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Thread: Federal Reserve Warns That "College May Not Pay Off for Everyone"

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    College absolutely pays off. It is structured exercise for your mind at a crucial point in brain development.

    College is not just job training. We should guarantee access for everyone to maximize our national intellectual resources.

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by DA60 View Post
    'College May Not Pay Off for Everyone

    Jaison R. Abel and Richard Deitz

    In our recent Current Issues article and blog post on the value of a college degree, we showed that the economic benefits of a bachelor’s degree still far outweigh the costs. However, this does not mean that college is a good investment for everyone. Our work, like the work of many others who come to a similar conclusion, is based in large part on the empirical observation that the average wages of college graduates are significantly higher than the average wages of those with only a high school diploma. However, not all college students come from Lake Wobegon, where “all of the children are above average.” In this post, we show that a good number of college graduates earn wages that are not materially different from those of the typical worker with just a high school diploma. This suggests that, at least from an economic perspective, college may not pay off for a significant number of people.'




    http://libertystreeteconomics.typepa...5dc1970b-800wi


    So, according to the above, if you're in the bottom 25 percentile of college students, financially speaking, college will do you more harm then good (virtually the same income plus college costs/debt).
    all depends on your major sadly.
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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by Fenton View Post
    I agree.

    My Sister in Law for example, went to College and indebted herself to the tune of nearly 80 thousand dollars so she could walk out of their with a uselss Liberal Arts degree.

    She's unemployable ( well maybe she could be a barrista ) and she wasted 4 years of her life
    80K in debt for a liberal arts degree? I only paid 55K for my electrical engineering degree and wasn't in debt at all for it.

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by tech30528 View Post
    College is not about the career of the student, it is a for profit enterprise. The student loan is a revenue stream for somebody else, which is why they are very difficult to dismiss. If you could easily dump them, the risk would be to high and investors wouldn't provide them. Student loans are the next toxic mortgages.
    I've been saying for 25 years that if you remove the Gov't interference in school loans (Gov't guarantees) altogether, watch college tuitions come falling like rolling rocks. Currently there are somewhere to the tune of 40,000 skilled labor jobs right now in the USA, but no one is taking them? What's wrong with laying bricks, or plumbing, or carpentry? Some tuitions will remain higher BUT only those that really do offer a life after college, like Doctors, Lawyers, engineers etc.. Psychology degree, liberal arts, etc will cost near to nothing to graduate because they are virtually worthless in todays age.


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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Just don't get a blow off degree. Do something in computer science or engineering. I have a lot of friends that majored in history and psychology in the hopes that the easy classes would lead to a high GPA and med school. They never got into med school and now are struggling to find work. Always get a degree that matters.
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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by 99percenter View Post
    Just don't get a blow off degree. Do something in computer science or engineering. I have a lot of friends that majored in history and psychology in the hopes that the easy classes would lead to a high GPA and med school. They never got into med school and now are struggling to find work. Always get a degree that matters.
    If my 30 year old self could talk to my 20 year old self I would do everything I could to convince him to take classes more seriously and stick to computer science as a major instead of screwing off and then switching to Political Science (Originally Criminal Justice, but the year I switched my school removed 5 different "focused" degrees into a general "Political Science" degrees).

    I absolutely loved the classes I took and thoroughly enjoyed the things I learned, and I do think that the time in those classes helped me better my ability to reason and think, but I would have been much better off going with a computer science degree or simply leaving college.

    Getting involved in the actual policy or campaign side of things generally relies more on contacts than it does on your degree. Getting involved with the intelligence community is something that works better with a more focused degree or higher degree. Getting involved in law enforcement on a federal level would depend on what I wanted to do. If I wanted to be a LEO, going into local law enforcement and then moving to federal would've been a better shot. If it was mission support and analysis like I am not, its just getting a foot in the door to the government and then working your way up.

    Ultimately, from an actual financial and professional stand point, my degree primarily helped me land my second job in the government and get to my next band about 6 months earlier than I normally would have. The first job with the government was a position that pretty much any person with a high school diploma or even GED could get and they were taking almost all comers. After that point, it's been one of those things that likely had been a necessary "check box" on my resume for each subsequent position but was not a large reason for me getting the job. And the TYPE of support I'd be more interested in in a law enforcement agency would've been aided by the comp sci degree.

    The annoyance of hindsight, but it does make me wonder if it's that we need to do a better job counseling kids about the realities of the future in a realistic way...or if the issue is that regardless of such counseling kids just generally won't listen. Probably a mix of the two.

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by Zyphlin View Post
    If my 30 year old self could talk to my 20 year old self I would do everything I could to convince him to take classes more seriously and stick to computer science as a major instead of screwing off and then switching to Political Science (Originally Criminal Justice, but the year I switched my school removed 5 different "focused" degrees into a general "Political Science" degrees).

    I absolutely loved the classes I took and thoroughly enjoyed the things I learned, and I do think that the time in those classes helped me better my ability to reason and think, but I would have been much better off going with a computer science degree or simply leaving college.

    Getting involved in the actual policy or campaign side of things generally relies more on contacts than it does on your degree. Getting involved with the intelligence community is something that works better with a more focused degree or higher degree. Getting involved in law enforcement on a federal level would depend on what I wanted to do. If I wanted to be a LEO, going into local law enforcement and then moving to federal would've been a better shot. If it was mission support and analysis like I am not, its just getting a foot in the door to the government and then working your way up.

    Ultimately, from an actual financial and professional stand point, my degree primarily helped me land my second job in the government and get to my next band about 6 months earlier than I normally would have. The first job with the government was a position that pretty much any person with a high school diploma or even GED could get and they were taking almost all comers. After that point, it's been one of those things that likely had been a necessary "check box" on my resume for each subsequent position but was not a large reason for me getting the job. And the TYPE of support I'd be more interested in in a law enforcement agency would've been aided by the comp sci degree.

    The annoyance of hindsight, but it does make me wonder if it's that we need to do a better job counseling kids about the realities of the future in a realistic way...or if the issue is that regardless of such counseling kids just generally won't listen. Probably a mix of the two.
    Well computer science is one of those fields where knowledge is as important as a degree. You could possibly self teach yourself and try entering the field that way. It's never to late to learn something new.
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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by Fenton View Post
    I agree.

    My Sister in Law for example, went to College and indebted herself to the tune of nearly 80 thousand dollars so she could walk out of their with a uselss Liberal Arts degree.

    She's unemployable ( well maybe she could be a barrista ) and she wasted 4 years of her life
    She could have invested the same amount of money in a franchise or something. Our society has been telling kids they will be failures without a degree. I would have been better off going to trade school initially myself. At least I am self employed now.

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by Deuce View Post
    Massive marketing campaigns on part of universities?
    And high school guidance counselors.

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    Re: Federal Reserve Warns That "College May Not Pay Off for Everyone"

    Quote Originally Posted by gdgyva View Post
    the basic stem degrees will still make you a decent living MOST of the time

    other degrees will get you jobs in sales, or maybe in your field

    spending 80k to get a degree in sociology or history is absolutely freaking nuts

    every year, the university of missouri graduates more and more people with journalism degrees

    there arent enough jobs in the total field to give people jobs who already had degrees, much less the new graduates

    yet....we continue on the merry-go-round

    parents need to be more active....and kids need to be aware of what college can and cant do

    it may be your dream field.....just be aware that dream could soon be a nightmare
    Yep, journalism degrees when Newspapers across the Nation are being sold off for the value of their building and nothing else.

    Ridiculous.

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