Is College a Scam?

Kathy Kristof of Forbes seems to think so. In this intriguing article, Kristof argues that with student loans with terms worse than what you can get from Vito down at the docks, and with the overinflated importance of a college degree, higher education can actually mean a financial disaster:

Mindy Babbitt entered Davenport University in her mid-20s to study accounting. Unable to cover the costs with her previous earnings as a cosmetologist, she took out a $35,000 student loan at 9% interest, figuring her postgraduate income would cover the cost.

Instead, the entry-level job her bachelor's degree got her barely covered living expenses. Babbitt deferred loan repayments and was then laid off for a time. Now 41 and living in Plainwell, Mich., she is earning $41,000 a year, or about $10,000 more than the average high school graduate makes. But since she graduated, Babbitt's student loan balance has more than doubled, to $87,000, and she despairs she'll never pay it off.

"Unless I win the lottery or get a job paying a lot more, my student debts are going to follow me to the grave," she says.

Link (Illustration: Alex Nabaum) - via The Zeray Gazette


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Higher ed or college is more than just a scam, it has become unconstitutional and corrupt "organized crime". In the name of education people are discriminated against in the work place, and in many other aspects of their lives. People that love education and know nothing else are the fist ones to label others as drop outs in an attempt to discourage an socially belittle a person that has chosen other avenues in their pursuit of liberty, I am totally disgusted with the violations in society in the name of education. The biggest sales pitch in the world {wolf in sheep skin, so deceptive.
Education beyond high school, has caused more depression and death than heart disease,cancer, and smoking, Study completed over 25yrs and without the help of grants or politically motivated professors.Dis agree Here is my email Paulblack11@aol.com
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I agree with the whole college hoax idea. Anymore college is like daycare for teenagers whose parents want out of the house. With the price of books, classes that are in no way related to your major, expenses on top of expenses that make airline charges look tame, and professors that only care about their paycheck with no downside to failing or poor curriculum. None of it is needed and when you do get into the real world you still don't have the qualifications.

For example of why college is a scam:
I and a fellow school mate went to the same college, same major, same classes. We both studied computer science.
I dropped out after the first semester seeing no classes that would matter at all in the coming years (this was late 90s and the school still taught COBOL)
He stayed in.
I started my own business, later moved onto a full time IT admin position at a manufacturing plant and make 35k+ a year with a nice 401k and full health care.
He works construction for his dad, Making I would assume sub 20k/year but he's got a piece of paper saying he's edumacated.
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eh just quick search found this but there's got to be more official looking graphs / data

http://www.frbsf.org/education/activities/drecon/2004/0402a.gif
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I agree with many of the commenters here, I attended one year of University and felt used. My year included:
-the runaround in phone & person for any question
-a huge price tag
-a curriculum largely based upon large amounts of make-work work and not learning (I was recommended by an administrative counselor to skip lectures and readings to make time to write assignments)
-competitive, stressful environment with no one having the time or inclination to help anyone else
-very little content of real-world use provided

I will say that going helped to decide where I did want to go in my career path, to applied graphic design college! I'm working towards an advanced diploma, learning useful skills every day in every class, and afterwards I can enter the same graduate programs as university students. Hooray for applied college!
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