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High Cost But Useless Master's Degrees and Who's Offering Them: Students overpay for useless degrees and end up financially hobbled for life
Mish Talk ^ | 07/09/2021 | Mike Shedlock

Posted on 07/09/2021 8:24:00 AM PDT by SeekAndFind

Authored by Mike Shedlock via MishTalk.com,

Financially Hobbled for Life

Unable to discharge debts in bankruptcy, students with useless degrees, especially master's degrees are Financially Hobbled for Life.

Recent film program graduates of Columbia University who took out federal student loans had a median debt of $181,000. Yet two years after earning their master’s degrees, half of the borrowers were making less than $30,000 a year.

The university is among the world’s most prestigious schools, and its $11.3 billion endowment ranks it the nation’s eighth wealthiest private school.

Lured by the aura of degrees from top-flight institutions, many master’s students at universities across the U.S. took on debt beyond what their pay would support, the Journal analysis of federal data on borrowers found. At Columbia, such students graduated from programs including history, social work and architecture.

Undergraduate students for years have faced ballooning loan balances. But now it is graduate students who are accruing the most onerous debt loads. Unlike undergraduate loans, the federal Grad Plus loan program has no fixed limit on how much grad students can borrow—money that can be used for tuition, fees and living expenses.

Panic Attack

“There’s always those 2 a.m. panic attacks where you’re thinking, ‘How the hell am I ever going to pay this off?’ ” said 29-year-old Zack Morrison, of New Jersey, who earned a Master of Fine Arts in film from Columbia in 2018 and praised the quality of the program. His graduate school loan balance now stands at nearly $300,000, including accrued interest. He has been earning between $30,000 and $50,000 a year from work as a Hollywood assistant and such side gigs as commercial video production and photography.

“We were told by the establishment our whole lives this was the way to jump social classes,” said Matt Black of an Ivy League education. Instead, he said he feels such goals as marriage, children and owning a home are out of reach.

Grant Bromley, 28, accumulated $115,000 in federal loans while getting his Master of Arts in film and media studies at Columbia. Mr. Bromley earns around $16 an hour and can’t afford to pay down his loan balance, which is $156,000, including undergraduate debt and interest. “It’s a number so large that it doesn’t necessarily feel real,” he said.

Highly selective universities have benefited from free-flowing federal loan money, and with demand for spots far exceeding supply, the schools have been able to raise tuition largely unchecked. The power of legacy branding lets prestigious universities say, in effect, that their degrees are worth whatever they charge.

Who's Offering Useless Master's Degrees?

The answer is the same as who's offering useless degrees in general: They all do.

Where the heck is someone with a master's degree in stagecraft, art, history, political science, photography, English, foreign language, culinary arts, etc., etc., etc., supposed to get a job that will pay the bills?

A few will get lucky, the rest will be financially hobbled for life.

Dear President Biden, You Need an Education, Starting With the Meaning of "Free"

I had no idea the above article was coming out today. Yet, I mentioned an aspect of it yesterday in Dear President Biden, You Need an Education, Starting With the Meaning of "Free"

George W. Bush signed the "Bankruptcy Reform Act of 2005" making student debt uncancellable in bankruptcy. Guess what happend?

Biden's solution of course is a "free" money student debt forgiveness program.

Student debt is not dischargeable in bankruptcy so the cost of programs soared along with the willingness of universities to promote useless degrees for the masses.

Administrators and teachers who make more when enrolments rise piled on. And of course the unions piled on encouragements in need of money to support ridiculous pensions.

With the money pouring in, the salaries of football coaches and administrators soared.

Don't forget mainstream media parroting the need for everyone to get a degree with no mention ever that most degrees are worthless.

Endowments

Columbia University compares its endowment program to that of other bigger schools. Donate, donate, donate is the mantral.

Don't Donate a Penny!

Endowment money is not for students, it's a slush fund for administrators, coaches, and their pension plans.

Solutions

Biden's Free Education Program

Instead of doing anything that makes any sense, Biden's proposes "free education" as does Elizabeth Warren and Progressives in general.

The problem is "free" someone is paying for the building, the teachers, the coaches, the staff, the administrators, and the pension plans.

Make it "free" and there is no limit on any of the above.

"Free" is the typical proposal, but "free" is never the solution in practice.

Mish


TOPICS: Business/Economy; Education; Society
KEYWORDS: college; debt; mastersdegree
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1 posted on 07/09/2021 8:24:00 AM PDT by SeekAndFind
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To: SeekAndFind
Missing from the list of "solutions" is career planning. You need to pick a good career. Ask people in that career if it's worth it. Ask them what kind of training is good to excel at the career and make them want to hire you after you get that training.


Do all of those things before going to a "school".

2 posted on 07/09/2021 8:27:56 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: SeekAndFind

“Stupid is supposed to hurt.” Lurker’s Granddad.

L


3 posted on 07/09/2021 8:28:47 AM PDT by Lurker (Peaceful coexistence with the Left is not possible. Stop pretending that it is. )
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Academic financial complex…


4 posted on 07/09/2021 8:29:58 AM PDT by TnTnTn
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To: SeekAndFind

I know the feeling. My Masters Degree in Medieval Plumbing has yet to pay off.


5 posted on 07/09/2021 8:30:05 AM PDT by laweeks ( )
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To: Tell It Right

Need to teach risk reward and financial analysis in high school...or at least smart parents should.


6 posted on 07/09/2021 8:30:50 AM PDT by goodnesswins (The issue is never the issue. The issue is always the revolution." -- Saul Alinksy)
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To: SeekAndFind
Recent film program graduates of Columbia University who took out federal student loans had a median debt of $181,000.

In my freshman year at U of Chicago, I had a talented housemate who was far from wealthy. He transferred to USC FILM SCHOOL, graduated, went on to U of Chicago Law School, clerked on SCOTUS for Brennan and Souter (he is liberal, of course), and since then has been partner in high-powered law firms, president of a significant motion picture corporation, and law school instructor.

So, it works for some people.
7 posted on 07/09/2021 8:32:16 AM PDT by Dr. Sivana (“At first you go bankrupt slowly, then all at once.” -- Hemingway)
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To: SeekAndFind

Some can barely pay the interest on their loans. Our colleges and universities have become institutions of indoctrination and indentured servitude.


8 posted on 07/09/2021 8:32:51 AM PDT by Spok (There are many more things that frighten us than can cause us harm.)
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To: laweeks

I’ve been looking high and low for someone who can design a vomitorium for me. Interested?


9 posted on 07/09/2021 8:33:59 AM PDT by Blurb2350 (posted from my 1500-watt blow dryer)
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To: Dr. Sivana

RE: So, it works for some people.

OK, out of a hundred students of FILM SCHOOL, how many end up like your housemate?


10 posted on 07/09/2021 8:34:06 AM PDT by SeekAndFind
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To: SeekAndFind

What’s the first thing a graduate with a B.A. in Ethnic Studies says their first day on the job?

“Would you like to super size that order?”


11 posted on 07/09/2021 8:34:09 AM PDT by Signalman
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To: Lurker

This is a good thing! Used to be that 3rd Grade was the cutoff for stupid people. Then it became 12th. Now, with close to no standards, it’s the ‘degrees’ in narcissism!


12 posted on 07/09/2021 8:35:23 AM PDT by gr8eman (A man who only talks business is a failure in all aspects of life- Camino Del Rio)
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To: SeekAndFind

College students need to do their own due diligence. But a good part of the blame must be assigned to their lying advisors.

Consider an 18-year-old college kid. He likes movies. But more than that. He has an interest in how movies reflect society, and they shape society. So he meets with an advisor in the film department. It’s that advisor’s job to get students to take film classes. So he’ll flat-out lie to the kid. He’ll tell the kid about all the “opportunities” available to a person with a degree in film.

Next thing you know, the kid has a worthless degree, and is deeply in debt.

Is there a solution? Yes. Make colleges co-sign loans. Of course, that will never happen.


13 posted on 07/09/2021 8:36:01 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: Leaning Right

14 posted on 07/09/2021 8:37:07 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: SeekAndFind
Where the heck is someone with a master's degree in stagecraft, art, history, political science, photography, English, foreign language, culinary arts, etc., etc., etc., supposed to get a job that will pay the bills?

*************

The federal government. All that is needed to get a good paying, secure job is liberal political connections. No other qualifications necessary.

15 posted on 07/09/2021 8:37:49 AM PDT by Starboard
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To: SeekAndFind
Interestingly, the University of Pennsylvania is a school where you get actually useful college degrees. It's not a coincidence that one Donald John Trump graduated from that school and not some place like Harvard, Yale, Cornell or Columbia.
16 posted on 07/09/2021 8:38:24 AM PDT by RayChuang88 (FairTax: America's Economic Cure)
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To: goodnesswins

One thing more useless then a high school career guidance counselor - a college career guidance counselor ( or your college major advisor !).


17 posted on 07/09/2021 8:38:48 AM PDT by Reily
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To: gr8eman

“His graduate school loan balance now stands at nearly $300,000,”

What was he thinking?


18 posted on 07/09/2021 8:39:18 AM PDT by Rennes Templar (Come back, President Trump.)
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To: SeekAndFind

Any useless degrees, especially master’s degrees are Financially Hobbling for Life.

They should be labeled as IUD’s, aka Instant Unemployment Degrees!


19 posted on 07/09/2021 8:39:25 AM PDT by Grampa Dave (“Respond only to polite and intelligent posters! Who don’t insult you or us! Forget the others!”)
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To: SeekAndFind

What a racket. This needs to end.


20 posted on 07/09/2021 8:39:45 AM PDT by HerrBlucher (Vaccinate this! )
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