As the total amount of student debt topples over $1 trillion, many have begun to question just how expensive a college degree is. The Student Loan Forgiveness Act was proposed in Congress at the beginning of March, but in spite of the large number of students facing debt, the bill has received much opposition.
When a bill to forgive student debt was proposed, some complained that students who had less money should have attended a public University, assuming that the large debts were the result of a private education. That is not necessarily the case, however. USA Today revealed that at the end of 2011, the cost of public universities and colleges had increased by more than 8 percent.
In 2004, tuition at public schools increased a shocking 11 percent. One couple commented on Forbes that the cost of their son’s tuition nearly doubled during his 4-year tenure….
“”Because of soaring tuition costs, students often have no choice but to amass significant debt to obtain an education that is widely considered a prerequisite for earning a living wage,” he added.”
This is why things are total upside down. How many students attend four years schools and spend 25,000 and upwards to only work a job that would not require a college education, and no way can pay back their student loans even with a so called living wage job. I note a large pool of college educated persons end up in minimum wage or non skilled work or even skilled work that could be done without going to college in the first place. A big cause for the future bubble is government and society not supporting in vocational and apprenticeship alternatives instead of a largely bureaucratic and inefficient university system. The university system is excellent when its job is to train students in the disciplines of the sciences, arts and academics but is inefficient when used as a jobs training program. For many jobs a cheaper and shorter vocational or apprenticeship system is more suited than four years at a college. The next generation will reap the folly of boomers and the World Two generation sowed by putting too much emphasis on four year colleges.
#1–Note my previous post from yesterday. When I graduated from a state college in 1974 tuition and fees were +/- $300 which included football and basketball tickets. I got a reasonaly good education with a major in Mass Communications/Public Relations. I could have easily gotten a job in my field, but chose to go in the military after I finished. Today, the world is full of Lesbian/Women/Latin American etc. studies majors who paid $100K + for their “educations” and are working at McDoanlds. University Education for many, if not most, has become an expensive joke.
My daughter has gobs of student loans. She almost finished her schooling (minus 2 classes) to be a teacher. And now she has all the loans and no hopes of being a teacher (even a sub) for a very long time.
Student loans are a rip off and a scam, supported by the U.S. Government. Forgive the loans (even if it means some un-deserving mopes are let off the hook) and what the economy soar. Turn the next generations loose from their fraudulent shackles, their indentured servitude, and they will power the economy forward to the benefit of all.