So many recent grads struggle with the financial burden of a college degree--but does that mean that a college degree isn't worth it? This guy, James Altucher, thinks so.
Why? Because of that whole story about a student (Michelle Bisutti) that owed $500,000 in debt from schooling. Why? Deferred payments and accumulated charges associated with that (in my opinion, as a result of not understanding her loans and obligations).
Anyway, the point is that avoiding college is now being seen as an alternative. But you have to wonder if there's an alternative to that--perhaps choosing a more affordable college. Hitting up community college for a few years to take basic courses and then transferring--or *gasp* going to a state school. While there can still be burdens from less-expensive schools, it may be more practical to go to a school you can afford, just like you need to live within your means long after you get out of school. Essentially, choosing a school with a pricetag that's beyond your means can be seen as irresponsible.
James claims that students simply need to be motivated to get far in life. Network. Build connections.
Really? That's it? Maybe in some cases, but before you get your foot in the door to motivate someone to give you a job or make connections (things he suggests are all you need), most people look at resumes and want to see a degree on the bottom. Not in all cases, of course, but in most. No degree? No interview. Many more doors closing before they can open, eh? Not the position I would want to be in.
Before all the "you don't need a degree" people start raving, I'm not saying you have to have a degree. But not getting one when you want it but are afraid of debt seems self-limiting. Instead, I say choose a practical school and be responsible about your college loan payments.
So what you do you think? Is the answer to simply skip school? Or are there ways to make it less of an all-or-nothing situation?
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3 comments:
There is another option — go abroad. I studies in England for my Master's and ended up paying something like $10,000 for three semesters! A bargain by American standards. And this is England, a very acceptable first-world country.
Canada, Australia, and most European nations may provide a cheaper alternative to getting pretty much the same education as American schools.
Yes, the experience is a little different. Foreign schools don't play football, for example, and aren't structured around the American agricultural rituals like homecoming. Also, the Fraternity/Sorority system is uniquely American.
But the drinking age in most countries is 18 so skip the frat parties and save yourself $100,00.
Ok, I have to respectfully disagree with the reason you believe to be responsible for the $500,000 debt. Although I don't have near that amount, I have had to defer my loans for years because the employers I have worked for didn't want to pay me more than $33,000 a year - ridiculous. These companies, as well as many others, want their employees to have college educations, but do not want to pay a wage that would allow for repayment of student loans. The wages they offer barely allow for living expenses, much less loan repayment. Unfortunately, having some college degrees these days is equal to the worth of a high school diploma 20 years ago....it's expected, & the return on investment has dwindled. I am going back to college in the fall to pursue my 2nd degree....this go around, I will be studying nursing....a degree that will actually pay off....and will allow me to pay off those damn loans.
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