Student debt: Is a degree worth the financial strain?
Vložit
- čas přidán 31. 05. 2024
- Student debt has become a national crisis, with 43 million Americans carrying more than $1.7 trillion in debt. With some questioning the value of a college degree, efforts are being made to eliminate college from many corporations' job requirements, while promoting skills training for "new-collar jobs." Correspondent David Pogue talks with Wharton School of Business professor Peter Cappelli; Ken Frazier and Ginni Rometty of the OneTen Coalition; and with young people taking different approaches to higher education and the workforce.
"CBS Sunday Morning" features stories on the arts, music, nature, entertainment, sports, history, science and Americana, and highlights unique human accomplishments and achievements. Check local listings for CBS Sunday Morning broadcast times.
Subscribe to the "CBS Sunday Morning" CZcams channel: bit.ly/20gXwJT
Get more of "CBS Sunday Morning": cbsn.ws/1PlMmAz
Follow "CBS Sunday Morning" on Instagram: bit.ly/23XunIh
Like "CBS Sunday Morning" on Facebook: bit.ly/3sRgLPG
Follow "CBS Sunday Morning" on Twitter: bit.ly/1RquoQb
Subscribe to our newsletter: cbsn.ws/1RqHw7T
Download the CBS News app: cbsn.ws/1Xb1WC8
Try Paramount+ free: bit.ly/2OiW1kZ
For video licensing inquiries, contact: licensing@veritone.com
Calling any job type "alternative" is degrading. Alternative to what?? The world has changed. Catch up. I dated a guy managing the electrical wiring for Yankee Stadium. Occupation? Electrician. Income? Tons. The guy who wired my house? Electrician. $120/hour and he doesn't show up for less that $500. I don't believe in any profession as white or blue. It's all relative. Our brains work in different ways. Respect and value everyone.
That $120 doesn't all go to the electrician's compensation, but your point is a good one. As a saying goes "All honest work is honorable".
Me too. My ex was an electrician making $400K.
This is how I feel about low-paid day care workers and home health aides. They are underpaid and not respected as they should be.
All employers must train on the job including doctors and lawyers. College degrees are a scam. High school diploma is a scam too.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.
$280k of debt and she wants to deepen the massive hole into a crater by going to LAW SCHOOL?!?!! I felt bad for her in the beginning of the interview but now I'm just amazed at how she has truly learned nothing during or after college.
She bought the product of an education. Now she must pay. Are kids taught to view this as a business decision, I think not.
@@zatosan729 She's the product of a lot of things. She likely failed multiple classes and changed majors possibly twice. When asked if college was worth it she described it as "fun". A $280k party that now prevents her from going on vacations. What client would ever seek counsel from an attorney with no common sense or work ethic.
she is vapid, which is rich coming from me, as I usually the dumbest person in the room...but even im not dumb enough to be duped into $280k debt from penn - but hey, at least she had fun 8:27
She's brainwashed into the lure of academia ...
Millenials and Gen Z were sold the college bs.
The US had the crazy idea to remove vocational programs from schools, pushing everyone into a college track as opposed to allowing people to have options in their carees and life. Our country lost respect for plumbers, carpenters and electricians until generations of them started retiring and dying. They are just going back to how it was in the 70s. Children need options in education to build stronger societies. Everyone does not want or need a 4 year degree.
Skilled Trades people are going to become very valuable. I hope high schools return to teaching those skills. Then community colleges can turn out master craftsmen …..
@@I.M.A.Panther3619 me too.
You actually think robots and ai with the advent of 3d printing wont do away with skilled trades? Yeah right.
@@rocar38 I’m a skilled laborer. And although there are contraptions that can some of the things I do, a robot, AI or whatever will never be able to completely replace the human touch and skill imo.
@@elleshaw9837 thsts where you are wrong. The 3d printing of objects will make traditional skills obsolete. Augmented reality and 5g will facilitate the control of the robots. . If you think they can do remote surgery via robots but not electric or pluming work you are in denial.
I feel like they could’ve chosen a more sympathetic case to examine instead of the person who says the hardest part of the debt is having to cut back on eating out and vacations.
Exactly, I caught that too.
And her plan to pay it off is to go to law school…
@@theclown888 .... or win the lottery...
This was probably a very typical case.
I’ve said it a million times and I’ll say it again. Unless you plan on having a career in STEM, Education or Law, you don’t need to go to college. Everything else can be learned at a trade school and/or with work experience.
This is coming from someone who has a humanities degree and working in management at a popular grocery store. It has nothing to do with my degree but it’s fine 😂
There are a couple others you can add but you're spot on and much respect for keeping it 100. I put myself through school (Communications A.A. lol) and a few years after by working retail and restaurant jobs before finally finding the career choices that actually would be fulling and make me really good money.
Facts
50% of college degrees are a scam
Actually according to some people, you need degree for Doctor, that's just one example, i don't really know what else require degree (i just hope becoming programmer doesn't need degree, at least not in my third rate country).
@@That_One_Guy... Definitely doctor and lawyer come to mind. Need a degree for those jobs.
So this lady who owes the $280k in loans already and now wants to go to law school, all I can say is DON’T DO IT. She will not earn what she thinks she will. I work with a lot of attorneys, and many of them are just scraping by. Stay with the government job, get in the PSLF program, get your student loans forgiven after ten years, and then move on if you want.
She also wants to travel. When I had debt I lived frugally. She needs to pay her debts first before traveling, shopping and partying.
The idea that a law degree equals a big salary is an out dated idea. A lot of opportunities for law work have diminished over the past 20 years. She should check into it before making that decision.
She blew $280k on uni, and apparently the last several years without actively prepping for law school, or interning - I doubt she's got any sort of plan.
I eventually went back to school and became a court reporter and I see lawyers every day. I see many of them struggling to get clients or get enough clients to earn a living. The job market is just too over saturated. We need stenographers. Maybe some people who think about law school should look into court reporting instead.
She clearly is still in denial and do not understand she racked up 280k on her own. Like majority of the students then, now and in the future needs to borrow only what's truly needed.
Student like her, the society, Americans most especially NOW, needs to accept reality and reject Disney/fairy tales or they will continue to be left behind by the World.
If one decides to go to college, finish your studies; or if one gets a personal loan use/pay whatever needs to be paid; rather than buy something or go to a place just to show off on IG when one cannot even afford to have or be at in the first place LMAO
Better plan now to Enjoy financial freedom long term and not the other way around
Unfortunately, for most professions, a college degree is required to 1) get in the door; and 2) make a higher income. One prime example is teaching. The salary scale is based on level of education. The more you have, the higher the pay. It's more important than actual experience, which is absolutely ridiculous.
With the exception a small few professions required by law (doctor, nurse, lawyer), you do not need a college degree. Human Recourses uses a degree to screen out resumes for jobs such as marketing, finance, management etc.. The incompetence in recruiting is why we "need" a degree. Even with doctors and lawyers, they just need about two years of pre reqs for law and medical school. Not 4 years of gen eds.
True but to keep a job you need skills, not degrees. I have two engineering degrees but the skills needed in a job are not what I was taught in college. Getting a job is easy but keeping it is impossible.
Experience isn't everything either. Everybody wants experience but nobody wants to give it.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.
@@chadcarlson9306 That sucks. Wish ya the best. Eventually it'll come together.
Only in the US do they tell you to get a degree, then you go to college with insane, absorbent prices, and then spend most of life in debt trying to pay it back. The education you get isnt even worth the money your charged unless you become a Doctor or Lawyer....and even then its still difficult.
Do you mean absorbent or exorbitant? Maybe you should go to college. 😃
@@fenixrising1972 - Most people in our government also do, keep that in mind.
Each college should only be operating if they have a highly functioning employment agency associated with it.
@@JeffreyGillespie Maybe you should take a communication course!
College isn't for everyone. My daughter graduated two yrs ago, when the virus hit. She took to virtual classes. Passed one and didn't do to well in the other. She decided college wasn't for her. So, she is working. I went to community college. I got stressed out and had to quit.
I advocate so hard for people to try CC first. Figure out if it’s for you while saving your money. At least if you lose out on money, it won’t be hundreds and thousands of dollars.
@@ajh.4131 -My daughter did, try Community College for a semester. It was during the height of the virus (2020). The fall she took two virtual classes. That is all they had. She passed one and didn't do to well in one. My daughter would of benefited more by a regular class. She was also working. She decided College wasn't for her. My daughter is still working. I tried community College classes. . I went for I don't know how many years. I got stressed out, so I had to drop out.
It's time to speak the truth about these so-called prestigious schools. They are simply not worth it. Either aim high to be in a top 30 University or aim low, the ones in the middle are just not worth it.
State schools are the way to go. Lower cost, just as good alumni networks, & a bachelors of science gets your foot in the door just about anywhere these days.
Huh?????
@@gracelynne3918 😂😂😂😂
its not about the school really anymore. its about experience.
My recommendations: start at a community college; go to a state university; don't go into debt more than 25% of starting pay in the field the degree prepares one for; don't go into debt for a graduate degree that won't boost pay by enough to eliminate the debt within 5 years; and be born into a rich family.
Excellent advice!!!
And those going to medical school? 🤔 The problem is the over the top costs in America as compared to other western developed countries.
@@kred_65 So true, so true. If people traveled outside of the USA, they would see an entirely different world.
I would not pay for a graduate degree. Universities have assistantships and lots of corporations will still pay for them. Just like he said, the timing may be different. Community College is a great option to pay less for Gen Eds (high school on steroids).
I'd add, make sure your free K-12 education actually covered HS-level material. One reason many full-time students can't complete their degree in 4yrs is because the first 1-2yrs of college is blown on remedial coursework, which students still have to pay for, but which don't always yield full/any degree credit.
And it's equally a problem in rural, suburban, and city/urban schools - either the curriculum just isn't up to par, or the schools capitulate to the demands of parents insistent on high grades, but not quality education.
it took me almost 6 years to graduate with a bachelor's in electrical engineer while I worked full time and went to school half-time. I left college with 44K in debt and my first job as an EE paid me exactly 70K year. So I think that it was worth it. However, choosing the best school I could get in for the lowest price was a big part of my decision. As an addendum, I have to mention that doing my first 2 years in community college also helped a lot.
You did it the right way, sir!
You did it the smart way
Smart man
Yeah I have to agree. I have my computer science degree. I am at 6 figures. I owe 57k. And paying it down. my job pay about 9k a year towards my loans. My goal is to pay off my loan in 2 yr
I have a GED, an AA degree from a community college and a BA degree from a university. College was my second job throughout my twenties and part of my thirties. I didn't take a full class load until my final year. During that time, I quit for a couple of years, changed my major and and lived life. By the last year I knew what I wanted and went after it completely. College does increase your ability to earn But, only if you approach it with a plan. Employers still want experience. Graduates struggle finding employment if they don't have any work experience.
good advice, but as far as the cost goes,
decades ago people could afford college without necessarily taking out huge loans.
you said 20's and part of 30's. no meaning to be critical, but that was a big chunk of your life.
True like everything else. It's better with a plan
@@johnmiller3494 There's always a cost, no getting around that. You can lower the cost by going to a cheaper school, living closer to / at home, or working PT while attending school. Earning scholarships through hard work, is great too, and then loans become a supplement to all the above.
The SF lady who "maybe" wants to do law school, and gripes about not taking as many fun vacations now, doesn't seem to understand the prospect of present work/costs for future benefits.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model..
I think young adults should take a few years off and hold off until they are more decided on what they want to do. There a loads of educated people with degrees they are not using. Liberal Arts, Criminal Justice for examples are dead ends.
I got a college degree for job security. I’m guaranteed a job, but it’s crap pay and my debt is more than the average salary. College is for the wealthy, not the poor.
College actually does not bring up the wealth of the wealthy but does for the poor.
I gotta say - the young lady who racked up $280K in college debt who is concerned they cannot go out to eat as much or go on the trips they'd like to take?!? WOW. Just wow. She just described the great majority of American's lives. That's reality.
Beyond that, though, a solid cost-benefit analysis would have been hugely beneficial here. Any student entertaining college should definitely do that before ever taking on any amount of debt. Job outlook? Average earning potential? They need to study THESE before setting foot in college.
She really sounds unintelligent.
But she "had fun!" Yeah I had fun too back in a trailer park in Ohio.
@@RealMTBAddict when she said she wanted to be an attorney, I thought, "hun, you don't have the profile for that...."
@@pscar1 haha for real
Not to mention kids who aren't certain about what they truly desire pursuing and burning money doing so!
I just finished my MBA option Accounting this week. I think it’s important to research the salaries and schools first before getting into loans. I went to community college and later a state school. I can honestly say my debt is low compared to others and that’s with both undergrad and grad school. I picked accounting because the job security and salary. Research!
Exactly. Think about what you're going into, where you're going for what reasons. Don't expect the government/all of us to pay for Your education Read my daughter didn't make the best decision on where she went last year I believe. But it's her decision but I don't want to hear crying about it We can only pay for one year All that we saved She could have gone somewhere else for much cheaper Parents she's a genius.. so she made her choice and it still might pay off Despite the decision.
Wishing you the best !
I can’t imagine having to go to school for something I hate, to work in a job I hate just for the money. That sounds absolutely miserable. In other countries, people get to pursue things they are passionate about and not worry crippling debt for the rest of their lives. But I guess that’s the cost of freedom.
You can’t go wrong with an MBA or a degree in Accounting. Kids need to stop being told to get degrees based on their “passions” and take your advice instead.
@@miragexl007 My sister did something similar, but it worked out for her, kind of. I got my college degree pretty cheap back in the 80s with no _financial_ debt, but it hasn't helped me much job and money wise. My sister has a BFA, MFA, and teaching certificate and I believe she's paid off her loans and probably has over three hundred semester hours of college. She changed colleges a lot.
My friend went to Canada for college. Another went to 3rd world. Both are now doctors. A lot of immigrants went to foreign universities and have zero debt. The world is vast. American citizens are welcome most everywhere. Travel. Move . Enjoy debt freedom.
I will die on this hill.
I think the blame goes to colleges and universities. When you raise tuition 8% a every year AND the schools get subsidized money is the problem.
Going to college and spending 70k on a degree in women's study in Russian literature , just to say you have a degree is ridiculous.
This is the truth and it's NEVER ADDESSED!
Uh no, not all the blame falls on colleges. Choices of students on where they go Asked to be and is a big part of the issue
Her final answer to was college worth it? “It was so much fun” and that’s the problem right there.
And that's just one of the reasons why the government shouldn't forgive any amount of student debt. People like her who went to college to have fun; people who quit and didn't graduate; people who didn't study and got bad grades; people who chose ridiculous majors that don't help in the job market; etc.
*girl takes out 280k in loans*
CBS “she followed the classic recipe for success”
Excuse me? Who the heck told her that was an okay thing to do?? That’s insane. You have to be insane to take out that much money.
And then she said it effects her because she can’t go on as many trips and has to budget. seriously?
Ikr, student loan debt affect those who were not money smart to start. Additionally, in her enterview she stated that her student loan debt "affected her ability to go out to eat and go on trips," shows how privilaged she feels.
280k is a ripoff thats like half the price of a house in California , rather spend 280k on a new car and a house
I know a lady who took all of financial aid every semester (loan) until Master Drgree ended, bought a house and now is paying it off with lowest interest rate ever. I was shocked 😲.
I think people fail to realize just how financially illiterate most students are going into college, specifically because most of them are transitioning from high school and being told “complete your FAFSA and take what you can get”. Nothing about how important it is to financially plan for college, just “want money? Sign here”. It’s pretty sad actually.
Is the news sucks so bad nowadays. Maybe it always has. And guns to college costs and choices And how they address them is sickening
Given the average debt coming out of undergrad is 30k, the girl with over 200k in debt is definitely an outlier and seems like she's all over the place.
She said, "If I could make higher money" what? Lol 🤔😶🙄😑
@@viviansmith1443 haha right? she's just a mess. I find it funny how the news people never asked her what she majored in.
average is almost never a good indication... the median is higher and more accurate
she wants to go to law school too.
Full of s*** . Did she have to go to Penn state et cetera et cetera? Does my daughter have to go to the college she chose despite Equivalent alternatives Is that costless or paid for more , Kids nowadays, the government the news Influence With entitlement et cetera. What a joke
College used to be funded such as in the 1960's so going into debt was unheard of. Now students must go into debt if they want a degree. This has to stop! We must fund education.
Funding?? I paid my way thru. Only the wealthy & those who didn't have to work went to college. Only meaningful degrees science, math, engineering, nursing.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.,,
You understand that it's the federal government giving out the student loans right? Students get scholarships, loans, grants, etc primarily from the federal government's spending. It's just that the price of college is only increasing as the federal government is spending more on higher education, counterintuitively and continuously
I remember in the 80s college graduates panicking because the tax deductions for student loans were slowly being phased out. Another 'gift' from the Reagan years.
@@gamer-gw9iy Nah, they're probably too dumb to realize that and think the government just throwing more money at colleges will make the price go down somehow.
Yes, a college degree is worth the financial burden, but you have to choose your degree very wisely! Students must recognize which occupation has the most opportunity. Right now, data scientists and nurses are desperately needed. Both are high paid and secured for the long term.
Not worth it. I am in healthcare and in so much debt it was absolutely not worth it! I will spend my whole career paying this off.
It's all relative... People say tech workers are in demand... I got a BA in San Francisco from a top 100 University, applied to thousands of entry level software engineering jobs and internships, and couldn't get a single interview. Hired an expensive career coach, still nothing. Everything job has thousands of people applying, so your competing against the best of the best. Most of the time, you can't even get your resume looked at. This idea that software engineers are in demand is a load of bull. The problem is how companies called candidates "qualified". If you don't know these 5 random libraries out of hundreds of thousands of libraries, your not "qualified". They don't want anyone to have to learn anything on the job, which is absurd. Just having the skills and education and even experience and knowledge of the concepts and languages is not enough to be "qualified" in their eyes, so they say theirs not enough "qualified" candidates. It's total BS. Don't waste your time in tech. Your competing against thousands of people every time you apply.
The one piece of advice I tell all young college student I meet is this: DO NOT leave the campus (upon graduation) without a job.
Spend as much time as necessary at the career center as it takes. Go to office hours of your professors and do some networking. Go to seminars and events sponsored by your college department to meet people -- don't just stand around talking with your fellow students, get in there and make your name known to people who can connect you with prospective employers. Go to alumni events and speak to the ones who are looking to hire. Go to job fairs on campus -- and even job fairs at other nearby colleges and universities.
And if all of those fail, get a (temporary) job on campus working for (a professor) in your department and keep doing all those other things until you find your perfect job.
The college career office is there to help you find a job -- but only if they know you are looking for one. The same for the people in your department. And don't discount getting to know support staff -- they are the ones who answer the phones and emails of people looking to hire.
If you have done internships while a student, re-connect with those people and see what permanent jobs are available.
And, lastly, don't be afraid to branch out and explore new possibilities in fields that may not seem to be directly related to the work you want to do. Lots of people who have focused on one field of study end up with excellent career jobs in something completely unrelated.
I wish they'd address this issue more. Your choices on profession, your choices on college. I'm telling my daughter who went last year, Wine over your debts and you pick this private Arts college, but is heading towards neurology possibly medicine which one Can still pay off... but still not the best choice price wise. But Would not listen. Could have went to Any different colleges costing less. Our savings for her college would have paid for far more than just one year. But no.
Facts! Don't get into $200k worth of debt for a psychology degree. End of.
I feel so bad for the 1st person. 280K to do a government job making 35K a year which is $800.00 after taxes every 2 weeks. Why??? Where was the guidance? Where were her parents? Why did no one say: GO TO A NORMAL CHEAPER COLLEGE??? Why the upper echelon school? Parents are to blame too because sometimes the kids wanna get away from their parents and live the college campus experience which isn't cheap. 280K for what major? Makes no sense.
Young lady in the 1st story, she was more concerned about not been able to go out vacations or dine out with her boy friend… but no where was she willing to compromise or sacrifice in her conversation!! She had her college experience for $280K hope she has a PhD though I doubt it as it seems she was interested in running out of the house before figuring out what it cost!! She wants to attend law school for another $150K to 200k in debt, so she’ll have $500K while starting salaries of a junior associate is approximately $85K-135k depending on the region of the country.
@@channaw.3538 Not to be mean, but she's an UTTER JOKE! Even the reporter pitied her. Everyone can sense it. He straight up felt bad for her and labeled her a JOKE!!! His facial expressions says it all. But she should have clarified if some of that $$$ was used to live. I know so many people that asked for more $$$ and used it to live.
It’s not even necessarily the parents because even they don’t have the knowledge to know better. Most think, “my child will go to college so they will have a better life/future than me.” Well, we already know that’s not the case.
@@metamorphiccrystals8161 To those who are scamming, squatting peoples' houses, stealing, robbing, having a lot of kids, or demanding government handouts and getting rid of college debt... work! I'm 18 and worked my way up to Starbucks manager making $19.15 in N. Dakota, but some gets deducted because of Social Security which is unfair because there are a lot of people faking their disabilities like some of the people in My 600 Pound Life, and I'm hoping to one day take over Starbucks HQ and its 16K US locations and pay a minimum wage of $25 to all of the baristas because I was one too but it likely won't happen until I'm in my 50s. You don't see me as the next Angel Brown who has 17 children and demanded money from the government, living in someone else's house, breaking store windows in broad daylight to steal jewelry, assaulting and robbing the innocent, or demanding free money. If you're young, really think about what you want to do in life. Will going to university pay off in the long run? Is paying every month for who knows how long for your $35K Doctorate degree in feminism really worth it? Or is learning a skillful trade and becoming the next April Wilkerson or the next Cam from Blacktail Studio worth more?
@@swallowedinthesea11 I think the young college graduate in the 1dt segment isn't very bright and just wants to become a PROFESSIONAL STUDENT. Some people have no idea what the real world is like or what its like to hold down a job. I know someone who had been a college student for 22 plus years and owes 200K plus student loans. She gets fired from every job since she ess 18 years old. Keeps doing government jobs making $800.00 after taxes every 2 weeks. Its awful and i blocked her cause she kept bringing her very clouds over to me. Be a success story. When people are success stories then everyone wins.
I chose not to finish college to keep from going in debt. I don't regret it.
I did the same thing.
I started off as a bank clerk with a local bank after high school and 15 yrs later became the regional manager of a multinational bank. IQ is important and so are EQ, attitude towards work and respect towards others and these attributes will determine how far you go in your career.
cousin did the same thing
This 100%. Everybody thinks you just gotta get a degree and then magically everything is gonna work out in life. A degree will help you get in the door, then attitude, work ethic, and your ability to work with others is the key to the rest of your career.
I make 40k its enough to live im not ambitious to go make 100k and have no life lmao
IQ is important. Unfortunately, EQ seems to have no logical basis. EQ is more of a who you know skill. It also involves doing unethical things for the boss to get ahead.
Trade jobs, community colleges are the way to go.
280k for what major at Penn State?
Why in the world did she go to Penn paying out of resident tuition? Did she ever work during schooling?
She should have gone to a state college and could save ton of money. Most people can get a 4 year degree at a state college under 50k with part-time jobs throughout college
Yeah, hard to sympathize when people make bad decisions. But, it sounds like she had a lot of fun partying. lol
School was “fun” so that’s a no on the did she work question?
Yes, her story was mind boggling.
My impression of the “new collar” jobs is that the employee’s salary will be a fraction of the degreed employee. I also suspect that it might be difficult for the employee to move to a different company, as the skills training may be company-specific.
I do find it encouraging that there are more ways leading to Rome, as the expression goes, so that students have more options leading to education and employment.
That's exactly what they said. "This is not philanthropy. ... You can access them for a lot less money." I'm skeptical these "family-sustaining jobs" like lab techs will have a path of upward mobility.
@@Vim_Tim Lol, lab tech does not and pays less than In-and-Out pays for wearing a paper hat...
Idk, I assist with hiring at my current job and we prefer candidates that have experience over credentials. Someone who comes from another company, with a few years of experience, is a safer bet than someone who just has a degree. The fact that they work and have kept the job without a degree tells us that they have strong work ethic and are open to being mentored/trained. They also carry far fewer "theoretical" ideals and understand that business doesn't always align with classroom theory. That is a hard one to break with a recent college graduate.
I was thinking the same thing. They showed kids doing well… blue collar work and they are branding it “new collar” like wtf haha
There probably is a glass ceiling and the salary is probably lower but so what? College is expensive both in tuition and the value of your time. It might be worth taking a somewhat smaller salary and forgoing the possibility of a late-career promotion in order to avoid a six figure hit in your teens/twenties.
Back in the early 2000s, I made a promise to myself that I would only attend college that was the least expensive to me. I was not interested in name recognition. A degree is a degree.
I got a 75% academic scholarship at a private liberal arts school and a full ride for my masters. $0 debt.
Please don’t get sidetracked with ivies and going to the “right school”. The debt is not worth it.
I have a random BS from a state school too. Graduates in 6 years too in 2019. Only have $45k in debt, and I was able to get my foot in the door with it at a great company because of my BS. Worked extremely hard and got my 1st promotion in 2 years time. I just bought a house outside of the city and I’m still able to save money due to my modest lifestyle. Texas is the best thing that ever happened to me.
I only had a 3.2 in high school but had a good SAT score and I got a full-tuition scholarship to a private university. I still graduated with debt but it was less than 30% of what my post-undergrad salary was AKA MANAGEABLE DEBT. We need to teach young people more about financial literacy and responsibility. We should not be encouraging them to take on ridiculous amounts of debt for something that won't pay off.
How did you get a full ride but still end up in debt.
@@certifiedlover2748 full tuition scholarship, not full ride. There are other costs to college besides tuition like room and board, fees, and book costs
I never got to finish my degree due to my autoimmune disease. Now I’m disabled cause of it. Luckily I will be sending my kids to Europe for school since we have EU citizenship through my dad. I literally don’t have a dime to give to my kids for school, I don’t want them to be in debt.
Contact your state vocational rehabilitation agency! You might be able to finish your college degree! Let the state pay! I did this for medical coding! FYI
Oh, they talk about "new collar" as being this innovative program that enriches the lives of workers. But let's face it... it's ultimately about companies being able to fill their positions with cheaper, less educated workers. It's always about the bottom line. Always.
At least they were honest about it here - these folks will be "loyal" because they can't work elsewhere, even with this new experience, and cheaper than college grads with the same yoe. They also won't make pesky noises about unionizing, or demanding career development paths.
@@mandisaw Yup. Keep them poor and humbled. Just give them enough table scraps to survive and they will be obedient.
@@hejiranyc They [the CEOs] do it because it works. By the time these folks realize that they're trapped with no upward path, either they'll have to struggle more to get that degree after all, or they'll have to resign themselves to whatever fate the company grants them.
That's exactly what I was thinking too. You can call slavery by a different new name, doesn't change fact that its slavery end of the day.
@@Loverboy4life911 based, I just want to NEET in peace
So I've graduated from college recently, and with my background the only way out was through education. My undergrad debt is about 67,000. Grad school will probably add half of that amount to it barring any scholarships or grants. It's a big number but loans were only a third of my total overall cost. Scholarships and grants took care of most of it, the rest (almost 15-20k over the time I was in school) was paid out of pocket. The idea of "new collar" jobs had me nervous from the word go. There had been some whispers about companies not wanting to hire college grads, especially those of us who are nearing 30 because we question things. Do companies want someone with an education or someone who is naïve and can be molded to fit what the company is looking for? More than likely in today's world it's the latter. Someone they can mold, and will work how they want without question. It is a scary outlook and has me wanting to call these "new collar" jobs "chain collar" jobs. Often these environments will NOT encourage employees to be educated because they don't want them to leave. I worked full time while completing my degree and while I love my job, I have worked in hostile work environments before. As for whether or not the investment in yourself is worth it? Many economists still predict that by 2050 nearly 3/4 of all jobs will require a degree. The ones that don't have one will probably be competing with automation for their jobs.
I was self employed making $50/hr in a trade.. I have some college but didn't finish. In 2010 , I got burnt out and started looking for a job and a recruiter contacted me with a receptionist job for $9 / hr but it required a bachelor's degree. I asked who is paying $140k for a degree for $9 / hr receptionist position?
so many emojis work
Till this day I still see ridiculous degree requirements for relatively low paying. These employers want you to have degrees, but some aren’t willing to pay for it.
Needing a degree for a receptionist job is asinine.
"as much trips"
I know from personal experience many times over that employers discriminate against individuals who do not have a college degree. Regardless of the fact that there are so many positions that do not require a degree in order to be successful. My opinion is that it’s only getting worse if you don’t have a degree you don’t get that far. Employers need to be more concerned with a person’s skills and ability and potential than whether they have a piece of paper in a frame.
True, the degree is being used more as a signifier of middle-class background, for middle-class careers. But that's all the more reason for us to look carefully at just to whom these fast-track job training programs and vo-tech schools are being pitched, and who gets the path to maximum options.
The degree is a sign of credential not a true measure of potential, drive, and work ethic. If you have the latter characteristics, you can find success.
In my experience supervisors without a degree were often jealous that I had one. It was brought up in negative connotations and sometimes held me back. Work culture is real and often based on who likes you, similar to high school.
@Cathy I 100% agree with you that discriminating against those without an education is BS. However, it is used as a screening tool for higher paying jobs. If you advertise a job that pays 75k, you could easily get 500 applicants. They place the education barrier to reduce the number of resumes to review.
Thank you student loans for getting me through college. I don't think I can ever repay you.
Did you do community college ?
Please note the industry experts said they could "access" people who did not have a college degree for less money. Doesn't that mean they can pay people less, because they don't have a degree?
yes.
Yes, but given this young lady is $280K behind the eight ball, she'd still be WAY ahead if she didn't have this self-inflicted wound and no degree.
yes, yes it absolutely does…🤬
Honestly, as far as careers go, my degree was a waste of money. I would have gotten to the same place I am now with the same money and in about the same time frame, if I had not gotten the degree. I spent $30k to study things that I could have studied on my own.
That is quite an answer and story.
Same here. Unless you are going to be a doctor or engineer college is a waste of money. I was lucky with my $26k debt as the majority in my class had at least $60k owed.
Me too. I loved it, but it was useless.
What was your degree in?
@@elizabethremington1286 Music, classical to be exact. Loved every minute of it, but I didn’t make a substantial enough living to continue.
I didn’t goto college tried different work in food service and retail. Did those for 7 years my experience spoke for itself and I landed my first big role at 28 60k base with incentive made 72k my first year got promoted the 2nd at 70k and made nearly 100k. I did get a technical school certification for electrician work but I didn’t enjoy it. Needless to say I got laid off but my job perspectives were much better and I got a role above 60k in my new line of work. Experiences can speak volumes and it kept me out of massive student debt.
Always love your contents... All perspectives and all arguments are pretty much presented here... Keep up tye good work.. making it light but higly dense in information..
My husband is an electrician and he makes $38/hr. He has the opportunity to travel and make up to $80/hr plus per diem but he would be gone for a couple months. I stay home with the 2 kids. We have no debt besides our mortgage. Bought our first house at 24. If my two girls want to go to college I will fully support that but I would much rather them join the military or do a trade.
Far too many people in these comments keep mentioning "outliers" and acting as if these people are the norm.
Yes, there are people who didn't go to college who are making a good living, however, this is not representative of most people.
Truth. And many people mention going into the trades and becoming a plumber, etc. How many old plumbers do you see? They wear out their backs and/or knees early in life. A college degree is a near necessity these days. It's not fair, but that's just how it is.
@@kensmith2796 you see how many people with degees thats unemployed or underemployed?
@@derricklyons2232 I don't personally know anyone under/unemployed with a degree. My degrees are in aviation and accounting. I worked in both fields. I've personally never known an unemployed air traffic controller or accountant.
@@kensmith2796 air traffic controllers have slower than average job growth according to bls.
I think if there is something you want to study and you can’t afford an elite private school, then people should consider a state school. They are usually a fraction of the price of a private school (usually around $10k a year) and offer a very similar experience with maybe a few less perks. Yes, there is still debt, but it’s much more doable and you may be able to live with family to lower costs.
That is not the line lol. Thats like ohhh cant afford a Lambo try buying a maserati. Like that isnt the straw that broke the camels back.
A U My comment was addressing the best alternative we have today in regards to four year universities. I agree, both public and private institutions are deeply flawed when it comes to accessibility. At the same time, people still want to study subjects that interest them, and if money is an issue, a state school offers an alternative that is cheaper. This is coming from someone who transferred from an “elite” liberal arts college that was outrageously expensive to a state school were I can study what I love at a price I can afford. It was just an observation from my experience.
Choices. Exactly. Is my daughter made a choice I couldn't believe. And I loved her to death, she's a genius Chose to go to a certain school That cost a ton more than other schools she got accepted to parenthood which was pretty much everything she applied to .. But no, she had to go to a small liberal arts college Far out of state despite My opinion. Because of various reasons. I'm guessing many kids have similar choices, I don't want to hear whining From these people Everybody else should pay for their choices
I don't use credit cards
Penn State's out of state tuition and fees comes to about $45,000 per year with zero financial aid. If she accumulated 280k in student loan debt, she apparently signed off for max personal loans. Maybe she should have considered a different option that had less of a financial impact. But "I had fun in college; it was a great experience" might have been the real reason she chose the school.
It definitely was the only reason.
It's unfortunately the reason for many students.
My opinion is she must have abused the student loan option.
Well, there's a LITTLE more to the story... she had started out at a different college, then taken time off, THEN finished at Penn State. As the story noted, 60% of college kids don't finish in 4 years... and that's where you get into real trouble with the loans, because THEY don't stop accumulating interest while you're taking time off.
@@DavidPogue Well that sucks.
I feel college is important whether it’s through a trade school or University. I feel the key is to work and help pay for your education while in school to reduce taking out student loans. I choose to work and build work experience. Now I’m attending college later in life and paying my tuition out of pocket.
Congratulations. Good for you. The one thing that my parents stressed was that you go to college to get an education not to get a job. That statement was a gift. And it was true. I’ve had many different responsibilities that were all retail based but would have translated to any other field.
I worked 2 jobs and a required internship while in school and still could not afford it without loans. To get into the field I wanted, waiting like that was not an option.
Depends on the degree program. Some are absolutely worth it. Some are not. Attend an in state school to save $$. Go to a CC if you really want to save.
Yep. Get a degree in the medical field, engineering or accounting. They aren't always the most glamorous jobs, but you will always be employed and make enough to pay back your loans. Also, people recommend going into a trade, but how many old plumbers are there? The trades will wear out your body fast.
College has become way too expensive. Lower the costs and colleges will be worth it. The loans are a horrible way to finance college education.
Also, colleges were not just about learning a specific subject. They were supposed to provide a condensed knowledge of many things and ideas (understand the world type stuff) in a very short period of time.
College isn’t expensive. Some colleges are expensive. Harvard cost 60k for west ga coast 8k with roughly the same job prospects.
I finished in 4 1/2 years with a two-year degree and a four-year degree from the state university system. My total debt in 1996 was $40,000.
I was a serious student, but I also had as many as THREE jobs while a student (two on campus jobs and 1 off-campus job). So, I did miss out on a lot of the "FUN" of college -- often, instead of attending the party, I was WORKING the party as bartender or bouncer or caterer.
I made payments to my student loans every semester while I was a student. Small amounts, never more than $1,000 -- but still, that reduced my loan principal somewhat. I actually had to pay for the entire extra half year in cash to the university which was very difficult when working only at minimum wage of $4.25.
My first year of college was one year before the federal loan program began, so my initial loan was from my local bank. After I had submitted my second payment directly to the bank that first year, I got a personal letter from the president of the bank. He wrote that in all his years as a banker, I was the ONLY student to ever make payments on the loan while a student. After I graduated, I took that letter back to the bank and was instantly approved for a car loan with no questions asked -- not even a credit check. I did manage to pay off the car loan on time and I finished paying my student loans in twelve years.
There’s a good novel on this. Write it.
What is your point???? 40k is considered small now.
@@Turnpost2552adjusted for inflation, no it's not.
I was kept out of jobs BECAUSE I lacked a college degree. Even though I was performing my duties extremely well; and often outperforming co-workers who had those coveted degrees.
It definitely use to be that way. I am now 68 and went back to school late because I was told it would help with jobs. My $17,000 loan is now $42,000 because I am on IBR (income based repayment) because I can only afford $200 a month. Keeps collecting interest
That needs to change!
If you can do the job, and do it correctly, why do you need a degree.
Which proves my point, university is a money making business. The banks get a lot out of it too.
@@TheMsvo Former generations paid their loans back eventually. At least you are trying. But really no one deserves having their loan dismissed.
@@TheresaPowersit msy have something to do with it having been affordable in the past . So you think it deserves to keep collecting debt when i am doing my best to pay it off? Why do you think we are the only progressive country in the world to to do that to their citizens?
It took longer to finish my degree and my wife a while to earn her PhD but we didn't take any loans.
That was 40 years ago. Today it seems much more difficult to work through college and avoid borrowing for an education.
Public college used to be free before Reagan ruined that.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.‘
All I got from that was companies can now pay people less because they don't have a degree that says they can play in teams. Of course easing restrictions allows for upward mobility, but at a lower pay schedule. People nowadays have no financial literacy when it comes to education. I went to private school for my masters and opted to be poor AF for 2 years and pay everything off. I got 2 scholarships and was paying an average of 1,000 a month in tuition. Not including bills, car payment, rent, etc. Graduated owing about 7,000 on my credit card. Not to bad.
Degrees are not needed for most jobs. The actual problem started when employers started requiring degrees for just about any job when a simple on the job training program would get the new hire up and running in a week or less. Colleges needs to go back focusing mostly on STEM and Finance/Accounting. Most of the other degree programs are just made up fancy sounding programs to generate revenue and that’s why we have the student loan crisis we’re in.
As an Accountant I want to get a part time remote position that doesn’t conflict with my main employment and I’ve lost count of the amount of postings I find where the offered pay is not up to par with the degree and CPA requirements from the employer. They want overly educated employees, but then only want to pay about $20/hour 🤦♂️. I would rather sit on my couch and lounge away than have a bachelors degree working for $20/hr.
"Student debt keeps me and my boyfriend from traveling as much. Its so hard being in debt. I'm going to law school!!"
The problem isn't the system, Buffy.
Yeah, they definitely could've picked a better profile. Pre-law can be basically any major, any school - I don't know how you blow $280K and only walk away with a BA.
Lavish lifestyle financed as "living expenses" , fancy study abroad programs (just disguised vacations) etc etc is how you get to 280k for a BA
Law school brings more debt. It is frightening.
Agreed, I couldn't believe this girl is thinking "law school." Any time I hear/read that someone has over 100k in debt I'm absolutely baffled. Did you not think to try for scholarships? Why didn't mom and dad say this is overpriced?
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.‘
"you can access them for a lot less money" - is that a fancy way of saying you can pay people a lot less if they don't have a college degree????
I heard that loud and clear. Long ago companies were loyal too - they gave you a pension. Now it is contract work and you are disposable. Companies want loyal workers but drop them when the workers become a financial liability.
This is why there should be a cap on how much a person is allowed to borrow. Shame on her for taking out that many loans. If you can’t afford university, get your first two years at a community college, then go to a state univ. Apply for scholarships, have a part-time job. And, don’t ever fund your living expenses!
@6:12 "You can access them (non-degreed) for a lot less money". And THAT is why people want that degree.
Exactly! And they are "loyal" because they know they'll have trouble getting the same job elsewhere.
I work at a top 5 law firm without a college degree and manage the work of paralegals and associate level attorneys from intake to closing, a position that is usually filled by degree-holding attorneys. I applied for the position despite the listing indicating only bachelors level or higher as a basic requirement, but during the interview, the hiring attorney realized I had very extensive experience in a the very niche area of law and offered me the job anyway bypassing the degree requirement after discussing with the partners of the department. We all work and communicate great. It really all depends on what you're doing and your experience, level of willingness to work and hunger to learn more. If you work in a scientific or highly technical field such as a law or bioengineering, then yes, a university degree usually pays off. Otherwise, it's your *practical* experience and drive that matters.
You know who worked as much as they wanted to during the pandemic? Skilled tradesmen.
Dave Ramsey is a social doofus, but financially 1000% accurate. his documentary Borrowed Future is spot on
What did you major to get 280,000 debt? There a lot STEM majors that doesn't cost not even one third of the cost.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.--
@@chadcarlson9306 I was also a stripper with six pack abs!
The Google certificate for User Experience is a joke. Peer graded. As in people who are in the same course as you do the grading. You are ineligible for an apprenticeship or internship if you do the course.
Wow, it actually sounds like a scam.
@@lewstone5430 Industry certification only makes financial sense if A) the job is paying for your training, or B) the cert is broadly accepted, usually because it's taught by the OEM, like Cisco or the old Microsoft certs.
I like Google's general approach to making educational resources free/cheap, but this just sounds like they're training high schoolers to exclusively be their new pool of low-paid 18mo junior consultants.
Google does not hire people from the certificate nor give them a contact. Researchers need at least a masters.
In the past some of my supervisors without a degree were often jealous that I had one. My education was mentioned in sarcastic connotations during meetings until I left the company. Work culture is often based on who likes you, similar to high school. Even after getting promoted at a different company, I've seen people with degrees turned away due to favoritism based on who goes to lunch with whom. A good word from someone in the clique carries the same weight as a college education. It's a sad reality.
Exactly, things like that have happened to me, actually.
Happen to me as well. People actually discriminate against those with education if they don't have one
This has been discussed to death. If you are in journalism school it is probably not worth it. If you are in arts history its definitely not worth it. If you are in engineering it is worth it.
It is just how the market values the skills.
It's not worth it for engineering either, to be honest. I wouldn't do engineering school again.
@Dennis Plum Ooh "statistics" say? Well who am I to argue with "statistics"?
@@ISpitHotFiyaa For me, engineering was worth it. Graduated with 26k in debt. 27 now and make 100k. I will say you do need to have some level of soft skills that college can't really teach, but them hard skills and that paper does get you into more doors, faster.
College is not a cure all.Many of my friends kids never got a job from the degree they went to school. And now have to pay it all back
Community college & certificate programs!! Saved me a bundle!!
I wonder if I can get The Big Guy to cancel my mortgage debt? Or maybe my car, at least?🤣
After watching that lady that owes $280,000 say she wants to go to Law School and can't back the loan for Undergrad, she is not thinking at all. When I take a loan, I have to pay it back. I think these people should have to pay back the loans they made. It's crazy to owe $280, 000 on an education where you can't make enough to pay back what you owe. She never did say what her occupation was.
Moreover, what does her boyfriend do? A basement apt in SF is pricey af, and way out of reach for a junior gov't worker.
I’ve come to that point in life when I’m older than the cops I see on the road, they look 14 & my doctors who look their ages. After chit chat I ask what their loan payments are. Described as two mortgage payments every month! My female doctors are late starting families because of it.
I love David Pogue. Loved his articles in Mac magazines. I even read copy of his early 90s book Hard Drive. (admittedly came free with an external APS 240MG hard drive purchase).
College? Heck, I never even graduated high school and I make $86,000 a year driving a semi truck. I bought a 2018 toyota tundra worth $70,000 and I paid it off after only 52 months. I bought a triplex July of 2020 with me living in the main house and renters in the two smaller units. I am going on a paid vacation to Memphis next week. I am living the high life, and I never set a foot on a college campus.
FYi I bought that triplex for $230,000 out in Roseburg, Oregon, it's now worst $329,800.
Many of these "Non College Degree Jobs" are jobs that have no Union protections, workplace culture is awful, high turnover rates, millions of dollars are constantly wasted on having to support these individuals with basic customer service performance skills, poor attendance and a lack of motivation are also an issue. Not everyone will go to college, but individuals that attend a traditional college and "EARN" an academic credential will need less money for constant on the job performance/training programs and that money can be allocated into more company profitability.
I have a non-college degree job. I'm in a union with said job. Have my own office. Workplace culture is still awful and still a high turnover rate. People are now realizing that everything that glitters is not gold. The Pandemic has awoken the entrepreneurial spirit in people, out of necessity. Work life as we know it will not be the same. College degrees does not mean you are a good worker, or better equipped/trained to do something. It just means you had the patients to sit and be trained for something. From what I see, alot of people aren't using their training very well at all.
Hmmm. Not only am I degreeless, I technically am a high school drop out. I was lucky enough to have a high IQ, get away from a lousy childhood and find my way into engineering level training in computers and electronics. I make 200k+ a year and feel very fortunate to have never had student debt. I don't want a union for obvious reasons.
I know many, many degreed professionals that don't make half what I make, and don't understand that they have to adapt to what the high paying job is instead of waiting for the job they trained for or have experience in to be available at a desirable rate. I've reinvented myself many times to adapt to the changing job marketplace.
Why would not having a college degree mean you don't have customer service skills, low motivation or poor attendance? Most jobs where you serve others, and have to be on time everyday, are non-college--child care, nursing aide, housekeeping, package delivery, restaurant service. military members.
@@nkwari Statistics and studies can support that theory. I'm not suggesting that this is the case for "ALL" that have not earned a college degree, however, it's definitely the majority. There's a lot that I learned when I attended college, that I wasn't aware of. There was much that I didn't possess. However, during my learning experience, I gained those critical thinking and customer service behaviors that give me more of a competitive edge.
Go to community college or university in your home state, and you can squeeze by with $30,000 or less of student debt (about). $280,000 is completely ridiculous, and the government job woman should have known how much money she was borrowing from the start. “I always assumed I would win the lottery” - Boom, that’s the problem, right there.
I was curious how she racked up so much debt going penn state, it’s not like she was paying upenn tuition
When I was 18, I had no resources, support, connections, or life experience to find housing or a job. College offered me a bridge into adulthood by giving me a place to live and exposure to the world. If someone has family willing/able to offer a young adult a healthy living arrangement, then maybe college is something to question. For me, it was a life-death necessity.
Me and my wife graduated in the late 90’s with $150k+ in debt. It wasn’t easy but worth it. We are now, according to pew research, are in the top 5% of family income earners. Would do it again in a heart beat.
As a corporate recruiter for 25 years at high tech, consulting, science, policy, business. Most hires make 75k out of school, and most experienced professionals in these fields make over 100k - 200k. It is SO important to get a college degree, for most people. I don’t care if that is Harvard, MIT or a state school, or an online college program. In fact, I will give preference to a person who worked full time while taking classes at night for 7 years, or someone who went to college through assistance of the military, over someone who just spent a boatload of money on a degree and went straight through (like me). Why? Because those students had to learn life skills and - grit - that can’t be taught in a book. They learn to prioritize initiatives, manage their time, grit through challenging life periods, solve problems, take calculated risks, learn from mistakes (because everyone makes mistakes), and by in large - set long term goals by setting individual goals in the meantime. And those people succeed every bit as much as the people with expensive degrees.
That said, I think people in the trades should be paid as much. It takes as much learning, client engagement, business knowledge, and of course technical know-how. A carpenter, home builder needs to know as much data as an engineer, and mistakes can be as costly as they are for a tech firm. Just watch the old Holmes on Homes from the 2000s. The only people who don’t think so trades should make as much are either the citizens who (1) don’t know enough to know how complex these fields are, (2) to do well.
Finally, there are fields that don’t require a degree, like in the service industry. I’d still encourage folks in that field to learn. It almost does not matter what you learn - learn something from a reputable source - be it art, sociology, finance, IT, a new language- whatever. Why? Because learning rounds everyone out - gives them variety in life, makes them more interesting, even subconsciously teaches people how to think in new ways. It’s as true for people in traditionally less educated or trained fields, as it is for people in the fields.
There has never been a dime wasted on quality learning. It is always - ALWAYS- worth the effort because people’s minds are worth the effort.
New grads making $200k? Recruiters are definitely lowballing me 😅 Seriously though, you're 100% right that education - even just a few continuing ed classes - is always worthwhile.
I will say though that trades & service workers actually also need some college, particularly business, basic finance, some accounting, etc, as the best way to make decent money in those fields is to open your own business.
@@mandisaw Just one quick clarification, of course new grads don’t make $200k. That’s experienced people. (I made the correction to the comment - thanks). Actually, I take that back - for one group of people, at least back in 2000s, Masters degree Financial engineers (ex. Econometrics) from a few key schools (ex. University of Chicago), especially if they were successful on the CFA exams as well, were being $160k base salary on Wall Street - right out of school. And that didn’t include bonus. It’s insane (and disgusting if you ask me) how much those people make.
I’ll read the rest of your comment later - getting ready for the workday.
I have a BS in Electrical engineering and computer science and a BS in Physics. I also have a MS in Chemical Engineering and and an MS in Financial Engineering and I still can’t get a job. The job market right now is brutal. I am barely surviving. I was also a former Abercrombie Fitch Model.,
@@chadcarlson9306 There must be something wrong with the resume then. There aren’t enough people with skills and education for all the jobs. And many of the jobs are remote these days.
@@chadcarlson9306 Don’t put your picture on your resume, at least not in the US. I should have asked before, are you in the US or elsewhere? I don’t know what the job market is like outside US right now.
I spent my college years learning how to research, plan, think, collect information, analyze things both qualitatively and quantitatively. Those skills were important skills i needed in life. What I did not learn in college but I wish I had --- was learning how to handle and deal with people ... that I had to learn that on my own - being a POC relationships ranged from a mine field to a combat zone that I had to navigate through. Was my education or anyone education financially worth it? Well that' depends on your POV and who you are.. ... one of the issues with how much an education is worth is whether one is a POC or a woman or both... certain types of jobs/professions/ labor markets limit the earning of a POC or a women regardless of their academic accomplishments ... while other labor markets may enhance it.... optimization of ROI for a academic achievement level requires matching the *right* person with the *right* labor category./ industrial sector for a particular time period.... personally I could have made more money with a CDL or as a tradesman or a mail carrier... However, there is more to a education than dollars and cents though... to measure the value of education by money alone is to know the price of everything and the value of nothing. AND that's my 2 cents... disclosure: I was a poor POC student who worked his way through College with very little financial aid and paid my way during the days College was more affordable and not so elitist BUT when Colleges tried to flunk out students during the first 4 years so that graduation rates were under 50 percent. So i did not have much of student debt to speak of... I paid off my student debt within a year of getting my first real job after graduating. The best way to pay a debt is to get a decent paying job. so I am all for raising the federal minimum wage to a living wage. IMHO no job should pay so little that cannot support the life of its worker.
I would hire someone with people skills and medium smartness anyday over someone that was super smart with no social/people skills
@@lhicks1354
She is asked " Was college worth it?" She Say " It was fun." 😯 280,000 in Dept. But Hey it was Fun....😡
I kinda hate when stories highlight people with $200k of undergrad debt. No undergraduate degree is worth that and someone close to this young woman should have advised her to consider cheaper college or alternatives. Yes, predatory lending to teens, drastic price increases for 4 year colleges, and stagnant public aid play a huge part in this. But individual decisions making and financial literacy also play a role. Unless she was training to be a software engineer or some job where she has a likelihood of making $100k fresh out, someone should have told her that this was not a wise decision.
I hate those stories too because it’s so inaccurate. The average amount of college debt is about 35000. Still a lot but they always find these shocking stories because it makes for good news
I have a Master's degree from George Washington University in DC and owe about $30,000 plus interests in student loans. I went to San Jose state for my double majors bachelors and double minors with zero debt, but not for grad school. I also moved back to the Bay Area two years ago and have 2 jobs and will probably need another job on the weekends to make ends meet!!!! I have given up traveling or eating out unless is a really special occasion...
hory shet 😮 what do you do for a living?
what field was your masters degree?
I'm going to community college first then transferring to a 4-year university for this reason. Thankfully, I live in California and around Silicon Valley so this process is definitely doable. I'm planning to break into IT with a major in computer science, informatics, or cognitive science with a specialization in human computer interactions. Hopefully I'm not making a poor decision.
Not a poor decision. I would recommend finding an internship that breaks you into IT as well. While in community college, I found an internship they offered. I got converted to a full time role after a 6 month internship (should’ve been 3 months tbh, but nevertheless). Now I’m a data analyst at a bank and I just completed my associates. Working on my Bachelor’s now. I have an Associate in Arts and my major is in Sociology, so you can say that’s a waste. But from what I’ve heard, there’s a good amount of people with degrees unrelated to the job. They just end up getting it, bc some of these jobs are just looking to see if you completed a 4 year degree. Some older people in my field just have a high school diploma or Associate’s. It all depends on circumstances, when it comes to this field. I have seen people who have the same degree that you are pursuing and they’re doing well. I probably sounded contradicting in this paragraph I wrote, but hopefully not.
It depends on the job. I plan on ensuring my son gets a trade in high school. I am also already saving towards his education so He won't owe loans like I do. The interest makes it that it will take your entire working life to pay off student loans. I will also push him to go to college over seas where college is cheaper or even free. I hope to have at least 80k for him at that point.
California state schools about 7k a year. Community college first. Doable living close to a university in their city and living at home.
Other states like Pennsylvania, in state tuition is 18,000 a year :///
Of course it's not woth it. The US tuition fees are insane, I was in debt 10k when I realized how stupid this was, then I moved to France to finish my engineering degree, and the entire cost of my degree here including housing, food, transportation, tuition fee, etc was just 8000 usd /year. Now I've finished my degree and I'm in zero debt now, best decision ever
Are you still living in France and planning to go back to USA? Asking as im an Indian in Germany ( thinking usa might offer a better future)
@@GolbalEduVentures I was considering on doing my master's in Germany actually. You don't like it that much?, I visited it a few months ago and seems like a great country
@@migue2338 people are not that friendly as USA I don't have a single German friend. Come only if you are willing to learn German. For people of color I think Usa offer more opportunities as it's land of immigrants
What these news people forget to mention in simple terms is that it depends more on the career path you decide to take more then whether college is worth it or not. Since not all career paths require a college degree persay, now in my case I studied Electrical Engineering which is a field that will be paying me above $80,000 per year plus benefits. Where since I investigated and knew the job market for that field is the reason why I chose it. And it also should be known that not all majors that colleges offer are worth while like being a dance or gender studies major vs studying to be an engineer as an example. You will need to choose a major that actually has good job prospects if you decide to go to college instead of being that kid that chooses the easiest major that doesn't require math. And then cry that you can't get a job that pays over $50,000 per year, the world rewards you for the services you provide to it not for the piece of paper you have choose your career path based on that. As different services pay different salaries.
Great 👍 point.
I’ll be finishing my BS in Performative Wokeness in 2022 with $75K in student debt!
30 US states have free college education. My kids tuition is 100% paid for by the states lottery. They both work while in college. They both have majors for in demand and high paying jobs.
Unfortunately, lab tech is a bad example to use as it does require an associates degree or higher but I get what these two are saying. Higher education is no longer a guarantee to a stable middle income life without taking on massive debt, hasn’t been in the last decade.
I don't have my degree but I've been working since I was 16 in business. I couldn't get interviews for jobs because of no degree and then was told oh we should have hired you
Same here, I am self employed. I have never had a loan and my farm is paid for.
@@cynthiakendall5767 thank you....
She had fun in college. Like college is a amusement park. 😅
Great story and what I’ve known intuitively. College degrees have huge value for certain career types and have very little value for other types. College is not a panacea and moreso can be a mistake for some.
Honestly, unless it’s something like a engineers and in the medical field, I don’t think it’s worth the price. They can do most degrees at a fraction of the costs online.
Exactly
I don't have a college degree... but I got a second to none engineering education thanks to the US Navy Nuclear Submarine Force, and today I am head engineer for a company here near my home. So if you can't afford college there are other ways to do it, just do not expect others to pay for your chice to go to college, that is all on you, and you need to pay it back yourself.
Best Answer!!!! You're absolutely right! I have a graduate degree, but I wish that I could have also attained a military career.
Find a large enough company that they offer tuition reimbursement. Work the best job you're qualified for or can manage to get and do your best while attending school. If the company is big enough (like a public utility/energy company, for example) the restrictions on what you can study will be virtually non-existent because larger companies employ people in diverse positions. Most companies only require 1-2 years of employment after your education is completed. I did this, I know it works. My company paid 80% of tuition and fees and I covered the rest. Its not free, but its a huge slice of the pie.
Or, learn a trade and earn good money. Work with your hands and stay out of a damn cubicle. Other than money, I fail to understand the appeal of working in IT, or in many business occupations where you have stuffy meetings, zoom meetings, and stare at a screen all day. Use your mind and your body, you may find it rewarding. Lineman, electrician, carpenter, plumber, auto/diesel/equipment technician, all of which can be done via shorter, more affordable education programs or on the job training/apprenticeship.
It’s not worth it. It’s a lifetime debt trap if you’re not making upwards of 110k a year to have a chance to pay it off
I do not understand how Kera was finding difficulty in answering the question: "Was college worth it for you?" Of course it was! She really wants to be a lawyer and she can't do that w/o a college degree. If companies didn't require a college degree for high paying jobs then most ppl wouldn't put themselves in that kind of debt. If I could apply for the vice president position of marketing @ Disney w/o a masters degree I would. It's not mainstream yet, but companies are going to have to look @ different alternatives of talent and OneTen Coalition is a start.
“You can access them for a lot less money”
Spoken like a real CEO
All CEOs are sociopaths
This was the only statement that bothered me they made. If we are doing the same job and performing up to expectations, we should be paid the same, not less. They even stated people without degrees often are better. Should not job performance be the deciding factor when it comes to pay?
Bingo! Reduced labor costs. More left for the CEOs & stockholders. Greed wins!
@@cynthiakendall5767 I don't think people in the same job are getting paid less. I think they are filling those roles with non-degreed people who are demanding less money.
Yeahhhhhh this is a capitalist country, if you don’t like that, find the door.
Engineering, Architecture, Etc are 5 yr degrees minimum. Then some classes are only offered once a year or every other year which can turn a 5yr program into a 6yr program.
Yes.