A primary benefit of attending college is the potential for higher earnings. According to the Organization for Economic Cooperation and Development, there is a widening earning gap between college-educated workers and those without this credential. The OECD calculates the investment return on the cost of college tuition between 10 and 15 percent, with a lifetime benefit of some $365,000. Earning a degree also increases your employment opportunities -- a 2010 Georgetown University study predicted that by 2018, 22 million new jobs requiring college credentials would be created, and yet there'd be an estimated 3 million fewer college graduates available to fill those positions.
Money is right at the top of the list of reasons to pass on college. Tuition is expensive -- in some cases, the cost of a four-year degree can top $150,000, and that doesn't include the price of advanced degrees. In fact, the average student debt works out to about $26,600 for a new graduate just entering the workforce. Another reason to skip college is if you don't have solid plans that require such a degree. Bureau of Labor Statistics data indicates that 25 percent of college graduates are working in positions that don't require a degree, including more than 100,000 janitors and 300,000 food servers who hold a bachelor's degrees or higher.
While the cost of earning a four-year degree may be prohibitive, community colleges offer an affordable alternative, and one that is likely to get you into the workforce in a far shorter time. Georgetown University's Center on Education and the Workforce reports that almost 30 million jobs paying annual salaries of $35,000 or more do not require bachelor's degrees, but that almost all of these do require some type of certification beyond a high school diploma. Associate degrees, which typically take two years to earn, are also increasing in demand among employers. Michigan State University's 2012–13 "Recruiting Trends" report predicts that demand for associate degree holders will outstrip the demand for graduates with bachelor's degrees. If you decide later that you'd like to earn a bachelor's degree, you can transfer credits you earned toward your associate into a four-year college, and in most cases you'll find that you've saved thousands of dollars by getting a head start at the community-college level.
If cost is not a major determining factor in your decision, you may still wish to consider whether spending your hard-earned cash on tuition will provide the best return on your investment. Forbes magazine suggests investing the money you would have spent on tuition, as this should provide a nice nest egg by the time you hit your 30s, at which point you'd also have four years head start on your career. Author and entrepreneur James Altucher suggests young people spend their time and money trying to launch their own businesses instead of attending college, stating that even if the business is a failure, the attempt will still prove far more educational than anything that can be taught in a classroom. If you need to start earning a regular paycheck right away, but you'd still like the opportunity to learn on the job, you could join the military or enter an apprenticeship program.