Buried deep in the article is this:
She graduated from college late in life, in 2003, attending classes while working full time. She used to believe that education would be her ticket to prosperity, but is now bitter about what it has gotten her.She's literally a debt slave, handcuffed to an enormous debt that I have written about many times. Unlike a mortgage, she has no way out. This education bubble is more destructive than the housing bubble.
"I owe $92,000 for an education which is basically worthless," she said.
17 comments:
I got laid off this week. For the 1st time in my 40 years I'm unemployed. Literally, ever since I was 18 I've worked. Mind you, someone did point out that I've only taken more than 3 days off from work once since 1997.
I'm of two minds: one says suckle off the teet that has been robbing you for years but the other says get off your butt you jerk and don't rest on your laurels.
I don't know. I am probably going to take a couple of days with a bottle or two of vodka to sort it out. Haven't done that for a very very long time.
I read an article yesterday I wish I could remember where so I could paste the link. It was listing all the reasons that your shouldnt pay to send your kids to college. Instead it says you should put 200k in a modest investment that pays 3%, and they would still make more off that investment in their lifetime than the difference in salary as a "non college educated" worker. It said you should encourange them to start their own business instead. It was basically a treatise against the nosebleed high college costs that are burdening students nowadays.
This story you posted illustrates the problem with the unemployment right now. There are companies hiring. If you are single, and able to relocate then you should be able to locate 'some work' maybe not your ideal, but something to support yourself. Unfortunately because of the high number of people that are underwater on their mortgage, they cant unload their house to move. Other people have roots or family attachments they aren't willing to break to move to where there is work. There is also a skills gap where we arent producing enough people with skills to work in scientific jobs.
I noticed in this article it says she started towards an mba in business, but they dont mention her bachelors degree concentration. I'm wondering if it might not be a marketable field of study? Not that it is the only impediment in this environment. I have read stories about high fliers who were masters of the universe and had top tier jobs at fortune 500 companies just a couple of years ago that now have been unemployed for several years and have no prospects.
I agree with the sentiment "there but for the grace of God, go I". I work in financial services and based on what I am seeing things are about to get a whole lot worse in the second half of the year. Banks are still hiding alot of their problems, but much like the government they cant kick the can down the road any longer. I dont think there is going to be an appetite for anymore bailouts or stimulus and I think 2011 is going to be much worse than what we have seen so far. I sincerely hope I am wrong.
I am very sorry to hear about your job loss. I know personally how much that sucks ass. My only advice is toss out the vodka bottle and go bike riding or walking or go to the beach.
It is a function of poor degree selection, spoof degrees and liberal bastions with their hands in the cookie jar. With government backing the lenders have no risk no matter how worthless the degree investment..interest just accumulates for you and your children to pick up in the end....and you thought this scam was just in housing...not so.
I was let go in early December last year. I was able to get some freelance work in January and eventually landed a temp job paying me roughly half of what I had been making. I've had plenty of interviews but companies are putting off hiring for the time being. It's tough, but doable.
For "This Blog",
I'm not trying to be the puritan or anything but I have to second Lou's comment. Finish the vodka and where will you be? A little less liver, probably not feeling great, but still in the same place. Instead, take a deep breath and count your blessings. Call a kid, sibling or a parent and reconnect. Go to church, or find an AA meeting. Believe it or not, they have hope there. Or you can just say "eff it" and follow your plan. I like Lou's ideas better though. It'll get you farther.
Maybe we have enough paper pushers?
I'm afraid the reality is that there are several million more workers, even white-collar skilled workers, than decent-paying (not WalMart greeter) jobs for them.
Short of another world war, I don't know what they're going to do in the near to medium term apart from temp work and moving in with relatives.
Thanks all. I was in a dark place when I wrote the vodka thing. Frankly, I don't drink. Actually I created a ridiculously strict daily timeline including obsessive gardening, working out on my Soloflex, riding my bike, and obviously applying for jobs. It's a control issue and I also thrive on routine. Otherwise I'd end up the stereotype unemployed hermit whose skin mates with his couch.
Anon is right, it's largely a function of degree choice. I used to say it didn't matter what degree you had as long as you had one but then my wife has a degree in Latin and a law degree (and can't pass the bar) so she's is teaching. Technically, she's a licensed teacher but is currently looking and since the school year is starting asap, she's going to have to sub.
All in all, this is a really bad year for us. I'm taking it in stride but she's getting really angry at the world.
I have said this before here, but rather than going to collej, I would like to see young men and women pick up a trade, especially HVAC, the field that I am in. If you are diligent, your schooling would cost you a fraction of what you would pay for a diploma at a big 4 year school, and an ace HVAC technician can write his ticket wherever he wants to live for the rest of his life. That is no lie.
I would imagine this applies to other trades as well.
Adding to Dan's HVAC comment, I know Electrician and Pest Control Advisor are great paying jobs that are depression proof. I would bet mechanic is on that list as well.
Knowing how to do something important to civilization is always good.
Pest control, that has got to be lucrative all year 'round.
Dan, you practically can't farm without a pest control advisor.
@W Very very true. Especially so if you are doing "organic" farming which actually entails a great deal of pest control just not using some of the easier chemical mixes.
@Dan is right. I've said it before but as a (now former) teacher, our system totally fails kids. College isn't realistic for everyone and especilly kids who frankly have families that can't afford to send them through high school. We desperately need to start teaching trades again, and not just getting 17 year old kids MS/CISCO certified. My friends that didn't go to college but got their full blown plumbing or welding licenses make WAY more than I did.
@w - I recently bought a hobby farm and am "farming" for the first time this year, and you speak the truth about pests.
My kids went through / are going through the Calif State University system for their various degrees. A full schedule of 5 classes / 15 units costs about 1500 for tuition and about the same for books = 3000 per symester. The first two years they went to junior college to knock out their general ed requirements and lived at home. JC tuition and books was very reasonable. So their last two years at a CSU campus ran about 12k which they all paid / pay for with money from their jobs. Work part time, student full time, keep costs low and NO DEBT. It can be done.
Dan, what kind of things are you growing?
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