Skip to comments.A new way to gauge the worth of college debt, starting salary
Posted on 03/23/2014 4:35:07 PM PDT by SeekAndFind
Here's a typical college scenario: Your daughter's dream job is to be an elementary school teacher and reading specialist. Yet she'll need to dive deep into debt to pursue her undergraduate degree, and borrow more if continuing to grad school.
She's worried -- rightfully -- about her financial future, and she's looking for answers.
How much debt might she be saddled with? How much will her college degree translate into salary once she lands a job? And what budget-squeezing sacrifices might be necessary to repay the swath of loans?
Those types of questions are on the minds of countless college students. And with student loan debt now over the $1 trillion mark, there's a greater urgency for answers and successful outcomes.
A new online service called GradSense connects those costs and benefits questions with helpful data and financial planning advice.
(Excerpt) Read more at chicagotribune.com ...
Starting salary...but minus the cost of the school.
What would happen to all those Liberal college professors if unqualified people stopped going to college just because it didn't make economic sense?
A girl from Duke does pornography to makes ends meet. And she says that it’s Duke’s fault that she does that, because they didn’t offer enough financial aid.
Seriously, families need to have hard discussions about this subject. There should be discussions about attending state universities vs. private colleges. There should be discussions about what they want to major in, and what the job prospects for those majors are.
For example, there is little demand for women’s studies majors in the job market. Studying women may be fascinating in some way, but, it won’t help you get a job. Same is true of the various ethnic studies programs.
My estimate is $100 per degree.
She also claims Vanderbilt offered her a full scholarship but she just had to go to Duke after seeing how beautiful the campus was.
its also true for wildlife studies, forestry,marine biology,botany,recreational therapist (whatever that is) etc....yet tons of men think they’re going to be the next Yellowstone National Park Ranger.....those kinds of jobs are hard to come by and often these type grads work temporary jobs year after year until a full time job comes up....
My to kids did OK. Of course that was 20 years ago and they went to Catholic schools and had a dad who was a genius and a mom who was a saint... They both make just short of $200K a year.
However, I think it had little to do with the college they went to...
That makes too much sense.
“Next, the calculator shows expected salary levels — starting, middle and expert pay grades. A K-12 teacher in a non-science or math field could earn in a range of $12,840 on the low end to $64,200 on the high end, with the median salary of $42,800. That’s based on 2010 data of students who graduated with a bachelor’s degree and who worked full-time or part-time, according to GradSense.”
The low end is less than a forty hour a week, year around job at the federal minimum wage. The median adjusted for REAL inflation is less than most 22 year olds with a high school education earned on a forty hour a week job in 1965. The high end figure is no more and probably less when adjusted for REAL inflation than what I was earning at age 23 with a high school diploma and a Navy electronics certificate. Recent studies have said that a recent bachelor in liberal arts is worth LESS in the job market than a public high school diploma was worth in the sixties. I think you are being generous.
I suspect that any 17 year old who wants to make a real effort could take a minimum wage job, live with his parents for a couple more years and go to tech school and be far better off. I used to really like George Burns but I would HATE to be 18 again in the current situation.
Actually, more to the point (from my perspective) is “what would happen if we instituted a national ‘qualifications’ exam for most college majors, and moved to more of an online education system”. For many things, Europe has had these types of exams. You take them when you're ready, and you have to pass to be given credit for training and competency in that field.
This would: 1) Make education much cheaper and accessible; 2) Diminish the automatic acceptance of the meaning of a degree from any institution (it wouldn't matter if you went to Harvard etc.; only that you showed competency when tested; 3) Allow people who can't afford to go to school without simultaneously having a job to work online at a pace that matches their available time; 4) allow people to get real world job experience while getting an education; 5) force universities to compete in a much more real world. Etc....
I know some people don't do well on standardized tests, but we have the technology to have very diversified testing, with interactive problem solving etc. For so much of university education it doesn't matter where you are. You may be lectured by graduate students or teaching assistants, the professor might be a marginal educator and have their position on the basis of grants they've gotten, or their publications. Much of what you learn during the years you spend at a university is very much independent of the time you spend in a classroom.
To.really make a Women’s Studies degree pay off, you need to also minor in a field that’s in big demand, like Sub-Saharan Homoerotic Literature and Dance. The two are an unbeatable combination. :=)
If families start looking at this, maybe they’ll think twice about sending their kids to expensive colleges, if the major won’t recoup the cost of it.
If parents tell kids they aren’t going to pay for college, but the kids need to get loans, that THEY have to pay back, the kids will start looking closer to home, think about a couple of years of Community College, or at least work hard for scholarships.
It's her own damn fault, then, that she's in debt.
There is no way to know. Starting salary is starting salary. It is not a reflection on any thing except begining. To extrapolate lineraly is stupid
Mainly those are people who can't read.