The average US student today is graduating with $39,400 in student-loan debt, an enormous sum, particularly for liberal arts grads with few reliable employment options allowing them to earn more than $30,000 a year right out of school. The aggregate figure is even more egregious: Nationally, students owe more than $1.4 trillion on their loans, nearly 50% more than all credit card debt in the US. Given this enormous sum, Brookings Institute projects that nearly 40% of student loan borrowers will default by 2023. And yet, most Americans still believe that college is a sound investment.
But students who bother to conduct an ROI analysis will find that the return on a degree varies widely depending on the school. Which is why, in a recent study, HowMuch.com and Payscale decided to calculate the schools with the best 20-year ROI in each state. Many of the names may not be widely familiar to people - and some might be downright surprising (particularly the winner for Connecticut, where the Coast Guard Academy beat out Yale). Indeed, across the US, technical colleges and military academies appear to outrank big-name schools at every turn.
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6 comments:
Jobs come with majors designed to fill jobs. Duh.
Because technical schools and military academies teacch lots of math and science, don't usually give a rat's ace how you "feel" about anything, and the grade you get is real (and earned).
Neither one is very accepting of pink and purple hair, neck tats, or ear hoops.
They tell you the rules and don't want your input, only your adherence. Don't like it?? Leave. That's the option with them. Its their belief that social engineering and your need to be "yourself" don't hold a candle to the need to LEARN. I don't think fairness is even on their agenda, unless it's fair grading.
Compare their campuses with the Star Wars bar scene that is the current crop of liberal arts student population. They spend more time looking at everyone around them for the slightest offense they can freak out on this week, walking OUT of class (!?) to support this or that, telling the world how bad they have it (despite living better than 99% of humans on planet Earth), and trying to convince normal people that there are multiple genders. They'll be serving coffee at Starbucks later. With a degree.
Class is over.
The problem today is that most students are nothing more than professional students! They don't intend on getting jobs, just more schooling to stay on mom and dads insurance. They apply for these loans knowing they won't pay them off! They get a piece of paper that is actually useless because the majority, NOT ALL, have absolutely no drive or desire to enter the business world.
WTH is ROI??
ROI is Return On Investment. Business terminology.
Two students each spend 4 years in college; let's assume it's 20K per year for each for a total of 80k spent. One studied something ambiguous but low stress and lands a job for 20k. The other studied engineering and starts at 60k. The engineer is starting with 3x the return on investment. If the gap persists the long term ROI calculation will be even more favorable for the engineer.
Thankfully our dear P-hat snowflakes can only stay on Mom/Pops insurance until 26. Twenty six (or 26 pennies for you lib arts majors), many folks back in the day were MARRIED with jobs and manageable debt.
Now these mid 20's adults are still sucking on their momma teet, with college debt and zero job.
A country full of loafers - where did it all go downhill? Advent of MTV back in 1981 maybe???
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