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

gdgyva said:
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
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Universities need to stop selling bull**** degrees.

The 10 Worst College Majors - Forbes
 
College will not pay for everyone if they go for a degree that is not in demand. There isn't a high demand for a philosophy major compared to other degrees.
 
American said:
Universities need to stop selling bull**** degrees.

The 10 Worst College Majors - Forbes
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I don't think they need to stop selling them if there is a market for them, however, I would say that federal student loans should treat those as high risk and not allow the federal student loan program to be used for them.

Had a friend who went for a Masters in History but he paid for it on his own without the federal student loan program.
 
ludin said:
not really photography is a good business and people make a lot of money in it. the key thing to photography is to get in early and do your interships.
you need a lot of real world experience in photography in order to make it in that business.

it is a high risk high reward type of situation but it can pay off if you put in the work.
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The key to photography is having a nice expensive camera, not a nice expensive degree.
 
99percenter said:
The key to photography is having a nice expensive camera, not a nice expensive degree.
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it doesn't matter what kind of camera or how expensive the camera is if you don't know how to use it.
i have seen some of those high end camera's they have more options and more settings than i even care to know about or how to operate.

however someone with a photography degree would or should know how to use them.
 
ludin said:
it doesn't matter what kind of camera or how expensive the camera is if you don't know how to use it.
i have seen some of those high end camera's they have more options and more settings than i even care to know about or how to operate.

however someone with a photography degree would or should know how to use them.
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Suit yourself. I don't think I have ever asked a professional photographer what degree he had when I have hired one.
 
ludin said:
I really wish that someone would look at the degree's some of these kids are getting and what fields of study they are going into.

Someone that goes into a hard major such as
science, math, engineering, computer science etc ... is not going to have a hard time finding a job or getting to the next level.

if you go into the soft majors like socialolgy or liberal arts or women studies or some other off beat path degree then yea you are going to have a hard time landing a job and making good money.

they really need to look at student majors instead of just general based assumptions.

there are some degree's that are going to pay off more than others.
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I have a BA in econ and MA in accounting, so I obviously took that advice. But the problem with that as a general rule is you might as well say, "People with math and technical skills in the top 20% or so of the college population are in high demand." You've written off a bunch of students before they get started.

Not sure what the answer is, but it's too bad that the trend is to consider college as a kind of trade school, where students pay $10s of thousands for their own training on the front end and then hope the training they paid for is in demand by employers who need that type of skills.
 
DA60 said:
'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.'

6a01348793456c970c01b7c6d45dc1970b-800wi


http://libertystreeteconomics.typepad.com/.a/6a01348793456c970c01b7c6d45dc1970b-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).
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Education is highly important, even if it doesn't net you more money.
 
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