A College Degree Isn’t What It Used to Be
35% of respondents to a recent survey said college is not worth the expense. Plus, 43% said a college degree isn’t necessary to succeed in real life (Salary.com).
The average American college graduate faces a $29,000+ student loan debt (College Access & Success’s Project on Student Debt).
The outstanding student loan balance in the U.S. is almost $1 trillion (Federal Reserve Bank of New York).
31% of student loan borrowers are delinquent in repaying their loans (Federal Reserve Bank of New York).
And, sadly, recent college graduates face an unemployment rate of 13.3% and a median weekly income of $464 (as of 2012 according to Pew Research Center).
36% of college graduates don’t even work in a field related to their degree.
The average in-state public university student now spends more than $18,000 a year for tuition, fees, room, and board (College Board). The costs for out of state students and private college students is much more!
The average college graduate will earn $831,000 more than the average high school graduate before retirement age (Federal Reserve Bank of San Francisco), but that doesn’t take into account the $75,000 they spend going to college and the four years of lost income (both of which could have been invested and earned way more than $831,000 in compounded interest in 40 years).
The one argument for going to college (greater earnings) becomes a fallacy when you take into account the compounded interest that could have been earned from the money spent to attend college as well as the four years of lost income. And the opportunity costs of paying back any college debt.
The College DropOuts Hall of Fame: http://www.collegedropoutshalloffame.com — Discover all the successful athletes, entertainers, and billionaires who never graduated from college!
Scholarship America is the country’s largest provider of college scholarships and financial aid to students. They have awarded $2.9 billion to 1.9 million students over its 54 years. Its Dollars for Scholars program has almost 1,100 local chapters. To donate, go to http://www.scholarshipamerica.org.
Curator: John Kremer