Decision Day is here, and millions of high school seniors are about to make one of the biggest financial decisions of their lives. Before you commit, here are five truths worth hearing.
These have been seen and experienced over 15+ years of both working with young adults, and seeing careers progress over time.
@thecollegeinvestor Here are five things to know as you enroll in college. 1. The cheapest is probably the best 2. College does not define you 3. Your major doesn’t equal your career 4. Never borrow more than you expect to earn after graduation 5. Experience beats prestige #EduTok #TikTokLearningCampaign #collegeadmissions ♬ original sound - The College Investor
1. The Cheapest College Is Probably The Best College
The job market is shifting faster than ever. AI is reshaping entire industries, and the credentials that mattered ten years ago may not carry the same weight a decade from now. Taking on six figures of student loan debt for a name-brand degree is a bigger gamble than it's ever been.
The smarter play is to minimize cost without sacrificing opportunity. State schools, in-state tuition, scholarships, and community college transfers can save tens of thousands of dollars — money that funds your first home, your retirement contributions, or your ability to take career risks in your 20s.
2. College Doesn't Define You
You've probably been told college will be the best four years of your life. For most people, that's not true — and that's a good thing.
You'll likely stay in touch with one or two people from your graduating class. There's always that one person who peaked in college, but most people don't. Your best chapters (career wins, family, financial freedom) come later. Don't make a six-figure decision based on a romanticized version of campus life.
3. Your Major Doesn't Equal Your Career
Most people end up working in fields unrelated to what they studied. Pick a major you can actually finish, keep your GPA up, graduate on time, and keep your debt low.
Flexibility beats specialization at 18, especially when you don't yet know what you want to do at 28.
And according to the Bureau of Labor Statistics (PDF File), from ages 18 to 24, Americans change jobs an average of 5.7 times. And between 25 and 34 years old, they change jobs an average of 2.4 times. It's not unheard of for a person to have had 12-15 jobs before the retire.
4. Never Borrow More Than Your Expected First-Year Salary
This is the single most important rule of student loan borrowing. If your target career pays $50,000, don't take out $90,000 in loans. If you're studying to be a teacher, you should not have law school-level debt.
This rule alone will shape your entire 20s — your ability to save, invest, buy a home, or change careers. If you borrow too much debt that you cannot afford based on your salary, you will not be able to achieve these milestones. Run the numbers before you sign. The College Investor has a great How Much Student Loan Debt Can You Afford Calculator.
5. Experience Beats Prestige
Employers care what you've actually done, not where you went to college. A state school graduate with three internships, a strong skillset, and real networking will outperform an Ivy League grad with none — every time.
Start building real-world experience your freshman year. Internships, part-time work, side projects, and professional relationships matter more than the logo on your diploma.
And by your second job? Employers don't even care where you went to college.
The Bottom Line
Decision Day is significant, but it's not your whole story. The college you choose matters less than the financial decisions you make around it. Choose the option that gives you the most flexibility, the least debt, and the most room to build a life on your terms.
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.