Unfortunately going to college is necessary for any white collar career. For most, regardless of the number, if they wanted a white collar life the cost didn't matter since it was the only path forward.
Shocking how few students ever ran the numbers on their student debt long-run vs. expected income considering even a pretty limited spread of likely career trajectories. I don't think most of us ever had a single adult suggest doing this as we made these decisions *in our teens*
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This isn’t entirely true, but even if it were: some majors/career paths look okay by the numbers, and some make no sense whatsoever. This is totally obscured by the higher education mythos
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This hasn’t happened so far partly because schools have no incentive to educate & people have bought into the “get a degree to live a good life” story for decades. Seeing the sentiment slowly changing now w internet & models like
@LambdaSchool &@MissionU. -
RIP MissionU
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Hold college counselors to fiduciary standards? Their advice is as impactful as any retirement planner.
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Actually just get the government out of the business of education and incentives will realign. Thanks to govt subsidies education has completely divorced from the actual job market, a division that has only worsened with time. Higher education became a means unto itself.
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For sure - every 11th grader should have a class devoted to asking questions about post-HS life. College cost/benefit analyses, trade school exploration, how to do taxes...
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Naturally. We were sold a consumption good as an investment, and all the adults told us it was worth it. Add some optimism bias ("I'll never be one of the X% unemployed onupon graduation!") and you've got one hell of a heady combination.
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People's decision to take out student loans is outsourced to the millions of other people who also make that decision. The problem is the calculation has slowly changed, so just because it made sense in the past doesn't mean it makes sense now.
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I made this exact calculation for public univ/practical degree vs private/impractical so it's hard for to grasp that some kids aren't. This sounds like tooting my own horn, but not my intent. I don't feel like I was an especially practical 18yo, so want to understand mindset.
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I did it in 94, so a different time. Some younger folks I know we're actively pushed by their parents to pursue their dreams and now have mountains of debt to show for it. Blows my mind.
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