America’s career coach Ken Coleman reacts to billionaire Peter Thiel offering entrepreneurs $100K to skip college and start their own business on ‘The Big Money Show.’
Between 1980 and 2020, the average price of tuition, fees and room and board for an undergraduate degree increased by a whopping 169%. More than half of bachelor’s degree recipients from a public or private four-year college graduated with debt in 2020, and the average debt load was $28,400.
Both parents and students are questioning more than ever whether the cost of a college degree is worth it and now Peter Thiel has a new solution for young people… it’s called skipping college.
Thiel has a new concept. Pay students $100,000 to drop out of school to start a company or start a nonprofit.
Peter Thiel speaks during the Bitcoin Conference at Miami Beach Convention Center on April 7, 2022, in Florida. (Marco Bello / Getty Images)
No, this isn’t pay a pal. The new program will announce 20 new fellows, chosen from an applicant pool that is larger than ever to launch companies in AI, cryptocurrency and robotics with one of the biggest success stories being Vitalik Buterin, co-founder of Ethereum.
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So far, Thiel’s concept has backed 271 people.
In the court of public opinion, a college education is certainly a beach ball being punched around by a raucous crowd right now. So many parents have wondered why high schools have shifted to a one-track education system solely focused on a college preparatory track. Questions have risen about whether the students are really learning skills or merely being prepped on how to take courses, pass tests and get prepared for the next level of “education” to have a “real career.”
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The newsflash over the last 20 years is that we still have a massive deficiency of blue-collar workers with incredibly high-paying and stable jobs and a gap in upstart entrepreneurs in both blue-collar and white-collar fields.
High schools need to offer three tracks in the future: college preparatory, vocational and entrepreneurial. This will give students the widest track to achieve their maximum success post high school.
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In addition, the new FAFSA process recently rolled out has been a complete and utter disaster. The FAFSA Simplification Act, which passed in 2020 and is now being implemented for the coming academic year, is aimed at supporting more middle- and low-income families by supposedly simplifying the process.
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But ask anyone who tried to use the new FAFSA system, and you’ll discover that glitches abound in the system and a backlog (like most government programs) that’s left people wondering if they filled out the forms correctly and if they will get any financial aid at all.
So, maybe Thiel is on to something as more Americans are rethinking the value of a college education.
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The double standard on free speech at college campuses today, and the rise of investors and employers willing to back startups by young people or those that want to go work will create this “new collar” generation of workers.
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If we can’t build better education systems, maybe there’s a better way of educating young kids today. As it stands, many students who get a degree in college today don’t even end up using their main focus of study in their real-life careers. My oldest child studied criminal justice and now runs a concrete company. My middle child studied psychology and now works for a business brokerage company selling businesses.
Even with the latest government handout of $1.2 billion by President Biden, as of the second quarter of 2023 there was more than $1.77 trillion of student debt. The problem isn’t getting better.
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It’s time we start rethinking what we mean when we say, “Get an education,” and how we, as parents, view what a good job is in America. Maybe Thiel has one answer about “cutting class” that could actually result in young adults becoming big successes.
Here’s the question. Would you tell your kid to skip school for $100,000? Why? Why not? Is a piece of paper worth it anymore?
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