Posted on 02/08/2011 7:53:40 AM PST by SeekAndFind
A recent WSJ article profiled a Columbia, Ohio doctor facing a whopping $500,000 in student loans -- the result of deferred payments and accumulated charges. While the doctor's debt burden may be extreme, more U.S. college students are borrowing larger amounts to pay for surging tuition costs.
Rising debt is one key reason why our guest James Altucher, a hedge-fund manager and author, argues: Don't send your kids to college!
"There's a lot of evidence to suggest that motivated kids are going to make money whether or not they go to college," says Altucher, managing partner at Formula Capital. "So teach your kids how to be motivated. Teach your kids how to sell a product, build a network of connections. That's going to be far more valuable."
He notes for some people, it might be more enriching and productive to go to college later in life.
The case for college. Altucher adds the case for college largely is based on an assumption: a degree = a higher paying job. "Everyone who's hiring you has a college degree and that's a way they perpetuate the scam," Altucher tells Aaron in the accompanying clip. (Of course there are notable college dropouts, including Bill Gates, Steve Jobs and Mark Zuckerberg.) To be sure, college grads typically get higher paying jobs and are expected to earn $800,000 more over the course of a lifetime vs. workers who didn't go to college, according to CollegeBoard.
100K for a degree: But with four years of college costing $104,000 on average (including books and tuition) and the average college student graduating with $23,000 in debt, Altucher argues it's time to rethink the value of four years of higher education, especially right after high school.
(Excerpt) Read more at finance.yahoo.com ...
Here it isn’t so much the cost of tuition but the extras they tack on. A school year at a State school might run $6,000 but the mandatory domirtory use, meals, books, lab fees, and a number of other fees can jack the price to $25,000.
Where else can a twenty-something obtain the level of training required to tend a nuclear power plant, and have a resume item showing responsibility for keeping a multi-million dollar system up to snuff? Add to that the educational opportunities that are offered, and you could end up with a degree even while serving as an enlisted man.
Not for everyone, but a good option for most.
Community college for the first 2 years. You take the same courses as you would in a 4 year college and it’s a fraction of the cost. Then transfer into a 4 year to complete your bachelors. That’s the route we’re taking with my youngest.
join a trade?
You do realize how hard those jobs have been hit as well, right?
You do realize that many of those jobs are union controlled?
You do realize that there are people with college degrees AND trade experience who will still get hired over people with no degree?
You all realize that not everyone can join the military due to medical reasons?
You all realize this is not as simple as college=bad, something else=good?
College is necessary, needed, I am glad I went, yes I learned a lot, no I would not be able to do what I want to do without a degree. Yes I will be in debt for the rest of my life.
maybe in some places not getting a degree is ok, like where they grow corn, but here in CA one of the largest industries is still tech, while India goes ahead and takes those jobs we can all “learn a trade” and weld their pipes and fix their air conditioning I’m sure. *** rolling my eyes til they pop outta my head***
There are trades and there are trades - a good 5ESS switch enginer can make very good money as can a maint tech.
Trade doesn’t always = painter/plumber/etc.
That’s why The Man is lobbying to get more H1-Bs and the like into the US. No job is safe.
The alternatives to college are union trades and SEIU jobs in health care which provide public pensions and health insurance. The problem is that not that many people who want an education are satisfied with being an electrician or plumber, instead. It’s not exactly what I would call an alternative.
The left is trying to push this as a different, but equal alternative to an education. It’s like what Michelle Obama told those Black students in Ohio, “don’t pursue white middle class values.” They would have us believe that the Western culture that values education, innovation, and hard work is not any better than the culture of say, Pakistan, or Afghanistan.
The high amounts of student loans is all a part of the plan, too. If the student agrees to work for the government, most of the loans will be forgiven. Obama get’s his domestic army and we get what???
Well, that and high taxes, illegal immigration, too much regulation, population pressure, overpriced labor, WallMart and those sobs from the Zargon Galaxy - they are the worst. I'm sure I missed a few.
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