|
Posted on 01/15/2009 10:10:48 AM PST by rabscuttle385
"The two disillusioned attorneys were victims of an unfolding education hoax on the middle class that's just as insidious, and nearly as sweeping, as the housing debacle. The ingredients are strikingly similar, too: Misguided easy-money policies that are encouraging the masses to go into debt; a self-serving establishment trading in half-truths that exaggerate the value of its product; plus a Wall Street money machine dabbling in outright fraud as it foists unaffordable debt on the most vulnerable marks."
Getting a college degree isn't always a bad thing, but it's not always a good thing, either.
|
ping!
I love that line. And I couldn't agree more.
O boo hoo hoo. If each had a six figure income, then I’m guessing they were living the high life instead of paying off the debt. If they had lived on one of their incomes and used the other to pay off the debt, they’d be done with it by now. Silly people.
Swing and a miss!
>>Kellum did everything he was supposed to do to get ahead in life. He worked hard as a high schooler, got into the University of Virginia and graduated with a bachelor’s degree in history.
A History degree? Perhaps, if he had studied something useful...
I would recommend attending school on a part-time basis (and working on a full-time basis, or close to it) as one possible alternative to this scenario. I can't think of too many careers in which $140,000 of debt would actually be a good investment.
Was there some reason this couple with two six figure incomes couldn’t live on one and use the other to retire their loan debt?
While I agree than higher education is now one of the biggest scams on the planet, this couple have only themselves to blame for poor decision making.
Beyond the fact that he received a BA that guarantees you’ll need to go to grad school unless you want to teach HS for peanuts, these people lived in LOS ANGELES—one of the most expensive cities on the planet. No wonder their six-figure salary went nowhere.
Why didn’t they take their fancy law degrees and move somewhere cheaper?
Is profitability the only measure of usefulness?
“If each had a six figure income, then I’m guessing they were living the high life instead of paying off the debt.”
####
Unquestionably.
Oh, and the LAST thing this country needs is more “degreed” history graduates and lawyers.
Together, they make in excess of $200,000. If they rented a small apartment or paid on a small home and had low ownership cost cars to drive, then there is no question that this debt could be quickly paid off.
They are living expensive, rather than prudent, lifestyles.
Graduated with no debt. First year salary more than paid for all the cost college plus interest (ROI - 1 year).
Of course, I was a geek, spend many a weekend studying and my employer actually expects productivity and something of value.
Nonsense. Nothing increases one’s bankability as surely as an education. With few exceptions there is no greater obstacle to earning potential than lacking education. For every billionaire dropout like Bill Gates there are a million earning $35,000 a year.
Each of you hit the real big issue!
It’s true that it works for some and not for others. I hold four degrees (a Bachelors, two Masters and a Doctoral Level degree). At 46 I still have $59,000 sitting out there at 3.75%. Was it worth it? Yes. Why? Because I was able to get into ivy league programs and parlay them into a very high paying career.
To undertake that financial obligation for a soft science degree and masters or law degree from a third tier university and then to marry someone who did the same thing might not be an ideal financial move. It works on a case by case basis.
Los Angeles does indeed have a lot to do with it. I’m struggling too, because my rent is about 400% of the norm. But I love it here, so I just... keep struggling.
Where did this goofball get the idea that a degree in history would make him money?
This article is idiotic.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
