I was reading an article in the New York Times this morning with the headline: “How the Government Exagarrates the Cost of College.”
I have already discussed before that the idea that 18 year olds should all go to college is absurd.
Here is my comment on the story:
When I went to college 20 years ago the caps on student borrowing were far, far lower. One major issue so many students have is crippling student loan debt. I know a lot of people who go to the University of Southern Maine and are taking out $10,000 year in student loan debt for a public college. I went to Rutgers for $2,000/semester and it’s skyrocketed since.
We also need to get rid of the absurd cost of intercolliegate athletics and move to club sports.
And the idea that everyone should go to college that is part of the American story right now doesn’t serve many well. A lot of 18 year old need to learn humility. There is a lot to be said for working out of high school and just getting by with your friends. There is no reason to pay tuition to get drunk, high and play Halo. Far too many college students do this.
Also college is not the place to “discover yourself.” Traveling overseas and working your way across the world for a year is a far smarter way to do it.
Also need to get rid of the idea that college is required for so many jobs where it’s irrelevant. Having a liberal arts degree for instance is totally irrelevant for selling insurance. The ones who would be good at that are popular kids in high school, naturally affable and good with people.
We are moving toward a time where you can do most of your learning online. I think the college cost bubble is due to pop soon. I’m not sure it’s the way to go. Certainly if you don’t know what you are doing.
I think if you want success now you should learn to code and keep gaining credentials, languages and certifications. And try to find a job in the field you like. If you want to go to marketing and start at the entry level, you are better off with 4 years of experience and positive cashflow than a marketing or liberal arts degree, a ton of debt and no experience.
I also think that looking at default rates as a measure of “success” is absurd. Truthfully we need to move to a model where students pay debt as they can like the English model. Paying for rent, utilites, food and diapers is going to be ahead of student loans every time. The current system works great for banks and especially debt collection but not for students or America.