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In Reply to: RE: Now let us look at the real cost of living in the 1950s vs now posted by tweaker456 on June 07, 2021 at 12:20:13
...is the cost of higher-education. Along with housing and auto prices, the cost of a degree has gone through the roof. Hence, the reason that student debt is such an issue among those in the 20-40 age-bracket. Not only is home ownership nearly unattainable for most (in it's own right), it is far more difficult when saddled with a huge student debt burden.
"So I talk to the night, I head for the light, try and hold it on the road. Thank God for the man who put
the white lines on the highway"--a very dear friend for decades Michael Stanley (Gee)--RIP
Follow Ups:
I have to disagree with you on that. It's largely a fallacy that "students are saddled with student debt", designed to push a political agenda to socialize college costs and promote "free" college. College will be FREE when everyone working there works for free. Until then, "free" college doesn't exist and won't exist - the cost will just be spread out among the entire population.We've put two kids through college, both earned Bachelor degrees in good fields (not "Women's Studies" or "Black History", although I majored in women while in music school, but that's another story) both at great state universities - University of North Texas and Texas A&M.
We currently owe about $30,000 in student debt, which we'll probably pay off in about two or three years. The kids owe nothing, and are gainfully employed. And we're pretty much middle-income middle-class. I've got my Schoeps microphones and Revox tape deck and Canon 70-200mm F4 lens, etc., but I don't have horses and can't board dogs and their trainers.
The second part of the fallacy is that people who study certain professions have to go to school for as much as eight years and therefore are "saddled" with even more debt, such as doctors and lawyers. Yet, who's driving the Mercedes S and the BMW 740 and the Porsche Cayenne? Who's got the 5,000 square foot home? Doctors and lawyers. (Oh, and people in academia and retired university professors.)
How do we reduce the cost of a college education? Glad you asked. Eliminate the extraneous unnecessary "required elective" classes. That alone will reduce a Bachelor degree program to a nominal three years rather than four. Of course, that means less revenue for the university, so, that's the sticky wicket.
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We are inclusive and diverse. But dissent will not be tolerated.
Edits: 06/08/21
...according to Experian, total student loan debt for 2020 exceeded $1.57T--yes TRILLON--an increase of ~$166B over 2019.
How can you say that people are not saddled with student debt?
I'm not an advocate of "free college for everyone"--to start with, not everyone is "college material". Nor am I a fan of "student loan forgiveness"--you borrowed it, you pay it back. Lots of people before you have and/or are still paying.
As a retired university professor/research scientist (at a State university), I can assure you that faculty are not overpaid. There were many years during my career that I made as much (or more) money from independent consulting fees, than my actual salary.
Choosing a major/degree?--that's like every other "bad choice" in life. If you know that your degree will not result in gainful employment, or your field of study has a rather low pay-ceiling, perhaps you shouldn't borrow $50K to get that degree?
Regardless, tuition costs have risen dramatically over the last couple decades (even State schools), and students are saddled with a large debt burden. Where that money is going--IDK.
As for "advanced degrees"--yes, these generally pay-off down the line, but you don't even start to earn shit for money until you are ~30 years-old. My wife and I lived on residency and research associate income for years before we actually got to "cash-in" on our degrees. My younger daughter and her husband (both physicians) earned no more than $60K (each) as residents working around the clock shifts. Once they finally completed their specialties, they are now both making $350-400K(each)--in their first year--both in their early 30's. Had they chosen a different path, they could have had a degree by 21-22 and been on Wall St. making millions by 25, or they could have ended up working at WalMart. They sacrificed, essentially 10 years of "earning potential", to get to where they are--as did I (and my wife).
"So I talk to the night, I head for the light, try and hold it on the road. Thank God for the man who put
the white lines on the highway"--a very dear friend for decades Michael Stanley (Gee)--RIP
is that all education, including University, is free to the individual Scot. We all benefit from a better education population.
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