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It’s similar in the U.S. people going six figures in debt for degrees that qualify them for $30k jobs is a problem, but that is a dirt-simple ROI analysis. For

by gbacon 9y ago

It’s similar in the U.S. people going six figures in debt for degrees that qualify them for $30k jobs is a problem, but that is a dirt-simple ROI analysis. Forcing nearly everyone into the college-bound track is a huge problem. Politically, vocational training is deemed classist or racist, and such utopianism creates a sad disservice to lots of young people who could be learning skilled trades and setting themselves up for comfortable living. Just like everyone at the university level is not med-school material, not every high schooler is college material.

JoeAltmaier 9y ago
Sadly, in the US, we don't teach ROI. That comes in your 2nd year of college. Its a trap!
toomuchtodo 9y ago
It sounds like a partial solution to this is an infographic that must be provided by each college before allowing loans to be taken out showing: * The degrees you're interested in * The total cost of ownership of each of those degrees, based on the dollar cost + interest * The years you'll have to work to pay off the degree based on the median salary of whatever career requires that degree * Placement rate in the career you're obtaining you're degree for after obtaining your education (colleges usually fudge the numbers here by considering a student getting any job as "placement" after going through their pipeline) Very similar to truth in lending requirements for credit cards and mortgages. https://www.occ.treas.gov/topics/consumer-protection/truth-in-lending/index-truth-in-lending.html https://www.occ.treas.gov/topics/consumer-protection/truth-i... https://en.wikipedia.org/wiki/Truth_in_Lending_Act https://en.wikipedia.org/wiki/Truth_in_Lending_Act
- mechhrt 9y ago
  You can't expect the college to give you a realistic prospect when they are the ones who stand to (non-) profit from your matriculation. At the very least, they will give you a best-case scenario instead of a worst-case or median-case.
  - toomuchtodo 9y ago
    That's why you use the law to do it, like we do with credit card and mortgage products.
oliwarner 9y ago
Six figures?! I'm sure some people manage to clock that up, but the 2015 average[1] was $30,100 at graduation. Edit: Don't get me wrong, that's still a huge pile of money for a worthless degree, or something you should have learned "on the job"... But it's a long way off $100k+ [1] https://ticas.org/posd/map-state-data https://ticas.org/posd/map-state-data

by gbacon 9y ago

JoeAltmaier 9y ago

Sadly, in the US, we don't teach ROI. That comes in your 2nd year of college. Its a trap!

toomuchtodo 9y ago

It sounds like a partial solution to this is an infographic that must be provided by each college before allowing loans to be taken out showing: * The degrees you're interested in * The total cost of ownership of each of those degrees, based on the dollar cost + interest * The years you'll have to work to pay off the degree based on the median salary of whatever career requires that degree * Placement rate in the career you're obtaining you're degree for after obtaining your education (colleges usually fudge the numbers here by considering a student getting any job as "placement" after going through their pipeline) Very similar to truth in lending requirements for credit cards and mortgages. https://www.occ.treas.gov/topics/consumer-protection/truth-in-lending/index-truth-in-lending.html https://www.occ.treas.gov/topics/consumer-protection/truth-i... https://en.wikipedia.org/wiki/Truth_in_Lending_Act https://en.wikipedia.org/wiki/Truth_in_Lending_Act

mechhrt 9y ago
You can't expect the college to give you a realistic prospect when they are the ones who stand to (non-) profit from your matriculation. At the very least, they will give you a best-case scenario instead of a worst-case or median-case.
- toomuchtodo 9y ago
  That's why you use the law to do it, like we do with credit card and mortgage products.

oliwarner 9y ago

Six figures?! I'm sure some people manage to clock that up, but the 2015 average[1] was $30,100 at graduation. Edit: Don't get me wrong, that's still a huge pile of money for a worthless degree, or something you should have learned "on the job"... But it's a long way off $100k+ [1] https://ticas.org/posd/map-state-data https://ticas.org/posd/map-state-data