Well, we just found out that student debt is at an all-time high. It’s just a whisker below 1.6 trillion dollars. Yes, trillion, with a “t.”
But it’s all worth it, right? Our young people need education. Not. So. Fast.
A new study shows the average freshly-minted college grad makes almost $11,000 less annually than he or she expected—and it’s true over a wide range of majors.
What gave these young people such unrealistic expectations? One factor is easy to recognize: Our serial exaggeration of the benefits expected from a degree.
Making it worse: Tuition has soared—faster than almost any other expense category in our economy. Recruiters and marketers have in turn hyped the value of their institutions and their degrees.
It’s time to scrap the myth that all young people should go to college, and that every school and every major is worth the price.
The debt load is simply crippling.