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8FillTheHeart

College debt crisis

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I think the opportunity cost should be a factor in looking at grad schools. The most solid people (financially speaking) we know are those who started work right out of college. The ones who opted for grad school (med school, law school etc) got a late start. This translated for us into buying a house at peak prices, paying loans-have a few more years-, just generally having a smaller financial cushion, even though salaries have eventually surpassed the other people. But missing out on those early years have a longer impact financially than we would have guessed.

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I did not.  It is a pure economics statement without emotion.

 

Yes maybe some current day Jack London could head to the fracking fields and write some short stories and a book. Oh never mind, we don't read any more so you wouldn't be able to sell the stories.

 

Statement but not necessarily a fact.  As I said, I think it is less than solid as a statement.

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I find his last point to be less than solid. Most young people don't simply graduate from high school and start making big bucks in the trades. In fact, many trades require an associate's degree and/or apprenticeship. I think it is disingenuous to suggest that an eighteen year old is going to start pulling in much beyond minimum wage (unless they go off to fracking fields in ND).

 

Perhaps because the writer's focus is on business--he does teach at a business school, Bentley--that he sees life reduced to earnings. That last line had me bristling.

He might not have done a good research job. In my area, a young man can do well going into construction, but usually the family has seen that he acquired the skills while in high school. Some other related jobs also pay well -pest control, cleaning offices, cleaning buildings, paving driveways, tree removal,etc as long as the lad is the owner and he has the means to get out and sell himself. I have also had 2 mothers of my sons classmates tell me that there is no need to take Alg.2 - they regret their older boys struggling thru itand told their younger to drop it, as the military jobs with signon bonuses pay well. They were referring to electronics jobs, and their young 20somethings were pulling in 60 to 80k per year. So, yes that is worth it compared to going straight to college when pop is self employed and health insurance is sky high.

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I have been amazed at the total disregard for reality that some parents I know have had. It is almost as though they think money is going to magically appear!! They have allowed their children to apply to schools where they KNOW there are going to be significant gaps that they cannot cover. Then they are appalled that not all the money in Jr's financial aid package is grant money!! The lack of understanding that "meets full demonstrated need" can (and often DOES) include loans as part of the package is astounding to me! I suppose the good news is that these parents are NOT willing to support the "dream school" through loans, but have seen some pretty disillusioned kids because of it.

 

My parents were like this. In their defense they were from a "third world" country and my father came here on a Fulbright scholarship so he didn't realize the real cost of education in dollars, even at a time when it was much cheaper. Their vision of the US was a land of opportunity where anything could be done and money could be found (true compared to their native country) and they were surprised to find that was not the case. I remember my dad crying because I got into a prestigious school and he could not afford it. I really believe he thought the money would come with the admission, as it had for him. 

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