So many universities have devolved into awarding pointless fluff degrees with no market value that they should be branded diploma mills and sued for fraudulent misrepresentation. They certainly shouldn’t be eligible for financial aid or loans for such degrees, when there’s no real hope of future income sufficient to repay the loan.
“At Clemson University, the Journal found, graduates on average earn $50,000 a year 10 years after entering college and the default rate on student loans is 3%; the average Concord graduate earned $32,000 and the default rate is 15%.”
If these figures are accurate then the situation is even worse than I thought. Ten years after entering college means on the verge of thirty, adjusted for inflation even the Clemson average is nowhere near what I was earning at the same age WITHOUT a degree.
Some of those “diploma mills” are designed for teachers’ union members, where additional degrees automatically bump up salaries tens of thousands of dollars per year. In the end, the taxpayer gets screwed by the scheme; the “teacher” recovers the investment of money quickly, and no time at all was invested.