The burden of educational debt has been a growing concern for many students and their families. Mike Feinberg, co-founder of the WorkTexas program, has been vocal about the critical issues surrounding this topic.
In the past decade, the cost of attending a four-year college has surged by more than 25%. As of the 2022-23 academic year, the average cost for a bachelor’s degree from an in-state public school stood at $89,556. According to the Education Data Initiative, the majority of undergraduate students—about 86.3%—borrow money to pay for their education. The debt can take nearly 20 years to repay, creating a financial strain on young adults just starting their careers.
Mike Feinberg emphasizes that this financial struggle is prompting many to reconsider the necessity of a traditional college education. “We had this mentality in the ’90s—go to college, figure out what you want to do, and if you need a loan, it’s manageable,” he explains. “Now, it’s akin to a home mortgage, and a lot has changed.”
Due to the increasing costs, many high school students are exploring alternative educational pathways. According to a study by The Bill & Melinda Gates Foundation, students view courses for licenses or professional certificates as providing better value than traditional college degrees. Programs like WorkTexas, which Feinberg helped launch, offer skill-based instruction that can lead directly to employment.
WorkTexas participants can gain skills in various trades such as welding, carpentry, and electrical work. The program, supported by grants and other funding sources, often provides free instruction. “Most of our participants are here because they need a job or a better job,” Feinberg notes.
The program collaborates with companies to develop its curriculum and often secures employment opportunities for its graduates. WorkTexas also maintains a commitment to its participants, staying in touch for at least five years after course completion. “We’re not just interested in getting them a job,” Feinberg says. “We care about their career satisfaction and long-term success.”
With the cost of attending college expected to rise even further, Mike Feinberg anticipates that more students will look to alternatives like WorkTexas. “People are realizing they have choices and need to figure out where the best value lies,” he concludes. This shift in perspective could reshape the educational landscape and provide viable options for those burdened by the prospect of overwhelming debt.