The Pros and Cons of Trade and Vocational Schools

What Is the Difference Between Trade School and College?

Trade or vocational schools and traditional colleges offer distinct educational paths tailored to different career aspirations. The primary difference lies in their focus: trade schools provide specialized training for specific careers, while colleges offer a broader education designed to develop well-rounded individuals.

For example, a history major at a four-year college will enroll in classes across various disciplines, including math, science, and English, to meet general education requirements. In contrast, a student studying to become a pharmacist will focus primarily on courses related to pharmacology, chemistry, biology, and the practice of pharmacy. This specialized curriculum ensures that aspiring pharmacists gain the in-depth knowledge and skills needed for their profession without the need for unrelated coursework.

What Are Examples of Vocational Education?

Vocational programs cover a wide array of trades and professions. Some common examples include:

Medical assistants
Pharmacy technicians
Dental assistants
Veterinary technicians
Paralegals
Culinary arts professionals
Massage therapists
Cosmetologists
Respiratory therapists
Plumbers
Electricians

Benefits of a Vocational Degree

A vocational degree offers several advantages:

1. Less Time

Vocational programs typically take around two years to complete, compared to four years for a Bachelor’s degree or six years for a Master’s degree. This is ideal for students eager to enter the workforce quickly or those looking to switch careers and acquire new skills efficiently.

2. Less Expensive

The cost of vocational education is generally much lower than that of a traditional college. Completing a trade school program can often be the equivalent of just one year of tuition at a university. For example, the cost of tuition and fees for a full program at the Pittsburgh Institute of Aeronautics (one of the more expensive trade schools) for the 2024/2025 academic year is $41,420 – while the cost of tuition and fees for Syracuse University in 2024/2025 is $63,710.

3. More Direct

Students with a clear career goal can focus on gaining the necessary skills for their chosen profession without the additional courses required in a traditional degree program.

4. Variety of Career Opportunities

Vocational schools offer programs in diverse fields, allowing students to explore and specialize in trades that interest them.

Downsides of a Vocational Degree

Despite the benefits, vocational degrees have some drawbacks:

1. Inflexible

Vocational training is highly specialized, limiting the opportunity for broad skill development and exploration of other interests. The skills learned are often not transferable to other fields.

2. Lower Earnings Potential

Generally, vocational careers may offer lower earnings compared to those requiring a traditional degree, due to the shorter training period and higher supply of qualified workers. According to Money Geek, data from the US Bureau of Labor Statistics reveals a clear financial advantage to pursuing higher education. The statistics show that individuals with a bachelor’s degree significantly out-earn those with an associate’s degree. Specifically, the median annual wage for someone with an associate’s degree is $44,824, while those holding a bachelor’s degree enjoy a median wage of $62,296. This underscores the long-term financial benefits of advancing your education beyond an associate’s degree.

3. Limited Career Advancement

Without additional education, advancing in a career that started with a vocational degree can be challenging, as the skills are specific to one trade.

4. Supplemental Education

Vocational degrees can be valuable for those already established in a career but looking to enhance their skills or learn a new discipline, particularly in fields evolving with technological advancements, such as IT or cybersecurity. While trade schools offer specialized training, they come with downsides such as limited career growth opportunities, fewer financial aid options, and less flexibility compared to traditional college programs.

Financial Aid for Vocational Education

Federal Financial Aid

Eligibility for federal financial aid depends on the length of the program. Programs of at least 600 clock hours (equivalent to 16 semester credit hours or 24 quarter credit hours) may qualify for aid similar to that available for associate or bachelor’s degrees, including Pell Grants, Federal Work-Study, Federal Supplemental Educational Opportunity Grants (FSEOG), and direct loans. Shorter programs between 300 and 600 clock hours are eligible only for direct loans. Programs fewer than 300 clock hours, effective July 1, 2024, will not qualify for federal aid. To determine eligibility, students must complete the Free Application for Federal Student Aid (FAFSA®).

Private Student Loans

Students can also explore private student loans¹ to finance their vocational education. These loans can cover a wide range of expenses, including tuition, books, supplies, housing, and more. Borrowers must meet specific credit criteria, so it’s important to compare various lenders and loan terms before making a decision.

Payment Plans

Trade schools may offer payment plans to help students manage costs. Understanding the terms, including any upfront costs and monthly payments, is essential. These plans can impact credit and repayment flexibility, so thorough consideration is advised.

Other Financial Aid Options

Vocational students can also explore scholarships (like those found in the Going Merry app), state grants, and institutional aid. Some states (for example, Maryland) offer tuition waivers for specific demographics, such as foster care youth enrolled in vocational programs. Researching state-specific aid programs is beneficial, as they vary widely.

Conclusion

Trade and vocational schools offer a viable alternative to traditional college education, providing focused, practical training for specific careers. While they present benefits like shorter duration, lower cost, and direct career preparation, they also come with limitations such as specialized skill sets and potentially lower earning potential. Understanding these pros and cons helps prospective students make informed decisions about their educational and career paths.

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

1 Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA(R) form to apply for federal student loans. Federal Direct subsidized and unsubsidized loans, excluding PLUS Loan for Parents and PLUS Loan for Graduate and Professional Students which require a credit check and a credit worthy endorser if the parent or graduate or professional student has adverse credit, do not require a credit check or cosigner, and offer various protections if you’re struggling with your payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at https://studentaid.gov/.

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Daniel Bod

Writer at Going Merry

Daniel Bod is a seasoned higher education professional with two decades of expertise in financial aid. He began his career at Hofstra University in 2004, after completing his Bachelor's degree from Stony Brook University in 2000, where he provided comprehensive financial aid support to families from diverse backgrounds. In 2007, he transitioned to LIU Post and advanced to Senior Assistant Director of Enrollment Services, dedicating over ten years to assisting students and families in various capacities. During his tenure at LIU Post, Daniel also earned a Master's degree in Childhood Education. Transitioning to St. George's University in 2019, he spent over four years focusing on the financial needs of medical students. Daniel excels in advising on loan options and empowering students and families to make informed decisions about educational finances.