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It's not a "fallacy"...

Posted by dark_dave56 on June 8, 2021 at 07:00:39:
...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).