Guest Post: The Best Way To Stay Out Of Student Loan Debt And Boost Your Resume
From Simon Black of Sovereign Man
The Best Way To Stay Out Of Student Loan Debt And Boost Your Resume
Despite the mind-numbing mantra we constantly hear from our political leaders and central bankers that inflation does not exist, there are certain parts of our lives where even a freeze-dried coffee bean can see that prices are clearly rising: At the grocery store. At the doctor’s office. At the gas pump.
One of these places is also our hallowed institutions of higher learning. It’s no secret that the cost of university education, especially in the United States, is staggering. Tuition at private schools in the US averages $30,000 annually, and students often graduate over $50,000 in debt.
This leads to a fancy form of indentured servitude; students with this kind of debt load are forced to take the first paid work they can find, and they’ll work for the next 14-years of their life just to start back at zero.
Graduate schooling can be even more painful. Top MBA programs can charge $50,000 per year or more, and for those who still cling to the idea of working their way up the corporate ladder, this has become a necessary step.
Especially now in the midst of a severe recession, it has become a new trend for people to head back to school, firm up their credentials, and wait out the economic downturn.
I have a better solution for you to consider: head overseas.
Going to a school overseas ticks a lot of boxes– for one, it’s a hell of a lot cheaper, and you don’t emerge deep in debt like you would back home.
Second, the quality of the education is as good if not better than what you would otherwise receive.
Third, and most importantly, it’s just more interesting. The experience abroad will be much more fulfilling, and it will distinguish you from the pool of other candidates who all have generic resumes.
Let’s say you’re an Ivy League type. Why pay Harvard $52,000 per year when you can go to the University of Cambridge in England for around $19,000 per year? Cambridge is consistently rated as one of the top universities in the world: same quality education, a fraction of the price.
If that sounds like too much, consider a place like Hong Kong University. Tuition at Asia’s top school is around $15,000 per year, and there are plenty of scholarships and financial aid packages available. Not to mention you’d be networking with future movers and shakers in the region.
Still too much? Look at Erasmus University in the Netherlands, whose Rotterdam School of Management is one of the top business schools in Europe. Tuition in the all-English program is around $11,500 per year, 73% less than Notre Dame’s Mendoza School, and 26% less than Michigan’s Ross School of Business.
Still too much? Try Qatar University, where there are numerous English-language programs in disciplines such as business and engineering. Tuition for foreign undergraduates is just $4,000 annually, and you’d be spending formative years in one of the world’s most thriving, opportunity-rich economies.
Still too much? Try Albert Einstein’s Alma Mater, the Swiss Federal Institute of Technology (ETH) in Zurich. If you make the cut, ETH’s tuition fee is a whopping $750 per semester for both undergraduate and graduate programs, and the school is typically ranked among Europe’s top 5 universities.
Here’s the bottom line– if you’re facing an uphill battle for prospects and opportunities, get creative; don’t simply follow the same path that everyone else is taking. The world is a big place– stop limiting yourself by geography and start looking overseas for solutions.
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Permanent semester abroad, bitchez.
My advice to any young men contemplating university abroad would be to study in Colombia, Bogota or Medellin. Beautiful women, good food, low costs, beautiful women, cheap booze, crazy night life, beautiful women, very pleasant climate, learn to speak pure spanish, beautiful women.....
And if they kidnap you, you get a free stay for 3-5 years.
Actually, patb Colombia is much safer than it was 15 years ago. Most of the violence associated with the drug trade has moved to Mexico. But, you do need to be careful, especially if one of those colombiana hotties gets you in her grasp :-)
I totally agree with Columbia. When this lilly white blonde haired gringo was in South America I was dating model quality ladies who want it every night (or at least convincinglt pretend to) and believe their life goal is to serve their husband and raise children.
If I had known then what I know now I would have married one.
Guys there are better things waiting for you overseas. You may make half your income but your life is fantastic.
I wonder how many of those prices are subsidized by govt so their education looks good by global standards?
Not saying we're not seeing inflation concentrated here in higher education. Actually, I've been saying what this post says for a decade: Money printing does not just blow into CPI... it blows heavily into asset prices and other things people buy with leverage.
LB.S:
Well, that might be a part of it. But in "Old Europe" it is the beginning of the Ruling Class's gravy train. Since screening into Ecole Superior and Ecole Polytechnique and ETH involves certain "connections"
Subsidized to hook the young 'unz.
- Ned
There is a simpler way: Rack up a few semesters at a community college and transfer them over. I teach at one of these overpriced elite institutions; lots of kids do this.
In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets. Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible. Thanks.
Regards,
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Does that program include conjugal visits?
Is that is the case I will go for Chile....in the region: higest levels of educacion, safest country, estrongest economy, beautyful weather and geography, best wines...chilean women are not that hot as Colombian though...if you want a banana republic like the US so go to Colombia, if you are looking for serious future, go to Chile or Uruguay as a second alternative.
Campagnolo, I agree that Chile is a wonderful place to live and prosper. I only suggest Colombia as a place for young men to have fun whilst learning to speak good spanish and obtaining an education at a decent price. Uruguay is also a good place to live, but rather boring, except for Punta Del Este during the tourist season.
Can you f*cking stay on topic? We aren't talking about where to find the best brothels. We are talking about where to get the cheapest quality education to enable one to make MONEY; the best EDUCATIONAL investment not the best PUNANI investment.
God I f*cking hate Columbian women shut up about that crap already. They look mostly like Indian women, if you like that kind of thing great but don't go on about it ad naseum.
Yes American schools - the quality is average at best and the price is extortion, especially in this economy where there are no jobs. I recently finished law school in the U.S. - no job, huge price tag, condescending professors, low quality in terms of information learned.
Same with the B-Schools here - they just turn out banksters and sheep. Look at how well the B-School graduates ran the banks and other financial instutions, not to mention the economy. These schools have destroyed their reputations.
Dupe
You do realize that you are arguing with a MBA who whores himself? I thought you knew that.
And I love U too, Flaky. I am just waiting for the next ZH article on AGW....
Sorry , halflink123, we are only trying to inject a bit of levity into the conversation. Most of what I remember from college were the girls. The rest of it, ie education, took me many years to unlearn. As a suggestion, if you are a recent graduate, why not go overseas and study for 1 or 2 years? It will look good on a resume, you can develop new skills and will open opportunities that you may not imagine. Good luck finding a decent job stateside.
Debt will increase through time if it is not repaid faster than it grows through interest. This effect may be termed usury, while the term usury in other contexts refers only to an excessive rate of interest, in excess of a reasonable profit for the risk accepted. Thanks a lot.
Regards,
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Higher education generally involves work towards a degree level or foundation degree qualification. In most developed countries a high proportion of the population now enter higher education at some time in their lives. Higher education is therefore very important to national economies, both as a significant industry in its own right, and as a source of trained and educated personnel for the rest of the economy. Thanks.
Regards,
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It ain't sexy, but a car/diesel mechanic will always put food on the table. Even during a Mad Max depression.
And he'll have time to love his wife and raise his kids.
Might I add machinist /gun repair, electrician and chef.
Fred Garvin. Male prostitue.
Let me help you with that back brace.
Dig it, RF!
The best advice you can give to most (not all) kids is get a trade while they are still young. Plumber, mechanic, locksmith, wielder etc - these trades always tend to have better income and employment opportunities than many of the jobs requiring university credentials (nevermind all the unskilled/semi-skilled jobs).
And having worked for a few years such a trade can then be used (if the person is dead-set on it) to get that university degree they've always wanted. They can either have saved up for university or they can study part time and pay fees as they go; thus avoiding the later debt load that blights so many young peoples' lives.
On a slightly different note -- I know it's a fantasy to suggest this, but I suspect many American young people would like a system like we have in Australia: its called HECS (Higher Education Contribution Scheme) and it basically means that the Commonwealth government pays for your university etc degree up front. You then have a choice: you can pay back the government immediately at a reasonable discount or you can pay later, after completing your degree. However, you are only required to start paying back when your income hits a certain level -- I think it's around $45,000 per year (averaged over 52 weeks) that initiates repayment. When you do repay (you might have to pay this week, but not the next because your income has dropped) the government takes something like 2% of your weekly wage in repayment. The percentage increases a couple of stages for higher incomes (I think the highest is posibly around 4 %). Of course, the total debt owed increases each year in line with official inflation.
Don't get me wrong, it's far from a perfect system -- however, I do think it has some advantages over a system that basically demands that poorer students obtain loans at basically commercial rates of interest the repayment of which kicks in on simply completing your degree.
Cambidge university; here in the Uk for $19k p.a? I think not. Tuition fees for Uk residents are £9k ( call it $15k) and higher for overseas students (by @50%) which is why Universities here love foreigners and let as many of them in as possible. Back to the £9k p.a tuition fees - thats without any living expenses or study materials! so you can double it AT LEAST!
The Education minister was on the media last week defending the increase in tuition fees thus:
"as no repayments on government loans for University are due until the graduate is earning at least £21,000 pa we calculate that only 60% of men and 40% of women will ever make any repayments"
Which would be very funny if it were not so tragic.
The same is true if you finished your studies a long time ago and never went back for continuing education credits or a new certification. Employers look for updated resumes when interviewing candidates for a position, so you may be at a disadvantage even if your old credentials are good enough. Thanks a lot.
Regards,
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Library..
Interwebs.
Like Frank Zappa said:
`If you want to get laid, go to college. If you want an education, go the library.'
Guilty of former.
"You spent a hundred and fifty grand on an education you could have had for a dollar-fifty in late charges at the public library."
~Matt Damon as Will Hunting~
And you won't be indoctrinated by propaganda-spewing, leftist professors...
They are all so cheap aren't they?
...the world needs ditch-diggers, too...
Had this world a majority of balanced, serious, ignorant people, it would go forward.
.. and for every ditch digger there has to be a ditch filler in .. :)
According to Keynesian economics as interpreted by today's geniuses. LOL.
"What's your dirt doing in his ditch"
http://www.youtube.com/watch?v=LkI9csyCZhs
Still need a degree for that now.
Much cheaper to save the debt or just go overseas.
If I was young I'd get the fuck out of here too. USA can bleat be competitive with the rest of the world when they have the highest cost higher education, least amount of jobs and highest debt.
you'll get nothing and like it!
Are you my pal, Mr. Scholarship Winner?
it's easy to grin
But the man worthwhile, is the man who can smile, when his shorts are taking HFT heat.
How do you expect to get any pudding if you don't eat your meat!
I spent a couple of years in the early 80's in the US Navy going to technical schools. It cost the tax payers over $1 million for my education. It cost me 4 years of hell serving on a ship with an undermanned shop because no one would stay in after having served the minimum amount of time to get the "free" education others and I got. I joined the others in walking away from the US Navy and taking a 6 figure a year income job.
I'm guessing twidgit, yes?
That and the clearance together are quite marketable.
The Navy, it's not just a job, it's an adventure.
Technical School at $1 million? Clearly that's not machine shop education. What? Nuclear Physics? Medicine?
Then again, these are the same people who paid $500 for toilet seats.
Gas Turbine systems Tech Mechanic, Electrical, and Electronics. I did it all. I was a Tool and Die machinist before I joined. Jimmy Carter (like Obama today) killed jobs and the economy knocking me out of work in the process. After the Navy I travelled all over the world installing and repairing Gas Turbine power plants. I retired at the age of 47 and now have a little shop behind my house with a complete machine shop and electronics test, calibrate, and repair bench.
"I am so smart, SMRT"
Homer Simpson
Don't want to be "that guy."
ETH in Zurich is not $750. Its 750CHF, and that is only if you are a Swiss resident. If you are foreign you pay a bit more.
Actually, it's 500 CHF. And they don't care where you're from, if you can get in. How about any Germany university where it's 500 Euro / semester including other Einstein alma mata?
Getting in is a different story.
And you're right. Tuition is actually lower. I vaguely remembered it being 750 and more for foreign born students. Thanks for the correction.
As to your Germany Uni point, if I'm not mistaken, tuition includes tram fare.
who cares, WBS cost me CHF 50'000 per year as opposed to the 3000 in Zurich. i did not learn more in philly than i would have in CH.
A friend of mine is a professor for an Ivy League in Doha Qatar. He is making north of USD 120000 whereas Columbia offered him USD 40000 in New York. Student tuition there is so low because of government subsidies.
My advice, do your kids a favor and get them the heck out of the USofA.
in addition they will learn an additional language which is priceless, no mastercard experience.
All WBS taught me was to get the heck out of West Philly. I didn't go far enough, and agree that it is sound advice to the next generation: get out of the USA.
All WBS taught me was to get the heck out of West Philly. I didn't go far enough, and agree that it is sound advice to the next generation: get out of the USA.
we used to call mc donald Mc Death and Burger King, Murder King. I guess we,ve lost in every year 2 to 3 penn students to crime.
what a shit hole it was, although my most fun 2 years of my life.
Rat... but isn't part of the attraction of being a Econ Prof at a prestigious US school in getting hit on by Becky Quick and Diedre Bolton whilst being interviewed... and getting paid $200k to write up "independent" reports on the health of BoA ;-)
After 10+ years at your $40k pa gig, your net worth is somewhere between $4MM and $10MM...
Agree 100%... get yo' a$$ o/s... why suffer in the US if you have a college education...find out where jobs are...apply for that passport and get moving... it ain't hard...just needs some independent thought...
Yeah, you're right, it's $850
I did graduate work at ETH in computer science. When I was there they paid their graduate students to be teaching assistants. The taxes were much lower than in the US. And the chocolate and skiing were fabulous.
Or save yourself the cash and don't bother. Most jobs available don't require a degree.
Sounds good too me.
Everything you need to know can be learned on youtube.
YouTube and ZeroHedge. I have learned that people who go and study economics are 100% wrong in all their predictions.
Economists are a trailing indicator. They do make good boat anchors though.
Speaking as someone who studied for three years at National Tawian University, known as the "Harvard of Taiwan", I attest that studying abroad has many advantages, but be wary that the letters MBA do not hold much value in America or Europe when they come from Asia. Nevertheless, living in a foreign country was a fantastic experience. More important than the formal education you receive is the live experience you gain.
Living abroad is an education in itself. Learn a new language and learn about different cultures. It is a mind opening experience.
Not sure how much value the letters have in North American either. The shine is coming off that degree when they track company performance when run by leaders with and without MBA's and find no correlation.
I'd say globally there is what amounts to an education bubble, funded by: you guessed it, debt. Student loans facilitate the bloated tuitions. Too many people going to university, quite frankly, the quality of the grads is dropping like a stone while universities chasing those bucks a in a conflict of interest between collecting tuition and pissing off the customer by imposing education standards. It's just demographics: when you give degrees to a higher percentage of people, the average drops. It's called the bell curve.
This is really true. Also overseas medical care at the top hospitals is better than the average medical care in the United States at usually less than half the cost for more luxurious and attentive surroundings.
I might just go abroad as a USA trained doctor. They still respect us overseas, but perhaps not for long if we keep practicing shitty medicine here in the untied states.
I am going to recommend my sons consider going overseas for their education, especially if they can learn a foreign language. The USA is still the biggest trading economy in the world and a foreign language will be a plus in the future.
Hey I see an opportunity for another credit-financed bubble!
Check out the tuition at McGill or U of Toronto or UBC....
I got a better idea. Either I get a 100% paid scholarship or I am not studying at all. To many MBA's out there anyway and to few banks hiring. Supply and Demand HOOKERS!Construct: If and when you study, start with "to" and "too."
Go to college in India, then stay there & get your job back which was sent there years ago.
Yeah I hear ya but do they have working sewage systems with toilets in India?
Yes, they do. The street.
I thought it was the Ganges.
Jim Cramer is in India now?
Yes, he is swimming in the Ganges right now . . .
and he is screaming "C'MON IN THE WATER'S FINE!!"
+++
He is the turd in the punch bowl! Er, uh, river.
Sorry! While your office may well be filled with H1B visa holders from Delhi, you are not allowed to go there and work. Even if the 2/3rd salary haircut is acceptable.
Wrong. From what i see in the IT field the salaries are now on an average 2/3rds of what you make here. And yet they keep rising by 10-20% everyyear. Would not be surprised if in 2-3 years they are on par with what we make here.
Plus 2/3rd salry in India can give you a better lifestyle than you get here. You can hire maids, people to drive you around and food is not poisioned with HFCS!
"and food is not poisioned with HFCS!"
Who needs that when you can have cholera and ascaris worms.
Ignorance is bliss!
Major Indian cities like Banglore, Mumbai and Delhi have some of the finest restaurants around with some great hygenic food. Most people from developed countries prefer that option.
On the other hand you can really economize a meal by getting food from street vendors which might come all those diseases free. So the really really cheap ones are the one who get impacted!
Ignorance is bliss!
Major Indian cities like Banglore, Mumbai and Delhi have some of the finest restaurants around with some great hygenic food. Most people from developed countries prefer that option.
On the other hand you can really economize a meal by getting food from street vendors which might come all those diseases free. So the really really cheap ones are the one who get impacted!
Might actually be a good choice for my children. Of course if they come back culturally contaminated, I'll be pretty pissed off.
I'm sure staying here is much better.
http://www.foxnews.com/entertainment/2011/04/03/rutgers-parents-outraged-snooki-speech/
</sarc>
LOL. yeah, no cultural contamination on this soil! ;)
I graduated near the top of my class from a very presigious graduate school in the U.S. with a $100k in student loans. Basically committed career suicide when I realized what a sham my profession was . . . three years later, still no default on the loans, but I am considering an international move where I can start a new credit file at zero.