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This one's going to be interesting to watch when it pops.
You mean the fact no one is allowed to declare bankruptcy on student loans anymore?
More like the fact that these worthless student loans have been securitized into SLABS (Student Loan Asset Backed Securities) much like sub-prime mortgages were.
Unlike mortgages, which were based on homes which have actual value (albeit much lower then their declared value), the worthless pieces of paper (some) students receive has absolutely no value.
SHhhhhh.....don't give away the secret sauce.....
See Japan, China, etc.
And isn't education the only industry not to have adopted technology? I suppose because of the self-interest of bloated staff under a system of tenure. In fact, most, if not all lectures are a complete waste of time, the contents of which could be more clearly studied online. A dedicated hard-working student should be able to complete a Bachelor's degree programme within one year with minimal access to minimal "Teaching" staff.
this is all just more hackneyed rehashing of the future promises compounding scenario.
College put people on track until that track was no longer viable.
Idiotic to dwell on education as if it were some sort of unique and special snowflake
Why are they called universities?
Everyone comes out singing the same song. One verse.
Wish I'd known that going in.
Sure, but as a self-avowed collegiate you must realize that deconstructing latinate etymologies is the height of solipsistic onanism, n'est-ce pas?
Would you like fries with that?
Thanks for the laugh. Indeed. The one class I wish I had taken for credit was Ghanian Drumming. ;-)
sheesh, I'm glad I went the engineering route, I didn't have to endure too many nonsense "collectivism is good" indoctrination that the lib-arts folks have to take. and my piece of paper (or rather what I learned) is worth something to boot! From a state-school so wasn't too much tuition either compared with Ivy league. I would pity those who paid for "presigious" lib-arts degrees. All that money and not much to show for it.
that's why the elites view education institutions as "gatekeepers"....just a hoop to jump through to gain credibility.
universities are just outsourced research farms for corporations now with foreign labor mostly. because research dollars still dictate what gets researched, developed, and published.
But education alone does not make one an elite....into wage slavery middle class, but not an elite......most of whom inherite their position in society.
However, only in America do you have a bubble in education and her citizens are ever more so stupid. Creationism, christianity politics, financially illterate, etc.
There is no bubble in education, there is a bubble in EXPECTATION which has imposed itself upon the historical conduit of generationally distilled knowledge.
If there's a bubble in education, why are most people who graduate from ivy league schools complete idiots?
This "bubble" has nothing to do with education, and everything to do with incorrigible idiots and their deluded and/ or influential families
ivy league was always full of idiots. that's the secret...that it appears prestigious and smart but most are without real merit.
Mayeb a quarter of them are genius types, the rest are affirmative action, jocks, alumni's kids, wealthy donor's kids, famous executives, etc.
It is elite's way to social engineering next batch of elites.
the bubble has all to do with the PRICE of education which drives EXPECTATIONS.
If college was free, we'd hear less complaints on its value.
Thanks for the article. It applies to most PhDs probably. In my field, you used to get a prof job right out of grad school after 3-4 years of study. Then it took 5 years to get the PhD. Then you needed another 2 years as a post doc. Then you needed another 2 years for two post docs. Now, you probably need three or more and you aren't a prof until your late 30s if you are lucky enough or dumb enough to have lasted that long. Good luck finding a job outside the university too. Total joke like just about everything in this dark world we've constructed.
No, it's the other way around. Expectations drive the price.
If students/ parents in the aggregate didn't expect a positive ROI on their tuition costs, they wouldn't pay to play.
Price is nominal.
Also, you are being far too generous with your estimate of "a quarter"
Philipat, I'd like to give you 1000 green arrows.
I agree that most lectures are a waste of time. I hope that education starts using technology much more before my kids go to college. I do not agree that a hard working student should be able to complete a bachelors degree within a year. I cannot imagine having learned all the science and math for my engineering degree in a year.
Don't know about you, but I sure wouldn't want to be the first person to drive across a bridge built by a construction engineer with a "teach yourself in 60 days" bachelor e-degree.
Unfortunately our primary educational system has failed as well. Most college Freshman lack even basic and critical thinking skills.
Its even deeper than that.
Public education (read government education) was constructed in this country to provide a good employee for corporations and a docile citizen for the state.
And so that rich families can meet and marry each other.
lol...to become the mutant ogres they are.
rich value money over everything....even the attractiveness of their spouse. Marrying for money pretty much on both sides.
School IS for fools. I left college a few years ago amid my Jr. year after the professor in a mandatory Philosophy class rambled about how dissent was UNAmerican.
Took Micro and Macro Econ prior to that. Funny how I learned more on my own by reading books I chose (and did not spend $125 on them like the textbooks, oh yeah on texts: I had to buy one WRITTEN by said Phil. prof), and reading websites like this...
So thanks everyone here, I learn a lot from these blogs and also your comments (and laugh my ass off).
Earning a degree right now has nothing whatsoever to do with smarts, book smarts, or even street smarts.
If you have a competent thesis advisor, he will advise you to gtfo of academia asap and do something useful.
Mine did, over a decade ago.
My life goal as a student was to live in a cardboard box in Europe, and fuck bitches. Piece of advice: do the latter in college, realize that 90%+ who graduate from ivy league schools are idiots, and forego the former in favor of sensual pleasures.
If you live in the US, no one has it better than you RIGHT NOW in terms of value exput vs value input.
This is not something to cry about, this is something to EXPLOIT
I always thought of upper edjubication is a va gina fest.
If you can make it, being a prof is a total v fest. It seems it is part of the spoils of making it that far. You'll get older and your students will stay the same age while varying in looks. Best of all, it is the same regardless of which foot you kick with.
This is the 21st century. We have plastic boxes now.
My wife and I read The Underground History of American Education I believe 15 years ago as we started on our quest as parents of 4. We home schooled them all. So far the experiment has been nothing but a wonderful journey with much fun and success...BTW, and a whole lot of freedom. The oldest soon will recieve PHD in CS Engineering, 2 pro athletes and the youngest just got his AA degree at 18.
If reading that book doesn't change/save your life(and the lives of your children), nothing will.
....and without one dollar of debt.
So if I understand correctly, a SLAB is where a bunch of student loans are bundled then securities are sold on the pool of loans? If this is correct, are there STEM SLABS that only hold the debts of graduates with a bachelor or better in hard science?
If not, I'd be willing to bet that a greater than expected proportion of the AAA-rated SLAB tranches would have a greater proportion of STEM representation, as one would expect people with jobs would be able to keep paying the loans. And those with low unemployment are the STEM folks.
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India and China churning out "college grads" by billions
supply and demand says college degree is going to be worth less than some farmer who inherited good piece of farm land.
No, you're not buying a piece of paper, you are buying a person, or rather the ability of that person to service his debt. So, since a person can't renege through bankruptcy on student loans, you are buying debt-serfs. Kind of like back in Russia serfdom days, the nobles would buy and sell land, but the serfs would be part of the title to the land. The serfs would be property of the land. A slight distiction with the old US slave trade where the slaves themselves were "Sold down the river (Mississippi)" and moved around, families split up, etc. Not much of a difference as both types of serf-slave still had minimal rights. In any case, please welcome your new overlords, make them feel at home. :)
This is the policy known as bleed them until they die. College tuitions will continue to rise until only the select few can afford to attend. We're already to the point where the entire American family must sacrifice something in order to send a child to college.
yearly tuition is comparable to expected salary so just inflation
The loss of value comes from the fact that inflated salary is going to put you into a higher bracket almsot as soon as you start working. Thus the higher income gained from college degree is negated.
Judging from OWS, police jobs are going to attract the next best and the brightest. lifetime job security as necessary to protect oligarchy, get to beat the shit out of others, six figure pension, retirement at 52 with handicap parking for life due to "disability". Plus, most of them spend last 5 years trolling around the airports to ramp up overtime. You get some easy job afterwards and you get to double dip into social security as well.
Fuck private corporate work. That's for suckers in China and India.
Rock on bro .... me make money drinking coffee and reading Zero Hedge all day. Work, hard work, is for suckers.
Tyler is Martin Luther of capitalism.
Turns out free market, capitalism, globalism, is all bull to keep elites in power and society under control via debt just like the teachings of the Church.
401k = after life "rewards"
central bank = Roman Catholic Church
central bank chairman = Pope
war in middle east = crusade to secure access
capitalism = divine right of kings
NYC = Vatican
wall street tax = your local church collecting 10% as tithe
Reformist Theology Sucks....
Same type of parasite and system, with different names.
The next system will be the same thing.
Who is the devil, hell, demons, angels, saints, Christ, Anti-christ in your theological system?
Just wondering for my own curiosity. It seems to be an interesting perspective.
Still doesn't mean they collect. my mother's got over 100k in student loans. When she dies the loans default.
her husband won't get social security spouse benefits unless the debts are paid first
any assets won't transfer to you unless debts are paid off first.
you thought banks were loan sharks? wait until you don't pay government the money back......
Thank you for your input. But is anyone still counting on social security? Any other future promise? Hell... is my 401k safe?
Of course your 401k is safe--it's not the social security "ponzi scheme" is it? A 401k is an investment in the genius of capitalism itself!
By all means, send your money to Wall Street . . . they're the guys who know what to do with it.
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