Continually rising college costs have forced high school students to look at alternative post-secondary options, like trade and vocational school as well as apprenticeships. Plus, there is an
increasing desire amongst Gen Z students to work with their hands and enter the workforce without student loan debt.
As you consider your options after college, you may be thinking along the same lines and narrowing your choices down to
college vs. trade school. This guide will help you assess what your final choice means for you today and its long-term implications, such as student loan debt repayment, lifetime earnings, and career flexibility.
What's the Difference Between College and Trade School?
While college and trade school are both post-secondary options, their similarity ends there. College degrees require greater time commitment and financial investment, but they also open up
greater lifetime earnings and career flexibility.
Conversely, trade school programs can be completed quickly and do not leave students saddled with student loan debt. It also allows graduates to enter the workforce earlier. At the same time, their earnings may not be as great, and their career options may be somewhat limited throughout their lifetime.
College vs. Trade School: Side-by-Side Cost Comparison
One of the most important factors in deciding between college and trade school is the
overall cost to attend. Though both colleges and trade schools provide a look at upfront costs, there are hidden expenses for both options that should be considered as well.
Average Tuition Costs
Typically, a cost comparison between college and trade school examines tuition. According to the
Education Data Initiative, the average cost of tuition for colleges and universities in the U.S. is:
• In-state college: $9,750
• Out-of-state: $28,386
• Private school: $38,421
Trade school tuition costs range from $5,000 to $15,000, reports
Edvisors. For students seeking a more specialized trade degree, the cost may be higher, similar to what you would pay at an in-state college. However, the training is specific and doesn’t require you to attend school for four plus years.
Total Cost of Attendance
In addition to tuition, there are
other education expenses to consider when deciding between attending a college or a trade school. These will be roughly the same considerations regardless of where you attend, but they may differ if you attend school and live at home or move to a new city for a specific program.
To figure out these costs, it’s best to visit the financial aid website of colleges and trade schools you’re considering. Typically, they will list our average expenses for the following categories:
• Room and board
• Books and supplies
• Transportation
• Personal expenses
• Technology and equipment fees
Hidden Costs to Consider
Finally, both school options come with hidden costs. Some schools will provide an outlook of what to expect while others may not mention it at all. It will be up to you to research what these hidden costs may look like, and the best people to ask are current students:
• Opportunity cost (this is defined as the lost wages a college student may incur as they prioritize attending school over entering the workforce sooner)
• Program-specific fees and certifications
• Required tools and uniforms
• Licensing exam fees for trades
Pro Tip: Create a spreadsheet that lists each of the above categories. Research each school and program and list out the costs. It will be easy for you to make a side-by-side comparison of what each degree, program, or certification will ultimately cost you.
How to Pay for College vs. Trade School
Typically, no one pays full price for college or trade school. With
financial aid, scholarships, and grants available to every type of student, there are ways to reduce tuition costs.
Federal Financial Aid
Financial aid is available to both college and trade school students. To qualify, you must submit the Free Application for Federal Student Aid, also known as the FAFSA.
This form will allow you to be eligible for grants, work-study, and federal student loans. Some scholarship programs may require you to
complete the FAFSA as well.
The best rule of thumb is to submit your FAFSA regardless of whether you believe you’ll qualify for financial aid and to do so every year that you’re enrolled in a program or degree-seeking institution.
Scholarships for College Students
There are thousands of scholarship opportunities for college students – from large, national companies to small, hometown organizations. Furthermore,
colleges and universities are known to offer merit aid to students, which is scholarship money based on their academic performance, extracurricular involvement, and more.
Essentially, merit aid is used to entice students to a school by lowering the cost of college tuition.
The best way to find scholarships for college is to create a free profile on Fastweb. Our database contains over
1.5 million scholarships for colleges, companies, charity groups, and local organizations. We’ll take the information you provide and find scholarships that match your qualifications.
Scholarships and Grants for Trade School Students
While scholarships and grants for trade schools exist, the opportunities are more limited than those for college students. Some scholarships may stipulate that they can only be used for four-year degree programs. Additionally, the lower cost of attendance may mean less merit aid is distributed to entice students to attend.
However, there are funding options that are exclusive to trade school students, too. Some private and nonprofit organizations award scholarships to trade school students, such as
Mike Rowe Works Foundation and the
National Association of Women in Construction.
Other places to search for
scholarships and grants for trade school include unions and trade associations, employers, and state vocational programs. Trade and vocational school students can also utilize Fastweb to find opportunities that are exclusive to their career path and qualifications.
Alternative Funding Options
Finally, there are even more creative ways to pay for college or trade school. Students interested in a trade as a career can receive funding through apprenticeship programs or get paid while learning on the job.
College students can receive tuition reimbursement from their employer as long as they’re working part-time. This benefit is offered at companies like Target, Amazon, and Walmart.
Both
schooling options are covered under the GI Bill for members of the military. They also both offer payment plans, making paying for higher education more feasible.
The point is: you can find many ways to fund either education. Do your research and exhaust all your options. In doing so, you’ll be able to reduce your college or trade school tuition costs.
Comparing Career Outcomes and Earning Potential
While it’s tempting to focus on the here and now, students should look five, ten, or even 30 years into the future. The decision they make today can have long-term impacts on their job outlook, timeline, earnings potential, and career flexibility.
Time to Career Launch
Students who opt to attend trade school or undergo vocational training can join the workforce sooner. Time to graduation may be six months to two years after entering school. Comparatively, students who attend college will not be eligible to enter the workforce for at least four years – and
some career paths require even further education.
Starting Salaries and Earning Potential
Trade school graduates can begin earning a salary sooner than college students; however, the lifetime earnings potential is greater for college graduates – though the exact average that they make compared to trade school graduates is difficult to measure. Lifetime earnings can vary widely between fields and occupations.
What should matter most is what students are most passionate about. If you find joy and satisfaction in working with your hands, a trade may be the right route. Or if four years in academia is necessary to get you to your goal, you’ll get paid for doing what you truly love in both scenarios.
Trade School Careers
| Career |
Average Starting Salary |
Average Median Salary |
| Electrician |
$38,500 |
$62,350 |
| Dental Hygienist |
$73,164 |
$94,260 |
| Welder |
$46,302 |
$51,000 |
| Woodworker |
$28,348 |
$43,720 |
*Data pulled from Bureau of Labor Statistics, Salary.com, and Ziprecruiter.
College Degree Careers
| Career |
Average Starting Salary |
Average Median Salary |
| Engineer |
$73,866 |
$111,970 |
| Nurse |
$74,040 |
$93,600 |
| Business |
$66,580 |
$75,000 |
| Teacher |
$46,526 |
$72,030 |
*Data pulled from Bureau of Labor Statistics, Indeed, and BestColleges.
Is College or Trade School Right for You?
Ultimately, there are pros and cons in choosing either educational path, but research and time are on your side. As you investigate both paths, consider the following factors to find the perfect path for you:
Consider These Key Factors
1. Career Goals
Do you have a specific career in mind? What type of education will it require? Asking those questions will help you quickly find the answer. If you’re undecided, consider
asking your school counselor about career predictor tests. These tests ask questions about your personality, learning style, and goals, and predict which careers might work best for you.
2. Learning Style
Speaking of learning styles, it’s important to consider how you learn best. Does sitting in a classroom for another four to five years feel soul sucking? Perhaps you should consider the trade school benefits of shorter time lengths and hands-on work in a workshop or outdoors.
On the other hand, if you love academia, reading, and being in class with peers, a college degree may suit your learning style best.
3. Financial Situation
Do you need to start making money now? Or are you comfortable with paying student loan debt after graduation? What do your funding options look like?
These are questions you can ask yourself and your parents or guardians. Looking at what you can afford now will help you
choose an education path that fits within your budget.
4. Time Commitment
Consider the time it would take to complete degree programs. Again, trade or vocational training can take anywhere from six months to two years while a college degree will require at least four more years in the classroom. What are you prepared to commit to?
5. Long-Term Flexibility
Finally, try to forecast your future: are you passionate about a specific trade or doing more hands-on work? If so, investing in a trade or vocation is a great path for you.
If, however, you prefer the safety net of career flexibility, you may want to pursue a college degree. While you will major in a specific field, you are certainly not limited to that for your entire life. Oftentimes, college graduates can easily change fields, employers, and roles.
As you weigh college vs. trade school keep in mind that both paths offer fulfilling career opportunities and earning potential. Through research and guidance from your school counselor, mentors, and family members, you can make the choice that is right for you.
Whichever path you choose, keep in mind the importance of securing funding options. If you’re looking for
scholarships for college or trade school, you can find them right here on Fastweb.
