI mentions, the majority of students in debt are those enrolled in bachelor’s degree programs. Borrowing more money reduces the return on investment after graduation because the total costs of the degree are higher than expected. However, bachelor’s degree holders can unlock more educational and professional opportunities than trade school graduates.

Nevertheless, this doesn’t mean those from trade schools will be disadvantaged. One of the many trade school benefits is that graduates often face less financial burden from student loans and can start earning sooner. In some cases, trade school graduates can have higher ROI than degree holders.

Conclusion: Making the Right Choice for You

When deciding between college vs trade school, you must always consider your personal goals and interests.

Trade schools are best for those who:

1. Want a quicker entry into the workforce.
2. Have limited financial resources and don’t want to rely on student loans.
3. Are focused on specific careers with high demand and good earning potential in trades.

On the other hand, colleges are a good idea if:

1. You are pursuing a career that requires a bachelor’s degree or higher, such as medicine, law, or engineering.
2. You prefer a more traditional academic environment with research and theoretical study opportunities.
3. You are willing to invest in a longer educational journey for potentially higher long-term earnings and career advancement opportunities.