Economic observers agree: this is the worst recession since World War II. While there are some indications that the global economic crisis has begun to bottom out, employment is still high and some experts are predicting a ‘jobless recovery’. For those recent college graduates who are facing an uncertain job future and the reality of making college loan payments, this is an anxiety-provoking time. What happened to the concept that a college degree was the key to economic security and upward mobility? Some people are wondering, is a college education really worth the money?

To paraphrase the old Chinese curse, we are living through some interesting and challenging times, and the rules of the road are constantly changing. Virtually every business or profession has a global application. Economic analysts point to the need for an educated work force, especially in science and mathematics, but are the jobs really there? Education advocates stress that the earning power of college degree translates to roughly a million dollars more in lifetime income. But with news stories about PhDs working the counter at Starbucks, more and more college bound students are looking for ways to get the degree without the debt.

So what are the options? First of all, it is time to re-evaluate the idea of brand names and education. More and more students are finding that there is real value in state universities and lower-profile educational institutions that are more affordable and offer really excellent educational options. But even beyond these alternatives, students are finding even more creative alternatives to nailing that all-important degree without finding themselves encumbered by a lifetime of student loan payments. On line resources like Top-Colleges can give you a great overview of education options and provide valuable information about financing options.

Community colleges are offering a great, affordable alternative to a whole new generation of students. Thanks to Jill Biden, wife of Vice President Joe Biden, these often under-rated educational institutions are beginning to get the respect they deserve. With tuition that don’t break the bank, these colleges provide a great academic launching pad for many students. Think about it for a minute. Instead of going for a four-year college, consider enrolling in a two year community college – then transfer to an affordable state university to nail that all important degree.

The bottom line: yes, a college degree is an important link to your potential earning power. However, before your encumber yourself and your future with huge college loan payments, you might want to consider some of the alternatives. Community colleges and distance learning can be a great ways to conserve your educational resources. Look at state universities for tuition-affordable programs. There is no question that education is the passport to finding a thriving career – but make sure the price tag for those educational credentials is affordable.