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Cost
Comparison
Traditional
4 Year College vs. 5 Year Apprenticeship Degree Program
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AVERAGE COST OF A 4 YEAR COLLEGE DEGREE |
AVERAGE COST OF A 5 YEAR APPRENTICESHIP |
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Student Loan
of
$40,000 @ 7.5% |
Tuition
of
$4,320 (may vary) |
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* $322.24 monthly for 20 years |
Books
$0.00 |
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* $3,923.69 per year |
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* $37,366.25 interest |
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* $77,336.25 Total repayment of loan |
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Average wages you may make if you graduate |
Average union building trade wages |
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1st 4 years in
college
$ -0- |
1st year as an apprentice
$ 31,794 |
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$40,000 per year next 5 years $200,000 |
2nd year as an apprentice
$ 37,908 |
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$60,000 per year next 5 years $300,000 |
3rd year as an apprentice
$ 44,022 |
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$80,000 per year next 5 years $400,000 |
4th year as an apprentice
$ 48,619 |
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(only about 30% make it to this level) |
5th year as an apprentice
$ 54,724 |
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Journey 5 years $316,349 |
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Journey 5 years $349,273 |
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Journey 5 years $385,625 |
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Average total for 20
years
$900,000 |
Average total for 20 years
$1,268,314 |
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Deduct for
school
$ 77,336 |
Deduct for
school
$ 4,320 |
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20 YEAR NET $822,664 |
20 YEAR NET $1,263,994 |
YOU JUST LOST
$441,330
FOR TAKING THE TRADITIONAL ROUTE
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Based on
Apprentice/Journey hours of 1944 per year and wages as of
1/1/2006 (Does not include
fringe benefits)
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Your results
may vary, no guarantee is implied or expressed
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