The Burden of Educational Debt: Insights from Mike Feinberg

In the past decade, tuition fees for higher education have surged by over 25%, placing significant financial strain on students and their families. According to the Education Data Initiative, the average cost of obtaining a bachelor’s degree from an in-state public school reached $89,556 for the 2022-23 academic year. This escalating cost has led many to reconsider the traditional pathways to success.

Mike Feinberg, co-founder of the WorkTexas secondary and post-secondary program, highlights the shifting perspective towards higher 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 like a car loan, it’s not that big of a deal,” Feinberg notes. “Now, it’s like taking on a home mortgage, so a lot has changed.”

A Bankrate survey reveals that more than half of Americans (56%) believe that the costs of higher education have spiraled out of control, with 32% labeling student loan debt as a national crisis. The financial burden has prompted many high school students to seek alternative educational opportunities that provide better value for money.

Programs like WorkTexas have gained traction by offering skill-based instruction that leads to immediate employment opportunities. Feinberg’s initiative allows high school students to earn degrees while simultaneously gaining practical skills in fields such as welding, carpentry, and electrical installation. These programs are often funded through grants, enabling many participants to receive training at no cost.

The Bill & Melinda Gates Foundation conducted a study revealing that high school students ranked professional certificates and licenses higher in value than traditional two or four-year college degrees. This trend underscores a growing recognition of the financial risks associated with student loans.

Feinberg explains, “Most people are doing this because they need a job—or a better job. We’re interested in what that looks like in terms of career contentment, earning power, and creating sustainable lives for themselves and their families.”

As the cost of attending college continues to rise, Feinberg expects more students to consider programs like WorkTexas, which offer practical and affordable alternatives to traditional higher education. “People are realizing they have choices and need to figure out where the best bang for the buck is,” he says.

In the past decade, tuition fees for higher education have surged by over 25%, placing significant financial strain on students and their families. According to the Education Data Initiative, the average cost of obtaining a bachelor’s degree from an in-state public school reached $89,556 for the 2022-23 academic year. This escalating cost has led many…