The rising costs of higher education have become a pressing issue, with many students facing significant debt even before they embark on their professional journeys. Mike Feinberg, co-founder of the WorkTexas program, sheds light on the multifaceted consequences of educational debt and the alternative pathways available to students today.

In the last decade, tuition fees for four-year colleges have surged by more than 25%, according to the Education Data Initiative. As of the 2022-23 academic year, the average cost of obtaining a bachelor’s degree from an in-state public school stood at $89,556. This financial burden has led 86.3% of undergraduates to borrow money, often taking nearly 20 years to repay their loans.

Mike Feinberg believes this mounting debt is reshaping perceptions about the value of a traditional college education. “We had this mentality in the ’90s — go to college; figure out what you want to do; if you’ve got to take out a loan, it’s [the equivalent of] a car loan,” says Feinberg. “Now, it’s a home mortgage, so a lot has changed.”

Feinberg’s WorkTexas program, launched in 2020, offers a solution for students seeking alternative educational opportunities. The program provides skill-based training in fields such as welding, carpentry, and HVAC maintenance, allowing participants to earn their degrees and gain employable skills simultaneously.

A study by The Bill & Melinda Gates Foundation found that high school students now rank courses for professional certificates and licenses higher in value than traditional college degrees. Feinberg notes that programs like WorkTexas can be a viable alternative, particularly for those deterred by the high costs of college education.

WorkTexas has partnered with various industries to develop its curriculum and offer employment opportunities for graduates. Feinberg emphasizes that the program’s commitment extends beyond training. “We’re interested in what that looks like, in terms of career contentment — and especially in terms of earning power and creating sustainable lives for themselves, their families, and future generations,” he says.

As the cost of attending college continues to rise, Feinberg expects more students to consider alternative programs. “People are realizing they have choices — and need to figure out where the best bang for the buck is,” he concludes.

Mike Feinberg’s insights underscore the growing need for practical skills training as a viable alternative to traditional college education, particularly in an era of escalating educational costs.