Back to School: Reader Question the wisdom of “Student Loans”
It is all an illusion like everything else. We are conditioned to believe that we have to have a college degree to succeed in life. Many employers and future employees are taught to believe this. Employers are made to believe that a degree means that you are more trainable than a person who doesn’t and would be employees are basically conned into going to college hoping to land that great job after they graduate.
We get grants, loans, pay out of our own pocket thousands of dollars increasing our debt. by the time you have a degree you have to compete with a flooded job market and forced to take jobs that require no degree at all and now your stuck paying back staggering amount of loan fees.
Now you not only struggle with the price of everyday living but with paying back all the loans. You also spend time regretting all the time and money you wasted trying to get a precious piece of paper that your parents have hanging on their wall. You are not the only one.A majority of college students experience the same issues. A lot of pockets got fat from those loans. Those people are all part of the same elite that wish to control the entire world and its economy.
At first I was happy because that picture made me remember one of my favorite movies.
Then I read a lot of ranting about the ROI of a college degree, which kind of bummed me out.
I have two degrees. One in Engineering. I paid as much as I could by working summers painting houses and doing odd jobs, and paid the balance of my student loans within a year. Engineering is a tough major and not too conducive to the college party life but you will get a job, eventually.
Second degree is an MBA in finance. Again: a lot of work and night classes. Not a party scene. Also, you need to go to a good school for your MBA or don’t bother. Mine cost about $90k, some of which was reimbursed, most of which was out of pocket.
My earnings went up big time after each degree. Totally worth it, as far as I am concerned, and as an added bonus I have a deeper understanding of the physical world and the economy created by its inhabitants.
Of course, hindsight being what it is, I could have saved my tuition money and laid a big uncovered long on AAPL around 2001, and I would be a multi millionaire right now. Short of that or a winning lottery ticket, a college education is generally a good idea. Just go into it with your eyes on the prize. English majors are not in demand, so if that’s your excuse to maintain enrollment, start learning a little Spanish / Italian too: “Grande, Venti”.
Students sign for loans at very expensive private colleges when a good public college offers the same education. We are all stuck on “designer” names and trying to impress our neighbors. There is financial aid for those in need, my daughter’s roomate is going to school for free!
Paying $50k (that you don’t have) for a degree that you can get for $25k (or much less) is foolish. Don’t complain to me when the bills come due.
I would love to drive a Mercedes, but my Ford is nice and it gets me around.
I am jealous Rob , I thought college was a 100% waste of money , I did nothing in college I didn’t do in 7th grade in Ridgewood , Almost 30 years later I still regret every nickel I wasted on it , and do not include anything about schooling on my resume .
What worked for me was that I took the series 7 at 18 aced it and started as a stock broker (1981) ,working my way the hard way ending up with a myriad of licenses including a CFA and selling my biz in 2008 to a money manager in Lancaster PA .
To this day I think I was deceived and misled by both high school and college administrators as well as almost all the adults in my life about the financial burdens of college
And yes I have APPL from Q4 of 2000 and QCOM from Q2 of 1994 !
Brokers don’t need a college degree? That explains a lot.
If college was 100% waste of money #3 why did you go? Why did you finish if you did? You should have listened to your inner voice and simply went to work as a floor runner on the exchange. Time and money wasted for a college education that you abhor. The system didn’t fail you you failed to resond to your better instincts and now you carry an attitude?