For decades the youth in our country have been the target of societal, familial, educational, and political propaganda stressing the point that:

To be a success in life you MUST graduate from a four year college.

This pressure has led a lot of young people to make some really naïve post-secondary education choices, the result of which is an investment of time and money with little or no return. Often this poor investment choice has had the corollary effect of running up debilitating debt.

There may have been a time many years ago when a college degree almost guaranteed financial success, but nothing could be further from the truth today:

• There is a huge disparity between supply (graduates) and demand (suitable jobs).
• Colleges, by and large, are operating on an obsolete business model–pre-Internet/pre-globalization.
• Not only is the business model obsolete, the education they are providing has devolved over time.
• There is a gap between skills acquired and skills required. There are businesses making a nice profit providing camps that teach college graduates the skills they need to get a job.
• At the same time the cost of college has soared.

If colleges operated as private sector businesses, they would be out of business, but yet large numbers of high school graduates just keep beating a path to their gates. (Colleges are subsidized including through the government student loan program.)

Despite the facts I’m not going to be able to convince you that you should consider other post-secondary education options. If you absolutely insist on getting a degree from a four year college, I’m going to offer you a blueprint.

You are thinking, “How can I get into a top school?” The sooner you stop worrying about that and start thinking in terms of building a resume for that first employer the better. You are in a competition. Half of all graduates are going to be under employed or unemployed in today’s job market.

• Choose a marketable major. (You can’t make an intelligent decision about student loans if you haven’t targeted a future job.)
• Identify the best school that you can afford (without excessive debt) that is strong in your major. A key function of affordability is the degree to which that school wants you as a student.
• Another criteria for the school you choose is their connectivity to the business world. Most students don’t start thinking about “Career Services” until their senior year. (In some cases departments have their own career services. For example at Texas A&M the Honors Business program places 98% of their graduates.)
• Have a written plan that includes academics and finances. Most students don’t graduate in four years. Often this is a result of poor planning. The financial plan needs to cover the expected term of the degree–let me repeat—without excessive debt.
• Perform academically.
• Incorporate experiential learning in your resume. This is a big factor in differentiating yourself. Experiential learning includes co-op experiences, projects, externships, internships, research, community service, student organizations, and studying abroad.

You’re probably saying, “It can’t be this complicated. My parents never told me this. My guidance counselor didn’t say anything like this.” Your parents went to college in BI—before Internet. Your guidance counselor gets evaluated on how many kids she can funnel into Big Bucks U. Ask yourself, “Why are the politicians having such great success genning up young voters with free college and student loan forgiveness?” Why are almost one-third of 18-34 year olds living at home? The relationship between the job market and college doesn’t work the way it used to. Employers have a lot of choices. They are looking for hands-on or job specific training as well as demonstrated soft skills, e.g. work ethic, teamwork, oral communication, and problem solving.

You can ignore this formula. The degree to which you ignore it is going to increase your risk of ever becoming financially self-sufficient.