Affording college just got harder

[CaseAgainstFaith]

Starting Sunday, students hoping to earn the graduate degrees that have become mandatory for many white-collar jobs will become responsible for paying the interest on their federal loans while they are in school and immediately after they graduate. That means they'll have to pay an extra $18 billion out of pocket over the next decade.

Meanwhile, the government will no longer cover the interest on undergraduate loans during the six months after students finish school. That's expected to cost them more than $2 billion.

http://www.chicagotribune.com/business/breaking/chi-no-more-grace-period-on-student-loans-20120628,0,4384922.story

So as finding a job in the states gets harder, so does affording college in general.  The more you see college kids get F-ed over the more I wonder if it will really be worth it to go to college for the future generations.  Or at worst, leave the country and find a college abroad that won't try and steal every last penny from you.

[Art Vandelay]

The US government really doesn't seem to understand the core purpose of tertiary education in the first place. Namely, it's an investment in the individual's future career and hopefully the much larger amounts of tax that they'll pay. Trying to squeeze them for money immediately is pretty much the exact opposite of what it's supposed to achieve.

[Her3tiK]

Yep. This'll solve our debt problem for sure. There's absolutely no way at all for it to backfire.

[Sylvana]

I think you have found the main reason why things like this happen

Trying to squeeze them for money immediately

Just broaden that to every aspect of American society. Nothing is looked at long term it is all about squeezing as much as you can out now and leaving the crushed empty carcass to rot on the side of the road.

[N. De Plume]

The more you see college kids get F-ed over the more I wonder if it will really be worth it to go to college for the future generations.

I am quite convinced it is not. If I have kids and things haven’t changed, I’m gonna have to encourage two-year tech schools, I think.

[Sleepy]

The more you see college kids get F-ed over the more I wonder if it will really be worth it to go to college for the future generations.

I am quite convinced it is not. If I have kids and things haven’t changed, I’m gonna have to encourage two-year tech schools, I think.

It depends on your degree and the school you choose -- attending a private college and getting a degree that is less sought after, versus attending a cheaper public university and getting a degree that's in demand. For a concrete example, a philosophy major chooses a private college and pays $100,000 in tuition and fees over the four years, versus a business major who attends a public college and pays $40,000. It's not really fair to say "going to college isn't worth it" because there are so many factors to take into consideration.

Granted, I know it's not always as simple as choosing the right degree and right school, as there are folks with popular degrees who are unemployed and carrying student loan debt, but I think it's important to consider those things.

[N. De Plume]

The more you see college kids get F-ed over the more I wonder if it will really be worth it to go to college for the future generations.

I am quite convinced it is not. If I have kids and things haven’t changed, I’m gonna have to encourage two-year tech schools, I think.

It depends on your degree and the school you choose -- attending a private college and getting a degree that is less sought after, versus attending a cheaper public university and getting a degree that's in demand. For a concrete example, a philosophy major chooses a private college and pays $100,000 in tuition and fees over the four years, versus a business major who attends a public college and pays $40,000. It's not really fair to say "going to college isn't worth it" because there are so many factors to take into consideration.

I went to a public university with a degree that was at the time pretty well sought after. While I managed to avoid crippling debt, the demand for my major changed pretty quickly. Combining this with a few other unique challenges to my situation, it wound up taking me almost seven years to get a proper job.

Plus, I made the mistake of attending a public research university, so the educational experience itself was a bit off. Especially since they seemed to be teaching “future graduate students” rather than “current undergrads,” so heaven help you if you are intending on stopping after a Bachelor’s degree.

For the longest time I felt like the only worthwhile thing I got out of the whole experience was meeting some new friends. Of course, we’re terrible at staying in touch, so these days I’m not even sure how much that is worth.

[Sleepy]

Of course, which is why I added the little "Granted" portion at the end of my post. I know it's not always as easy as picking a degree that's in demand, but at the same time, I don't want people to make the sweeping generalization that college isn't worth it because of the numerous variables in that equation -- financial situation (both yours and your family's), degree, school, possible alternatives in the workforce, etc.

[N. De Plume]

Of course, which is why I added the little "Granted" portion at the end of my post. I know it's not always as easy as picking a degree that's in demand, but at the same time, I don't want people to make the sweeping generalization that college isn't worth it because of the numerous variables in that equation -- financial situation (both yours and your family's), degree, school, possible alternatives in the workforce, etc.

Well, the thing is that those variables are becoming increasingly negative, making the generalization truer in more and more often. I suppose the real question is whether or not the generalization is true in the average and median cases?

[TheL]

One of the reasons I've always been pro-tertiary-education was because you experience more new points of view, thus helping you to mature as a person.  However, most people aren't going to care about that if they're not also fulfilling the other major purpose of college/university education, which is to prepare you for a higher-paying job.

Tangible benefits to a college education are necessary, as is affordability.  Otherwise, the other benefits of college life immediately become dramatically less important.

[Dantes Virgil]

One of the moves colleges are trying to make now is to create courses, workshops, etc. that help students figure out how to better explain (both to themselves and their prospective employers) how their degree would be useful in a variety of employment situations.  In other words, if you want a job in marketing, but you're a history major, how can you best explain to them why you're still a good fit for that job?  Or the way you market a Poli-Sci B.A. for example.  I think it's long overdue that the university set such things up, because the cost of college is becoming so prohibitive and people are coming here for jobs, not for horizon expanding opportunities and just straight up education.  My college just invested in a three year development program to address this issue, particularly for liberal arts majors.  The goal is to help them come up with multiple solutions to the "what are you going to do with that degree?" question besides:  grad school, law school, med school.  (Unless, of course that's what they actually want to do.)

[Sleepy]

Of course, which is why I added the little "Granted" portion at the end of my post. I know it's not always as easy as picking a degree that's in demand, but at the same time, I don't want people to make the sweeping generalization that college isn't worth it because of the numerous variables in that equation -- financial situation (both yours and your family's), degree, school, possible alternatives in the workforce, etc.

Well, the thing is that those variables are becoming increasingly negative, making the generalization truer in more and more often. I suppose the real question is whether or not the generalization is true in the average and median cases?

Depends on what you mean by average, I guess. On average, college graduates earn more than those who only hold a high school diploma. Exactly how much more depends on whose estimates you view. I think this is a good read that fairly summarizes both sides of the argument.

[N. De Plume]

Of course, which is why I added the little "Granted" portion at the end of my post. I know it's not always as easy as picking a degree that's in demand, but at the same time, I don't want people to make the sweeping generalization that college isn't worth it because of the numerous variables in that equation -- financial situation (both yours and your family's), degree, school, possible alternatives in the workforce, etc.

Well, the thing is that those variables are becoming increasingly negative, making the generalization truer in more and more often. I suppose the real question is whether or not the generalization is true in the average and median cases?

Depends on what you mean by average, I guess. On average, college graduates earn more than those who only hold a high school diploma. Exactly how much more depends on whose estimates you view. I think this is a good read that fairly summarizes both sides of the argument.

That link also demonstrates why gross income is only one variable in the equation. It also shows that that one variable is dependent on other variables—specifically the major. Seems to me that there is a possibility that a handful of outlier majors could be bringing the average income up. Which is why you also need to look at the median case, as well as the mode. Only then can you even begin to get an idea of what is actually typical.

In any case, I certainly don’t hold with measuring the worth of anything solely by its financial value.

Aside: The linked story from that article about the guy banned from taking the bar exam is outrageous.

[Smurfette Principle]

Aside: The linked story from that article about the guy banned from taking the bar exam is outrageous.

That story honestly terrifies me.

[Thejebusfire]

You would think America would put more value on college educations in the middle of such a large reccesion.