Daunting debt makes some wary of higher education
Wracked by recession, choked with debt and uncertain about the future, more Americans are asking: Is college worth it?
The question is understandable. Private college tuition and fees have risen 70 percent over the past decade, according to the College Board. That is more than twice the rate of inflation. Public college tuition and fees have doubled in the same timeframe.
But while college debt has proven a financial chokehold for some people, a four-year degree is still great insurance, especially in a tough job market: The unemployment rate for people with a bachelor’s degree or higher was 4.5 percent in July, compared to 10.1 percent for those with only a high school diploma.
Perhaps the greatest lesson of the Great Recession isn't that you shouldn't go to college, but that you should approach it like you would any other investment: with caution.
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5 comments:
Unfortunately we have unwittingly pushed a "go to college or you'll be a loser" mantra in this country. Not every kid is cut out for college. I've been in for ten years, received a BS and have almost completed my Ph.D. while all the while living hand to mouth and only set to make between 60,000-90,000 when I get out. During the process I have wracked up alot of debt.
All kids are not built for this lifestyle. Many kids will exceed without college. We should be stressing that kids receive some type of post HS training. A young man with skills (ex. electrical engineer) stands to make alot of money right now without going to school for 4-8 years.
The educational system contributed significantly to the pickle that our nation finds itself in.
The educational system has indoctrinated our youth into believing that one can go, attend, and especially PAY for a high ticket education and that will guaranteed them a 'ticket for life'.
Quite the contrary - look at what we got. Most of our nations major industries have now exodus our country to greener pastures. Students now find themselves saddled with debt that some will never be able to repay. At the same time our nations infrastructure is burdened with an ever expanding educational system which consumes even more taxpayers money. In fact, in Colorado last week, one locality decided to start consolidating and closing schools because they ran out of money and then the teachers union decided to sue because the jurisdiction couldn't keep up their COLAs.
This is happening all across our Country. In the mean time - here locally - look at where the economy is most robust - case-in-point Salisbury University new school construction.
I am the only college educated sibling in my family out of four of us. I never financed any of it. My employment always paid for it all. I continued my education, not for a potentially higher income, but because I love the learning environment along with the capability of getting around new people that I can indirectly learn from and network with. The rest of my sibling have been very successful without a college education. They are all entrepenuars and really love what they do. That is the key. To do something that you are a natural at and to love it. So many people continue their education thinking they are going to make "big bucks" when they are done instead of doing it because it is something that they truly love. Follow your heart and the money will follow.
I have a friend that received her master's degree and went to for her P.H.D. because if not, she would have to start paying on her college loan, which exceeded over fifty thousand dollars and she cannot afford to pay it. When all is said and done, she will owe close to 100k. Crazy. Do you know how many taxi driver's in NYC have P.H.D.'s? Unless you are in the Physician's Assistant program or technology, it is not going to pay you to go right now if you are taking loans to do it. It pays to be have flexible skills in the current economy, not just be a cookie cutout of a specific skill.
All careers cycle out and are constantly evolving.
Words can not express any better the problem then previous comentors. We as a antion have driven the current generation of students into thinking if you do not go to college then your life is a failure. College is more expensive then ever, and with a higher rate of unemployment that equation does not calculate. Students find themselves thousands of dollars in debt, yet when they graduate there are no jobs for them to persue. I know numerous friends who have just recently graduated who all say they can not find a job. It is becoming a serious probelm. A quick solution would be Community-College, I for one attended for a year or so, it was affordable and the teachers seemed to actually care about you as a person. Wor-Wic was a great experience for me and to those of you struggling financially I would suggest the same.
Trade school is a safer investment.We will always need electricians,plumbers,engineers and mechanics etc.etc
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