Tuesday, August 28, 2012

These are salient graphs for anyone thinking about getting a big loan for "photo" school...

Young people aren’t getting much in exchange for this huge outlay. While enrollment has increased, completion rates remain dismal. Barely a third of students complete their degrees in four years, and less than 60 percent earn their degree in six years, according to Mr. McCluskey. That means at least two out of five enrollees don’t finish and fail to reap the benefits of a post-high-school education. Even those who complete their programs of study and are fortunate enough to find employment find that in one out of three cases, their degree isn’t required for their work.

According to economist Richard Vedder, credential inflation has eroded the value of a college degree. Having one results in less of an income boost over those without one. A university diploma doesn’t provide the security in times of high unemployment that it once did. In 1970, college-degree holders had one-quarter the unemployment rate of the general population; in the most recent downturn, that percentage had doubled.

If you don't need the credential, and will be competing in an arena that neither expects or demands a credential, spending $100K for that credential is stupid.

Not ignorant... stupid.

And there is a difference.

I wonder how many schools would stand behind that degree if they had to make sure you could get a job or be on the hook for some of that money you borrowed.

Personally, I think that the whole factory approach to bilking billions of dollars from young people who have NEVER been given a real education in economics is criminal.

Can you imagine any other situation where an 18 year old could get $40K on a signature without any collateral?

This is a disaster for kids, a travesty for our country, and one of the most troubling problems we will ALL have to face.

Of course, it is easier to blame forces other than greed, but greed IS INDEED the basis for this. And young people are nearly forced into paying.


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