Posted on 01/15/2009 10:10:48 AM PST by rabscuttle385
Higher education can be a financial disaster. Especially with the return on degrees down and student loan sharks on the prowl.
BY KATHY KRISTOF
As steadily as ivy creeps up the walls of its well-groomed campuses, the education industrial complex has cultivated the image of college as a sure-fire path to a life of social and economic privilege.
Joel Kellum says he's living proof that the claim is a lie. A 40-year-old Los Angeles resident, Kellum did everything he was supposed to do to get ahead in life. He worked hard as a high schooler, got into the University of Virginia and graduated with a bachelor's degree in history.
Accepted into the California Western School of Law, a private San Diego institution, Kellum couldn't swing the $36,000 in annual tuition with financial aid and part-time work. So he did what friends and professors said was the smart move and took out $60,000 in student loans.
Kellum's law school sweetheart, Jennifer Coultas, did much the same. By the time they graduated in 1995, the couple was $194,000 in debt. They eventually married and each landed a six-figure job. Yet even with Kellum moonlighting, they had to scrounge to come up with $145,000 in loan payments. With interest accruing at up to 12% a year, that whittled away only $21,000 in principal. Their remaining bill: $173,000 and counting.
Kellum and Coultas divorced last year. Each cites their struggle with law school debt as a major source of stress on their marriage. "Two people with this much debt just shouldn't be together," Kellum says.
(Excerpt) Read more at forbes.com ...
Federal subsidized student loans (excepting the GI Bill) for anything other than engineering and hard sciences, teaching (yes, gag, but teachers are needed), medicine in all its forms should cease.
This would bring down the cost of college, force accountability, and enourage the pursuit of science.
(For the record, I am an engineer.)
[I think you now in many cases have to be an Education College graduate to teach in the schools.]
Yes, you must have all the proper brainswashing courses rather than just learn a subject (English, History, Math) and then teach it.
***Well, that’s the problem. Most liberal arts degrees are pretty useless in the real world.***
I’ve had plenty of open doors with my International Affairs degree.
>>a self-serving establishment trading in half-truths that exaggerate the value of its product;
>I love that line. And I couldn’t agree more.
Wait... when did we start talking about Congress? [/sarc]
Radiation effects and directed energy. The degree allows me to spout cryptic stuff and frighten the physicists and managers.
Okay! There are always exceptions.
Again - if one compares the startin salaries and number of job offers for graduates, engineering, physics, math, and accounting are the top majors.
I think people should study what they like, first and foremost. And not go into something just for the money. BUT, if one chooses to study basket weaving, they need to realize that 1) they may not make the money other graduates get and 2) they may not have the job offers and advancement of other majors.
I’m sure there’s lot of people happy with their BA degree. But I’ve met lots of others that were teaching because they couldn’t get any other job. They hated it - and were lousy at it to boot. Foresight and taking responsiblity for one’s choices are the key.
I'll explain it all in my book "The Tao of Slim".
BTW, what department is International Affairs in? (I mean, history or business?) Business degrees, especially with an accounting background, are doing really well now too. Do you get to travel around a lot?
;) Ok. Ping me when it’s on Amazon.
I disagree. Not everyone is cut out to be in the sciences, but have a lot to offer in other subjects. While I would like to see more people take on the sciences, I know that there has to be stronger foundations for it in our public schools. The current state of public school's maths and sciences, at least where I'm at, there is a lot of focus on passing standardized tests. Anything else is secondary.
For me personaly, I tailored my degree to get into law school, but I changed my mind. Now I'm looking to get another degree.
Taxes.
Why didn’t they take their fancy law degrees and move somewhere cheaper?
Two reasons.
No recipicoity in many states. Anyone licensed just doesnt move, there are protectionist policies in place by the state licenseing boards (read guilds)
And what no place needs are more lawyers. In my state which has a law school and a small population there is hardly any job paying more than 30K that you are not competing with a lawyer for.
If they got jobs with bigger LA law firms, their combined starting salary was upwards of $250,000. With income at that level, $190,000 in student loan debt is manageable, if you order your life accordingly. My law school roommate graduated with $120,000 in undergrad and law school debt, and paid it all off in about 3 years.
That is because you are an engineer and engineers are smart.
I can’t wait for the way overvalued college-bubble to burst.
I am not sure what the wife’s degree was in but maybe one of them should have taken an accounting class or two. Also, having a 12% interest rate on a school loan seems pretty high, mine (which I got from the government) was like 4 or 5%.
To undertake that financial obligation for a soft science degree and masters or law degree from a third tier university and then to marry someone who did the same thing might not be an ideal financial move. It works on a case by case basis.
You are ever so right.
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