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Nice stats, but what you fail to throw out there is the debt one goes into from college. So automatically you are already behind. In addition, the middle class is shrinking so you cant tell me those with college degreees are part of the population that is in the top percentage of earners...
As long as you avoid expensive schools, the earnings premium would still make it worthwhile.
An extra $20,000 per year, after taxes, in salary would pay off $64,000 plus interest in less than 4 years. After that, the added earnings are just gravy.
You're right that college degrees are the new high school diploma. It's unfortunate because I don't think a college education is necessary for a lot of the jobs that require it. I don't even think a lot of the degrees that are available in colleges should be four year degrees.
It's unfortunate because the prevalence of college degrees render them so much less impressive. It's great that people are ambitious these days, but it's not so great that people believe that that ambition entitles them to something.
As long as you avoid expensive schools, the earnings premium would still make it worthwhile.
An extra $20,000 per year, after taxes, in salary would pay off $64,000 plus interest in less than 4 years. After that, the added earnings are just gravy.
Of course, I realize that many new grads choose to spend most of their earnings premium and drag the loans out, but that is a lifestyle choice, not a cost of education, strictly speaking at least.
It's funny how so many people flash the extremely rare dropout millionaire as proof that college is useless and anyone who attends is fool. Yet these people constantly fail to realize that for everyone of those dropout millionaires there are at least 1,000 of others dropouts working crappy jobs or who are unemployed. Yes it takes more than having a bachelor's degree or a master's degree to be successful. It takes a strong work ethic and networking. But guess what, college is a great place to build a strong work ethic and networking skills. Joining a campus organization is a great place to build those valuable soft skills and get career guidance as to what opportunities are out there. And employers are recruiting on campus all of the time so you get an insight into what they are looking for and It's a lot easier to build a relationship with them because they've seen you and talked to you personally.
The problem isn't with the schools themselves, it's the mentality certain people have towards higher education. The problem is that some people believe that if they just go to class, do their assignments get their 4.0 GPA and go home then they'll be okay. But employers would rather have someone with a 3.0 whose been involved heavily with the campus and community then someone with a 4.0 but does nothing else.
Detractors like the OP tend to overlook these things though. College has a lot more to offer and teach than academics but it's up to the students to take advantage of these opportunities.
No, there were not other options for his path. He ended up getting one of 5 openings for the classes required. I talked to him about it and asked him the same question.
By the way, he did try the community college route. He graduated and it wasn't good enough to get him employment.
More people don't have it (maybe a few percentage points higher). More people start, don't finish, and end up in debt without a degree. It's a scam.
These tend to be the people who want to go to Colorado Technical "University", "University" of Phoenix, Rasmussen "College"..."most" people who go through the hassle of getting into a traditional 4 year school don't just drop out.
These schools are RIDICULOUSLY over priced and are generally worthless degrees.
Many years ago I was working in payroll and wanted to get an accounting degree. I started at the MN School of Business. Rough numbers, an associates degree required about 84 credits at $350 ish per (it's $435 now so I'm estimating...I don't remember exactly). This is nearly $30K for an associates degree. They claim to cater to working adults and I fell for that.
I found out that Hennepin Technical College had an associates degree program in accounting and tuition was closer to $100 per credit and it took 64 credits to complete. This is $6400.
Don't go to worthless schools aiming to get a degree...
12-19-2013, 01:10 PM
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Quote:
Originally Posted by Red3311
College degrees are the new high school diploma. And some even more useless than that as they have become so readily availably on the internet and through for profit intsitutions, etc. People think if they go 50k into debt to acquire a degree that they will "get ahead" in the workforce, in life, etc. I did enjoy my time in college, and I am glad I went but my reasons for enjoying my time at a top tier university have nothing to do with my job prospects. In order to "get ahead" in life you need to work for it, no corporation is going to hand you anything sitting in a cubicle. Especially with the baby boomers in hiring positions, trust me they will not retire quietly. I have met more millionaires who were college dropouts than any other people. I think people are naive and higher institutions are milking the new degree bubble that Gen Y has been lead to believe that they need in order to be successful.
as a gen y that graduated, literally, a week a ago...we're not playing.
we're not asking you. we are telling you. hire us or face the consequences.
you can't sit pretty in your mcmansions that are down the street while we hurt.
These tend to be the people who want to go to Colorado Technical "University", "University" of Phoenix, Rasmussen "College"..."most" people who go through the hassle of getting into a traditional 4 year school don't just drop out.
These schools are RIDICULOUSLY over priced and are generally worthless degrees.
Many years ago I was working in payroll and wanted to get an accounting degree. I started at the MN School of Business. Rough numbers, an associates degree required about 84 credits at $350 ish per (it's $435 now so I'm estimating...I don't remember exactly). This is nearly $30K for an associates degree. They claim to cater to working adults and I fell for that.
I found out that Hennepin Technical College had an associates degree program in accounting and tuition was closer to $100 per credit and it took 64 credits to complete. This is $6400.
Don't go to worthless schools aiming to get a degree...
Yea, I know drop out rate is high for for-profits, but it's still significant for 4 year and community colleges. Anyhow, the point being made is that people confuse the numbers and think the number of students entering college is the same for student graduating college.
College degrees are the new high school diploma. And some even more useless than that as they have become so readily availably on the internet and through for profit intsitutions, etc. People think if they go 50k into debt to acquire a degree that they will "get ahead" in the workforce, in life, etc. I did enjoy my time in college, and I am glad I went but my reasons for enjoying my time at a top tier university have nothing to do with my job prospects. In order to "get ahead" in life you need to work for it, no corporation is going to hand you anything sitting in a cubicle. Especially with the baby boomers in hiring positions, trust me they will not retire quietly. I have met more millionaires who were college dropouts than any other people. I think people are naive and higher institutions are milking the new degree bubble that Gen Y has been lead to believe that they need in order to be successful.
And what do you say to all the jobs out there that DO require a college degree and are jobs that pay WELL? Most jobs in the healthcare field that pay well will require a college degree. Most management jobs, accounting jobs, software jobs, law, public education, etc all will require a college degree, and most are 4 year degrees. Are you suggesting that these decent paying middle class jobs are attainable without college degrees? Or that you can make more money by doing an entry level job with college degree?
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