The True Cost of College

[one...two...tree 2,762]

by Daniel Luzer

Sometimes college doesn't pay. At least it doesn't pay very well. While the Community College Times glowingly reported yesterday that "completing an associate's degree was worth $41,962 more than the cost of tuition, fees and forgone wages while in college," it appears that for many people, even with a bachelor's degree, finding a job is trouble.

According to an article in the Kansas City Star, the financial side of higher education looks very bad now that the economy is in trouble:

Right now, Patricia Summers is upside-down on her college degree.

She owes $18,000 on loans taken to get her degree in advertising from the University of Missouri. Her college time will end up costing more than $50,000, not counting what she could have earned from a full-time job had she not gone to college.

Which is exactly what Summers is doing now: serving burgers at a Sonic drive-in.

Summers, granted, lives in Columbia, Missouri, which is not exactly a financial Mecca. But even nationally, jobs and the salaries associated with them are difficult to procure. Less than 20 percent of students in the class of 2009 had jobs when they graduated.

But almost 70 percent of students have incurred debt to pay for college. This means that a lot of college graduates are taking low-skill jobs, jobs that in many cases pay what than what students owe in financial aid.

The recession won't last forever, of course, but several studies have established that graduating during a recession affects one's salary for a full decade. Matt Yglesias posted some truly depressing information a year ago about how that works.

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[w¡n9Nµ7 §£@¥€r 123]

College is only worth it if you come out with a skill that truly requires years of heads-down study.

[Ban Hammer 14,665]

College is only worth it if you come out with a skill that truly requires years of heads-down study.

true.

[spookyturtle 9,466]

If you think education is expensive, try ignorance.

[Gary and Alla 3,696]

So if you go to college and get a fairly worthless degree that exists only to keep some fairly worthless instructors on the payroll, you have wasted alot of time and money. I wonder if they needed a college degree for that? So, if you have a degree in advertising...MOVE OUT of Columbia Missouri or STFU! because you are miserably stupid.

On the other hand, one could go to two years of nursing school (4 years is better) get it paid for by a hospital where you work part time as a student, graduate with no debt and get a job right out of the box paying up to $80,000 per year and working as few as two 12 hour days per week (on weekends) or three 12 hour days weekdays. And you could still live in Columbia MO.

The great thing about our country, so far, is we retain the right to educate ourselves and still do stupid things! God Bless America!

Edited January 21, 2010 by Gary and Alla

[Niels Bohr 72]

This goes back to the teaching of little kids to choose what they like to major in college. The bottom line is that you choose a major that is too easy (a major that has a large number of enrollments) it will produce a overflow of laborers with those skills. Therefore, finding a job suited for that major will become non-existent.

Nursing? In my true and honest opinion, I think nursing is easier than Engineering. If I wanted back in the days, I would've gone for nursing or pre-med. I have a strong aptitude towards Organic/Inorganic Chemistry, Biology. Did very well on the AP Exam in High School. But, I chose Engineering because I'd like to one day design an equipment that turns human to cyborgs or better yet, just like the Matrix. I know that nurses and pre-med students aren't skilled in the art of physical manipulation, signal processing, mathematical manipulations as Engineers; these art are used to develop such equipment which Medical Doctors cannot build due to their insufficient knowledge in the area.

[Ban Hammer 14,665]

But, I chose Engineering because I'd like to one day design an equipment that turns human to cyborgs or better yet, just like the Matrix.

dude, you're scaring me!

[NickD 203]

Well if anybody is looking for a skilled PH.d in basket weaving, I am available. Might as well be a PH.d in basket weaving nothing available for a skilled electronic engineer even with 22 patents. Did attend a VA seminar on available skills, asked me if I could operate a copy machine, said one step better than that, can design one. All of my kids except two are in the medical field, and all doing very well. But they have to work at it and are on call 24 hours a day most of the time.

[marklovetina 52]

College is only worth it if you come out with a skill that truly requires years of heads-down study.

- true plus the experience...