A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
When I went to college, all of the the State Schools were $176 a semester,
for as many hours as you could take. I could earn this amount working at K-mart
or waiting tables in less than 2 weeks.
I paid for Bachelors degrees for both of my kids, but they did 2 years at the community college
and 2 years at a university close enough to commute.
I started saving when my oldest was in 8th grade at about $200 a month.
9 years later, I was up to about $400 a month when my youngest graduated.
All in all it was cheaper than buying a new car, and should have a better residual value.
I used to make $27,000 per year. That was before graduating from college. Now I make $16,000 per year. That's after graduating from college. Where are you observing everything so clearly? I don't get it.
Last edited by vasuderatorrent; 11-07-13 at 02:05 PM.
i got academic scholarships to undergrad and grad school, and my parents helped me with room and board, so i don't have any college debt, thankfully. this isn't the case for most people; the expense is a real disincentive. we need to fix that.
the college i went to was prohibitively expensive, and i wouldn't have considered going there if not for the scholarship. i just checked, and the cost has nearly tripled since my time there in the 1990s. that's ridiculous. i had a great experience there, got a well rounded and top quality education, and made a few lifelong friends. however, i won't donate to them unless they cut that **** out. a year there would cost a kid most of my yearly salary, and i'm 14 years in the field. ridiculous.
John Stossel: Is college an expensive scam?
John Stossel: Is college an expensive scam?
WHAT do Michael Dell, Mark Zuckerberg, Bill Gates and Mark Cuban have in common?
They're all college dropouts.
Richard Branson, Simon Cowell and Peter Jennings have in common?
They never went to college at all.
But today all kids are told: To succeed, you must go to college.
Hillary Clinton tells students: "Graduates from four-year colleges earn nearly twice as much as high school graduates, an estimated $1 million more."
We hear that from people who run colleges. And it's true. But it leaves out some important facts. That's why I say: For many people, college is a scam.
I spoke with Richard Vedder, author of "Going Broke by Degree: Why College Costs Too Much," and Naomi Schafer Riley, who just published "Faculty Lounges and Other Reasons Why You Won't Get the College Education You Paid For."
Vedder explained why that million-dollar comparison is ridiculous:
"People that go to college are different kind of people ... (more) disciplined ... smarter. They did better in high school." They would have made more money even if they never went to college.
Riley says some college students don't get what they pay for because their professors have little incentive to teach.
"You think you're paying for them to be in the classroom with you, but every hour a professor spends in the classroom, he gets paid less. The incentives are all for more research."
Also, lots of people not suited for higher education get pushed into it. This doesn't do them good. They feel like failures when they don't graduate. Vedder said two out of five students entering four-year programs don't have a bachelor's degree after year six.
"Why do colleges accept (these students) in the first place?" Because money comes with the student - usually government-guaranteed loans.
"There are 80,000 bartenders in the United States with bachelor's degrees," Vedder said. He says that 17 percent of baggage porters and bellhops have a college degree, 15 percent of taxi and limo drivers.
Entrepreneur Peter Thiel, who got rich helping to build good things like PayPal and Facebook, is so eager to wake people up to alternatives to college that he's paying students $100,000 each if they drop out of college and do something else, like start a business.
For some reason, this upsets the left. A Slate.com writer called Thiel's grant a "nasty idea" that leads students into "halting their intellectual development ... maintaining a narrow-minded focus on getting rich."
But Darren Zhu, a grant winner who quit Yale for the $100,000, told me, "Building a start-up and learning the sort of hardships that are associated with building a company is a much better education path."
I agree. Much better. Zhu plans to start a biotech company.
What puzzles me is why the market doesn't punish colleges that don't serve their customers well. The opposite has happened: Tuitions have risen four times faster than inflation.
Despite the scam, the Obama administration plans to increase the number of students getting Pell grants by 50 percent. And even a darling of conservatives, New Jersey Gov. Chris Christie, says college is a must: "Graduating from high school is just the first step."
We need to wake people up.