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I think the debt problem is one of a predatory nature. I love music and history, but I came from a family that pretty much only got by because of welfare. I did

I think the debt problem is one of a predatory nature. I love music and history, but I came from a family that pretty much only got by because of welfare. I didn't have the time or money to waste getting a degree in something that had zero job prospects after school. You show a $50k a year degree to an 18 year old from a more middle to upper middle class family, though, and they're not going to understand how much money that actually is. They're going to see one big party that they don't need to pay for until they're done. I also remember when I was in high school, all the boomer teachers and parents were saying university is a gateway to easy money after. We were sold something that hasn't held true, and I think a lot of people are very bitter about that.

websites2022 5y ago
> We were sold something that hasn't held true, and I think a lot of people are very bitter about that. In what way has it not held true? 33% of Americans have at least a four year degree and earn an average of $1m more than their peers without over their lifetimes. By all measures, university is a gateway to easy money after. So long as you finish.
- skewart 5y ago
  I bet Ferrari owners earn even more than that compared to people without Ferraris. I don’t think that means we should tell young people to take out loans to buy a Ferrari because it’s a ticket to easy money. When the only kids going to college were either rich or highly motivated then having a degree made you stand out and could open doors. When everyone gets a degree it doesn’t make you stand out any more. Instead, not having a degree makes you look bad. (And unlike high school, which anyone can attend for free, most kids in the US need to take on a lot of debt just so the don’t get left behind.)
  - websites2022 5y ago
    >When everyone gets a degree it doesn’t make you stand out any more. Then let’s talk when we get closer to everyone having a degree. 33% is not everyone and “a degree” is not a single product that can be compared 1:1 across each instance. > most kids in the US need to take on a lot of debt just so the don’t get left behind The average student loan debt for undergraduate degrees is $28,950. This is not “a lot of debt.” According to the valuation analysts at Kelley Blue Book, the estimated average transaction price for a light vehicle in the United States was $37,876 in 2020. That is to say, on average, students are taking on the debt for a 4 year education, that sets them up on average to earn a million dollars more in their lifetime than their peers who don’t, for less than the average transaction price for a light vehicle — an asset that depreciates ~20% when you take it off the lot. And you get the keep the credentials a lot longer.

websites2022 5y ago

> We were sold something that hasn't held true, and I think a lot of people are very bitter about that. In what way has it not held true? 33% of Americans have at least a four year degree and earn an average of $1m more than their peers without over their lifetimes. By all measures, university is a gateway to easy money after. So long as you finish.

skewart 5y ago
I bet Ferrari owners earn even more than that compared to people without Ferraris. I don’t think that means we should tell young people to take out loans to buy a Ferrari because it’s a ticket to easy money. When the only kids going to college were either rich or highly motivated then having a degree made you stand out and could open doors. When everyone gets a degree it doesn’t make you stand out any more. Instead, not having a degree makes you look bad. (And unlike high school, which anyone can attend for free, most kids in the US need to take on a lot of debt just so the don’t get left behind.)
- websites2022 5y ago
  >When everyone gets a degree it doesn’t make you stand out any more. Then let’s talk when we get closer to everyone having a degree. 33% is not everyone and “a degree” is not a single product that can be compared 1:1 across each instance. > most kids in the US need to take on a lot of debt just so the don’t get left behind The average student loan debt for undergraduate degrees is $28,950. This is not “a lot of debt.” According to the valuation analysts at Kelley Blue Book, the estimated average transaction price for a light vehicle in the United States was $37,876 in 2020. That is to say, on average, students are taking on the debt for a 4 year education, that sets them up on average to earn a million dollars more in their lifetime than their peers who don’t, for less than the average transaction price for a light vehicle — an asset that depreciates ~20% when you take it off the lot. And you get the keep the credentials a lot longer.