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College graduates are twice as likely to find employment... but at what cost?
Source: Visual.ly via CreditGuard
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There's an $800,000 earnings gap between high school grads and college grads according to this info-graphic, and other data I've seen puts that up even higher. I'd go $50,000 into debt to make an additional $800,000. Actually I went $42,000 into debt. The days of making a living in manufacturing are over. You only have 2 options: start your own business or go to school. I have a bachelors in business. It's worked out pretty good. Beats flippin' burgers.
Companies are downsizing,even in Acct/finance depts, the advent of SAP, JDE one World and a host of other ERP systems will continue to automate the business functions. No one today is safe. It used to be you could measure job stability in years now its months or weeks. The $800k used to be a million a couple of years ago.
Guy whom manages the ERP system is me.
Good schools are over $50k/year, and figure you must go to grad school call it over $300k or MORE debt,
Most people coming out of college can't find jobs.
Where in the fuck do these stat's come from?
100% chance of getting a micky-d job with no debt, ... or a 100% chance of debt, with no job,
Even at GOOGLE they would prefer a smart 16 year old over a +40 year old educated person, its been noted that 2 years on the job is the same as a 4 year degree, and the kids coming out of college may or may not be up to speed after the 2 years, ...
EDOOCation in the USA is a racket,
This quote about $40k debt, must be for fucking community colleges, ... those who grad will go to micky-d to be a manager
"Good schools are over $50k/year, and figure you must go to grad school call it over $300k or MORE debt" - not necessarily.
In Europe you have very good schools for about 1-2K Euro/year. The problem is to GET IN and to GET OUT ( for ones you are in the system is more or less based on natural intellectual selection, and only some get out), and for sure money will not help you but only your knowledge and intellectual aptitude.
Hear you about the out.Most of my european relatives went to university and stayed.
Tenured professors of hard sciences all over the continent.Shame really.
A waste of talent, or maybe not..
Common sense ,and drive are more important than a degree which proves neither .
Amazing how many millionaires out there that are illtiterate.
Why does everyone need a loan to go to college?
You get 18 years to prepare, that's plenty of time to save up for the expense and either pay it outright or give your kid a loan with more reasonable terms.
How much will college cost in 18 years? Because at this rate, it'll be $250k for an undergraduate degree. F that.
The best time to borrow money is when you don't need to. And the best time to pay back is when you can't.
Thank God I only owe $50,000 in loans on my BA in Gender Studies!!!!!
Now that is funny.
Got one kid in Texas A&M, tuition is $5k/sem, $40k/degree, roughly the price of a F250
My youngest sister got a chemistry degree from TAMU. $50k out of college. My wife and I didn't make that combined our first year out. Took her a week to find a job. Took my wife and I 5 months.
The difference is that my $20k is student loans were variable rate, prime plus 0. Obama "protected" her by locking her student loan rates to 7.5%. Paying 2.5x what I paid monthly. $200/month isn't so bad, $450 is when you're first starting out. They totally screwed these kids over. And it's a money maker for the government. They borrow at 2-3% and loan it out at 7.5. I keep telling her it's a tax rider, but you don't know the value of that $250/month in savings when you're young.
Learning should be free
It is free, but the paper isn't.
One thing for sure is the need for financial literacy. They should teach it young. I am amazed at how many adults, with good income, get themselves deep in debt.
Some people out there have to have the latest and greatest toys; fiscal responsibility be damned. But I agree with you.
High school nowadays is nothing more than a taxpayer-funded daycare center, and community colleges (some universities as well) are glorified high schools. Kids are taught the tests and reward submitting to authority even when the authority is wrong. They aren't challenged, nor do they challenge, and the few that do challenge are reprimanded.
They should do a lot of things for our youth besides making them financially literate such as teaching general education in K-12, and teaching classes relevent to your major in higher education institutions. That will cut down on costs while still providing useful education.
But the biggest problem with our education that I saw were teachers terrified of failing children because they would be confronted by their parents who thought that their little Timmy and/or Tammy was the most gifted little fuck in the world and they never saw that type of parenting as a detriment to the development of their child. So the education system caters to that style of parenting and everybody ends up suffering because these fucktarded parents don't want their kids bruised by failure.
I received my Master’s Degree at the University of Hard Knocks, currently working on my PhD. Got a few lumps along the way but ZERO Student Loans!
So... the average student loan is $24.000, the average lifetime earnings gap is $800.000.
If this is correct then there is no reason not to study if you can...
My experience with (some) students is that they waste their money on nonsense, and their time on partying. No wonder they end up without a job, and in debt.
As everyone else, you have to work hard to get somewhere. You just earn more if you have a degree.
1. Not all states are ranked the same for quality of education, so if I had to get into debt, I'd choose accordingly.
2. In other Western countries, where education is not another financial/banking racket, they keep costs at sensible levels and control the size of the academic "industry" by limiting the number of universities. They see it as a "National Interest" issue to have the best educated people in a world of increasing global trade and competition. Along those lines...
3. Whenever there's a downturn in the economy, students get their Master degree (2 yrs) or PhD (4-6 yrs), to keep them off welfare and from having excessive competition for job openings.
4. You can always get your degree at a foreign university, at a fraction of the rip-off cost in the US, and see a bit of the world in the processes. If, IF you get in. That's because very few do, because most Developed/Western countries see US high school degrees as a bit of a joke. Just do some research on International academic competitions, and you'll discover that US students rank very low these days.
It's my understanding, and I may be wrong on this, that they have general degrees that are taxpayer funded, but the specialized degrees are the ones you actually pay out of pocket for. But if I am correct in this matter I think this would be the way to go. STEM degrees can be taxpayer funded while students who want a degree in basket-weaving and interpretive dance can pay out of pocket for it.
I think if we, the taxpayer, pay for students to get degrees that actually contribute to the nation's economic and technological development we wouldn't be in a situation where grads need higher paying jobs to pay for their debt.
Also, that money that goes to Salliemae would be better served if it were spent back into the economy because whether the taxpayer likes it or not they're already paying for the education of others, but the difference is that Salliemae is the victor while the taxpayer takes the loss. From a business perspective I wouldn't mind seeing 25-50k spent on purchases, and consumer demand does help fuel innovation.
" If, IF you get in. That's because very few do, because most Developed/Western countries see US high school degrees as a bit of a joke." - That is very true.
In Europe (East and West) generally a student starts to study Algebra, Geometry, Chemistry and Physics since 7th grade, and have 2 semesters per year. So, till they graduate (usually 11th grade) they have taken 10 Semesters Algebra, 10 Semesters Geometry, 10 Semesters Chemistry and 10 Semesters Physics, or combined 40 semesters/terms of Science classes and this is not to mention any specialized (high) schools, generally pervasive in Europe, where, there is, A LOT MORE concentration on Science and Engineering subjects than from the standard 40 semesters in the general educational system. Now compare this with the US of A per-collage educational system. To point, Calculus, Vector Analysis and fundamental concepts of Differential Equations are introduced in 8-9 grades in Europe.
The question is are the US of A kids too dummy to be thought these subjects in middle and high school or it is the system trying to postpone any useful (of course depends on the point of view of usefulness, but as we all see Science is generally considered as a VERY useful knowledge) knowledge till one is willing to pay to get it, or it is some combination of these with additional flavors from other unconsidered forces/interests.
Shouldn't colleges and high schools be on the financial hook for
producing products that both cost a boatload AND don't work?
PG/Ford/GM/BA/PB all have to face the music when when of their products don't work.
...And there's a lot of college graduates with alot of debt that aren't working....
I almost sure that what you meant to say was "Is the degree still worth the debt?" You rite reel gud, just like most grads.
As of now the last post and one of the best. Tip o' the hat.
I used t think that it is worth getting into a debt in order to get a higher degree, but in the light not changing economy I can me to thinking that it is wrong. It is worth only if you have some sort of a guarantee to get a good job with a paycheck which will allow you making monthly payments. But every single guarantee these days is quite questionable. So no, all this writing term papers (click here) and doing researches is not worth the shot. Everything is too unstable. Debt is scary.