Are there jobs that pay $70k without a degree? The cost of a 4-year college degree is now five times more than it was just twenty years ago. Do you want to avoid student debt but still have a high paying job? Believe it or not, it is possible to have a high paying job without a degree.
As well as researching jobs that provide high income, I decided to research the current student loan debt situation. It appears that a large amount of failed government programs has created a moral and financial crisis. Especially, with the discussion of student loan forgiveness in the United States.
Statistics of Student Loan Debt
Hear is the current outlook of student loan debt, according to educationdata.org. The total 42.9 million borrowers owe $1.57 billion in federal student loans. Between 2020's 2nd and 3rd financial quarters, student loan debt in repayment decreased 82%. Contrary, student debt in forbearance increased 375%. The annual growth rate of total student loan debt balances increased 23.6%. This is 513% faster than the growth rate of the United State's gross domestic product (GDP) (3.85%). The image below better depicts the growth by each year since 2013.
According to the U.S. Department of Education, as of September 2020, borrowers 24 or younger had approximately $116 billion of the overall federal student loan debt Borrowers between the ages of 25 and 34 had approximately $500 billion in federal student loan debt. Adults ages 35 to 49 carried $602 billion in the federal student loan debt. The remainder of the debt is by people who are 50 to 61. Refer to the image below to see debt by U.S. state and by borrower's age.
Imagine paying student loans until the age of 60. Obviously, with the growing number of individuals going to college comes more competition to fill the high paying roles. While going to college could be the right choice for some people, it is not for everyone. Especially, those who do not major in science, technology, engineering, and mathematics (STEM) or business degrees.
However, there is a public stigma that you cannot have a good paying job without going to college. This false consciousness of the higher income earners going to college needs changed. There are jobs that pay $70k without a degree.
Jobs That Pay $70k Without a Degree
5. Elevator Installer and Repair Mechanic
Elevator mechanics installs and maintains elevators and other mechanical moving equipment. Additionally, they also repair them. Each type of work performed by a mechanic requires a different skill set.
As such, each specialize in either installation, maintenance, or repair work. Maintenance and repair workers generally require greater knowledge of hydraulics electronics than do installers.
Training and Salary
Nearly all elevator installers and repairers learn through an apprenticeship. A 4-year apprenticeship program sponsored by a union, industry association, or individual contractor is required. Each year of the apprenticeship the apprentice receives at least 144 hours of technical instruction and 2,000 hours of paid on-the-job training. Yes, you get paid to learn while working. In fact, according the Bureau of Labor Statistics, as of May 2019, the median annual wage for elevator installers and repairers was $84,990.
4. Nuclear Power Reactor Operators
Nuclear power reactor operators adjust controls to affect how much electricity a reactor generates and monitor reactors, turbines, generators and cooling systems.
Training and Salary
Workers usually start as equipment operators working under more senior employees. They receive formal technical training to prepare for their license exam from the U.S. Nuclear Regulatory Commission (NRC).
According the Bureau of Labor Statistics, as of May 2019, the median annual wage for elevator installers and repairers was $100,530.
3. Power Plant Operators
Power plant operators control power-generating equipment, which may use any one type of fuel, such as coal or natural gas. They check equipment to detect evidence of operating problems and ensure adequate maintenance as required.
Overall, they control power plants and the flow of electricity from plants to substations. Power plant operators monitor and operate current converters, voltage transformers, and circuit breakers.
Training and Salary
There is on-the-job training that may include a combination of classroom training. According the Bureau of Labor Statistics, as of May 2019, the median annual wage for elevator installers and repairers was $85,950.
2. Distribution Warehouse Manager
A distribution warehouse manager plans, directs, and coordinates transportation, storage, or distribution activities in accordance with government laws and regulations.
With the increasing need for e-commerce comes a requirement for warehouses. These facilities will house and maintain the inventory needed to fulfill online purchases. As such, there will be a growing demand for distribution warehouse managers.
Training and Salary
Like most management positions, some experience may be required. However, you will be working while obtaining the necessary training to position yourself into a managerial position. According the Bureau of Labor Statistics, as of May 2019, the median annual wage for elevator installers and repairers was $94,560.
1. Web Developers
Web developers maintain, create, and consult their client's websites. They create and design a website's layout, functionality, and usability. Without a doubt, this career is expected to grow due to the power of the internet. Every company utilizes websites for marketing. Additionally, e-commerce has grown exponentially in the past decade. Especially, since the start of the pandemic.
Training and Salary
Numerous successful web developers are self-taught through online resources or local classes. Bootcamp programs, such as, Elevenfifty.org offer free intro courses. In addition, they are a not for profit organization that is recognized as a registered software development apprenticeship program.
According the Bureau of Labor Statistics, as of May 2019, the median annual wage for web developers was $73,760.
In Conclusion
The discussion of student loan forgiveness may lure people into pursuing degrees. However, the United States has incurred an extreme amount of debt. The fact that federal student loan debt has grown 513% faster than the growth rate of the United State's gross domestic product (GDP) (3.85%) indicates a tipping point is near.
However, it is possible to have a high rewarding career without a degree. There are influential people with successful careers who never earned a bachelor’s degree. Despite what our political leaders and popular culture states, there are plenty of fulfilling jobs that pay $70k without a degree. This should especially be considered for those not considering obtaining a degree in science, technology, engineering, and mathematics (STEM) or business degrees.
There are numerous jobs that will allow you to increase your net worth without a degree.
