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Only if those kids are stupid, which granted a lot of them are. I borrowed $24k for my undergrad. It took me 8 years after I graduated to pay it off completely. I am actually getting ready to graduate with a master's degree and I've paid the whole thing with cash and will graduate debt free. Without my undergrad my career would not have been possible. With my master's degree I'll be able to take my career to a new level and open more doors. To say its a scam is pushing it. I do think there are some worthless degrees, but I don't them as a scam. It is simple economics of supply worthless degrees to people demanding them. They are giving the customer what they want and that is what capitalism is all about.
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Quote History Quoted:
Only if those kids are stupid, which granted a lot of them are. I borrowed $24k for my undergrad. It took me 8 years after I graduated to pay it off completely. I am actually getting ready to graduate with a master's degree and I've paid the whole thing with cash and will graduate debt free. Without my undergrad my career would not have been possible. With my master's degree I'll be able to take my career to a new level and open more doors. To say its a scam is pushing it. I do think there are some worthless degrees, but I don't them as a scam. It is simple economics of supply worthless degrees to people demanding them. They are giving the customer what they want and that is what capitalism is all about.
Kudos to you. You choose wisely in your degree since they helped you advance in life. However, your successful experience does not mean that it can be duplicated today. Undergrad college was only $24k for you. It was even cheaper back in my days and one could flip a burger, pay for college and graduate debt free. Tuition is higher for today's college aged adults and getting into debt to get a degree that doesn't have good prospect of employment only ensures a long period of indentured servitude.
Some degrees are worthless. I used to see hundreds of kids graduate with art degrees. Good for flipping burgers. Political science, art history, any name-your-minority study, women studies, history, sociology, photography, business management (yeah, what businesses? Small consumer driven businesses fold when there are no consumers), criminology (unless one is already in law enforcement and seeking promotion), economics, landscape architecture (and even architecture as it is consumer driven), law & paralegals (plenty of unemployed lawyers and paralegals right now), archaeology, psychology (even the PhDs) are pretty worthless. Journalism is sketchy too as newspapers fold in favor of the internet as a news source.
Degrees like nursing (can't be outsourced), firefighting (required for some fire departments), vocational training like the blue collar trades and EMTs (A.S. degrees), medical doctors, pharmacology, veterinarian science, some engineering (so long as its not outsourced) stand a better chance of surviving in bad economic times. Accounting can be outsourced, but it's a great degree if one is seeking employment with the FBI or IRS.
A reader of Benjamin Roth's book,
The Great Depression: A Diary, will learn that many professionally trained people were hard hit during the depression. This includes lawyers, accountants, engineers, architects, teachers, etc. In the U. S., Roth wrote about teachers who were not paid by their school districts. In the hyper-inflation of Weimar Germany the farmer was better off than the professor. No or few students meant extended leaves for professors. It was no different in post WW I Austria (see Anna Eisenmenger's "Blockade: An Austrian Housewife's Diary").