My son and his fiancé graduated within the last 15 months. Together they make over 160K and have already bought a house. Granted, you are talking about an engineer and a nurse. Field of study has a lot to do with the college value. But they are recent grads and not struggling financially at all.
No of course not. I didn't dream of being a pro athlete or rock star either. I thought for a while about being a doctor but quickly learned that was not for me. I was good at math and puzzle-solving. I did computer programming for a year. Learned that I was too much of a social person to do that. So finished with a business degree. Since 2010 I have been a mortgage loan originator. Now I also run a branch and originate loans. I love what I do. Right now it's rough lol, but have to take the bad times with the good. Sales is a good way for someone to make rather good money without a college degree.
IF they're good at it. For everyone that build a successful career in sales, there are a bunch of people who wash out...
Of course. It’s takes determination and self discipline. But not many jobs allow you to make 100k before you are 30. That was back when 100k meant something.
They should start publishing rankings of net worth accumulation, compared to other schools and non college people in the same state. Break it down by major. Perhaps it would motivate universities to teach financial literacy, planning, budgeting, etc. Also may give them more motivation to help students avoid needless debt and alumni work through their debt.
I would say it depends. If a college is a sham or poor performer, I think the govt should cut those schools from funding entirely BUT the former students should have a way out as well. Not sure I’d call them victims, as they also made the decision to attend those schools, and I’m sure there’s the odd Ivy League grad with inescapable debt. So I don’t think debt relief should he limited to just the lousy schools that are cut off from lending. My take is college debt should be able to be expunged eventually just like any other debt. The moral hazard is if you make it too easy, or encourage people to take on debt with the specific belief it will be “forgiven”. But at the same time, if it’s clear it’s never going to happen based on income there should be some programs in place to eventually forgive it. I’ve always thought they should be long term forgiveness programs. Not in favor of just “wiping out” debt as that strikes me as too easy (the moral hazard) or not really solving the long term problem, since new kids will just take on more debt and expect the same treatment. But if you make them wait 15 years before entering a “forgiveness” program, and then it’s structured for another period of time, at that point it isn’t so much a moral hazard to provide relief and after 20-25 years if they *still* have college debt it’s probably because of legitimate financial issues (not just gamesmanship).
I was just making fun of your dig on young people today. Influencer is todays dream shortcut to fame like being a movie star or something was. No one wants a regular job like we have sitting through budget meetings.
I think there are some key differences here. At some point during HS it became painfully obvious to most of us that we simply did not possess the physical gifts necessary to be a pro athlete. Or that you couldn’t write songs, much less sing. The influencer is a different beast. The whole business model is selling dreams. This generation has grown up seeing ‘normal kids no different than them’ driving Lambos and traveling the world in luxury. Or course 99.9% of it is bullshit, but it sends a powerful message to young impressionable kids. Why waste their time in college, corporate america, and get rich slowly, when they can TikTok rich?
I honestly find them more idealistic than you guys do and far less shallow. These are the top 10 careers teenagers would most like to pursue More than half of teenagers want a career that ‘makes a difference’ – with purpose a bigger driver for them than money. The poll of 700 youngsters aged 13-19 found careers in medicine, social work and green industries are among those they most want to pursue. But while 42 per cent recognise they could make more money elsewhere, they claim it's not their only motivation.
Yep. specialized degrees make a difference. My oldest (UF grad last year) is now enrolled in the combo MHA/MBA program at Stetson. That will pay off significantly over his BS degree from UF.
I don't think it's a game of roulette at all, it's just become increasingly strategic for the buyers. More like poker. Play your cards right and you vastly increase your odds of succeeding. For example, when shopping for a master's degree program, find a state school with low tuition and a strong reputation in your discipline. Get a job in your field and you win.
What's the success rate on that profession? My guess is that it's similar to that of a cello performer.
This is a great post that really touches on all aspects. College is absolutely a great investment if the student is focused on finding the result. At the same time there are certain degrees that flat cost to much. And certain degrees cost too little. I have always felt that it is ridiculous the College of Engineering degree subsidizes the CLAS degree (some CLAS degrees are comparable to Engineering degrees). Also quick note…just using these Colleges as an example (colleges will have degrees that are more valuable than others). With that said. Many could make it without a degree and that is great. We really need Universities to charge based on value imo. I have felt this way since being in college. And I graduated with a business degree undergrad and engineering masters. So I would have paid more. Great post and Great thread!
On a side note…the College of Dentistry realized they were charging too little. Now arguably too much but they were too low. My wife was lucky to go through when she did. It costs more than 3 times as much as it did when she graduated in 2006…
Often it's about the portability of the prospect. If one wants a good finance gig in FL, they will probably be fine. If they want a good finance gig in West Palm, good luck.
Yeah, it's a decades old trope by the right and Fox News, etc. You make an important point, too, about more than technical skill set from a college degree. It was never the purpose of higher education. The purpose was to advance intellect for the benefit of society. Teaching people higher order thinking skills and how to learn are primary purposes.
In some ways, sure. But you are heralding the "back in my day" fallacy. College is still a great value. The biggest difference between the current landscape and that which you and I benefited from (I'm confident you benefitted from your education, as you could not have been a counselor w/o it - and that's only one tangible benefit) is that today's students face a more varied market. There are many more higher ed sharks and over-priced institutions these days, due to the abundant market.
