"College is for chumps" - Article
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"College is for chumps" - Article
Young, educated workers were once seen by banks as the most promising borrowers. That's no longer the case, thanks to student loan debt.
They may still be, but times have changed. College debt may have once been the good kind of debt, but the scale has grown so big that in many cases it has become more burdensome than helpful.
For the first time in at least a decade, 30-year-olds -- the median age of first-time home buyers -- with no history of student loans are more likely to have a mortgage than those with debts from school, according to a new report by the Federal Reserve Bank of New York. Studies have shown young people aren't borrowing as much as they used to, and the Fed says the burden of student debt may be the culprit.
All this reflects how college grads feel about their job prospects. During economic downturns, young workers usually feel the brunt of it, but the aftermath of the latest recession has been the longest period of economic weakness the U.S. has seen in more than seven decades. For young graduates under 25 years old today, the unemployment rate is 8.8%, compared with 5.7% when economic times were much better in 2007, according to a report released last week by the Economic Policy Institute. The underemployment rate, which includes those working part-time, is 18.3% compared with 9.9% in 2007.
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They may still be, but times have changed. College debt may have once been the good kind of debt, but the scale has grown so big that in many cases it has become more burdensome than helpful.
For the first time in at least a decade, 30-year-olds -- the median age of first-time home buyers -- with no history of student loans are more likely to have a mortgage than those with debts from school, according to a new report by the Federal Reserve Bank of New York. Studies have shown young people aren't borrowing as much as they used to, and the Fed says the burden of student debt may be the culprit.
All this reflects how college grads feel about their job prospects. During economic downturns, young workers usually feel the brunt of it, but the aftermath of the latest recession has been the longest period of economic weakness the U.S. has seen in more than seven decades. For young graduates under 25 years old today, the unemployment rate is 8.8%, compared with 5.7% when economic times were much better in 2007, according to a report released last week by the Economic Policy Institute. The underemployment rate, which includes those working part-time, is 18.3% compared with 9.9% in 2007.
Source
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I have no college or university degree and it has held me back in a vast number of ways. The only people saying it's unnecessary either don't have the education themselves, or have some motive for wanting to hold the masses down.
Debt isn't the only key, many people are capable of going to school fully funded by a number of sources. My state even has a government tuition program for people that can maintain a respectable GPA.
Debt isn't the only key, many people are capable of going to school fully funded by a number of sources. My state even has a government tuition program for people that can maintain a respectable GPA.
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It depends what you study, and how well you do at it, and how proactive you are. Taking six years to finish a three year double major in liberal arts and mediaeval women's poetry with mediocre grades, and then applying for random jobs without networking will get you diddly squat.
Also, what tibbi said. The girlfie got all kinds of grants and scholarships because she had a scintillating GPA. If you really want it, you'll get a job. College isn't a magic ticket to employment, but it is a great help to somebody with the drive to actually do something.
Also, what tibbi said. The girlfie got all kinds of grants and scholarships because she had a scintillating GPA. If you really want it, you'll get a job. College isn't a magic ticket to employment, but it is a great help to somebody with the drive to actually do something.