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$52,000 in debt

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Anonymous
Not applicable

Re: $52,000 in debt

$13,000, and I dropped out of school so I've got nothing to show for it. To be fair, a good portion is interest during multiple deferments.

Message 31 of 50
Revelate
Moderator Emeritus

Re: $52,000 in debt


@tacpoly wrote:

@Anonymous wrote:

Then it was their law-degree, and not the Comp. Lit degree, that gave them the high-paying job. Without the law-degree, most of them are back to Starbucks. The same thing goes for medicine, or any "useful" major: The Comp. Lit. degree, alone, is a dead-end for too many. But if one augments the Comp Lit. degree with another "useful" degree,....well, that's true for anything.  One could do bachelors in music, for example, stink at it...but go on to get a masters in bio-engineering. If that person gets a job as a bio-engineer, the music degree has little to do with that, and could have been replaced by any of a number of degrees. One could reasonably argue that, having a bachelors in physics or materials science would be far more useful than music, if one is to become a bioengineer, for example.

 

No disrespect meant to you, but telling young people what you are saying, is not only disingenuous, but for most of them, it sets them up for failure. Think about all the people in the USA, working jobs that they hate, because they were told what you are saying. They are a dime-a-dozen. These young people need to be told the hard truth about the world before they accummulate $50,000 in debt. As older adults, it is our responsibility to do that, objectively, not perpetuate their predisposition to live in denial. 


Again:  a students' success depends on what they do, not what they study.  If a Comp. Lit. major gets straight A's, gets internships or do something relevant to what they want to do after college, demonstrate that they are conscientious and capable, then they'll likely have a job offer before they graduate.  A Comp. Lit degree does not guarantee that a person will be a failure, ffs.  It's ridiculous that you think so.  It's not just the degree; it's what you do with it:  a physics or CS major who barely passes their classes will not be successful in finding a job either. 

 

If a student has no clue what they want to do after college, then I would not recommend Comp. Lit. or any soft major because there is not a ready job market for that field.  But there are ways a student can make himself an attractive job candidate, no matter their major.

 


@Anonymous wrote:

You are proving his point. The English degrees were so worthless they had to go to law school for 3 years after graduating.  Law schools couldn't care less what you majored in undergraduate.


No.  My friends knew they wanted to go into law and felt that studying Comp. Lit., English, History, Classics, etc.. where they learn how to write, present and defend their ideas, and do it all under a deadline would in fact be helpful, not worthless. 

 


Tac, please correct me if I'm mistaken in this but didn't you go to school around 3 decades ago?

 

I'd suggest, having been to school 2 decades ago and less than a year ago as well with a number of datapoints in between (top 50 not top 10 schools to be fair) things are simply different now: school costs more, and I'd argue "fluff" degrees are worth significantly less.  We educate far more people than we used to, and as such it's been commoditized.

 

I'm not in the college is worthless or a scam camp, but to Tacpoly's point if you don't know why you're there and what you're going to get out of it, bail on the idea.  I'm an abject failure scholastically too, but I've gotten out when it no longer made sense which is one of the few bright spots on the record.

 

That said, while I suspect my current salary would be roughly the same, my SSA record would look much better in terms of consistent income if I'd finished my degree somehow back in the day.

 




        
Message 32 of 50
Anonymous
Not applicable

Re: $52,000 in debt

I just think the costs have gone out the roof.  Back in the dark ages shortly after the light  bulb came into general use I went to a Tier One school as did my dw.  My tution was $450 per year for bba and mba. My DW has a BS from another tier one school more pricey than mine and her's was $2000 per year.  Now that would pay about one week at either one. I feel sorry for the new graduates.  Wages have not changed enough to jusify the costs.  I have friends that for 4 years undergrad and jd owed less than $10,000

Message 33 of 50
Anonymous
Not applicable

Re: $52,000 in debt


Revelate wrote: 

I'm not in the college is worthless or a scam camp, but to Tacpoly's point if you don't know why you're there and what you're going to get out of it, bail on the idea.  I'm an abject failure scholastically too, but I've gotten out when it no longer made sense which is one of the few bright spots on the record. 

... 


The original discussion was about relative worth of types of degrees. The presumption was that getting a degree in a specific field meant that the student became educated/trained in that field. By tacpoly's argument, getting a degree is not even necessary. After all, if a person has his/her mind right, then have a degree will not matter. I know numerous people who are all $100,000+  who are degree-less, so one could say that he is correct if that is what he is implying. These people are self-taught.

 

But if a student is expecting to be educated by the undergraduate degree, meaning trained, etc; and is expected to present his/her worth to employer from that degree; the one that costs $52,000; the one that is conferred as a bachelor's degree, NOT something that comes later (aw degree, business degree, etc).; there is no comparison between someone who studied Comp Lit versus Computer Engineering. One can verify this with hypothetical experiment:

 

  1. Take all the jobs available in the USA that will allow someone who just incurred $52,000 in debt to pay it back on reasonable terms. 
  2. Take the resumes of two students who went to the same Top-50 university. One student gets a degree in Comp Lit. The other in Computer Engineering. Both degrees costs $52,000.
  3. Mix the resumes with the available jobs at an exchange where potential employers get to see the resumes of each.
  4. Count the number offers to interview to each graduate based upon examination of resume alone.

All else being (roughly) equal, I argue that the Computer Engineering graduate will get far more offers than the Comp Lit graduate. In many cases, the job will have nothing to do with Computer Engineering. And it will have nothing to do wtih Comp Lit. But, if forced, the employer will still choose the Computer Engineering candidate. I watched a woman with only a masters in linguistics beat-out numerous Ph.D.'s for a highly-desirable. job with a speech-translation company because they were relatively weak on technical skills. The company even paid for her Ph.D. program. This pattern is repeating itself over and over all across America. 

 

In fact, the top students at non-technical schools are those with technical degrees. This is the dirty-little-secret that humanties types don't want to admit openly. They profess the virtues of humanties, while their deans fret over not having a large enough brain-bench in technical fields. It is the reason that Congress keeps pushing S.T.E.M. programs. Barely-employed Humanities types create organizations to promote the "virtutes" of a liberal education, while flip-flop-wearing enginees with hair that might or might not have been washed in the last week, turn-down $100,000+ jobs because the commute would be more than 20 minutes.

 

Everyone knows the truth, but only some are willing to admit it.

Message 34 of 50
iced
Valued Contributor

Re: $52,000 in debt

As someone who graduated from university less than 20 years ago and has given countless interviews to prospects in my field (tech), I can say that the type of your degree matters and where you got your degree does not. Many positions require a CS degree or similar, and English lit won't even get your resume past round 1 unless you have some solid relevant work experience on top of it. It's  not entirely fair since there are self taught people who can eat the lunch of a CS grad, but them's the rules.

 

I will say this whole "top 10" school crap is pure drivel. A few companies like Google like to play up the importance of where your degree came from, but many, many companies in the field couldn't care less where your degree came from unless you're 23 years old and it's all you have for experience. Doesn't matter if it's DeVry or MIT, they all fail to prepare you for the real world pretty much equally.

 

As soon as you have 5 years work experience, the education page on your resume isn't with the paper it's printed on. It is required to check a box but that's about the extent of it.

Message 35 of 50
Thomas_Thumb
Senior Contributor

Re: $52,000 in debt


@tacpoly wrote:

@CleanCredit wrote:

Not saying you're wrong, but I have almost the complete opposite experience with myself and my peers.  Within my friend group, most of us graduated with Business, a couple in Engineering, one in the science/pharm field, and another with a history/humanities degree.   We also graduated from a Top 10 university.

 

All of us our doing quite well in our fields with good jobs and making decent salaries.  The one who chose Pharm path just got his doctorate and has been working in labs.  He is heading to U Penn Med School this fall.  Even while going to school, he has been working in labs making pretty decent money along the way.

 

However, the one friend who got his humanities degree is the only one who hasn't found a career job and works hourly jobs making little money.

 

Again, not saying you're wrong - but just a different experience from what you have.


Again, my friends who studied Comp.Lit. in undergrad had goals to become lawyers.  They had great GPAs, internships, LSAT scores, got into 1st tier law schools, got good grades there, summer associates positions, jobs offers and clerkships after graduating, then worked hard at their jobs.  Your friend with his/her humanities degree probably got out of college not knowing what he/she was going to do and likely no job lined up. 

 

Yeah, it's easier to stumble into a good-paying career with a STEM major, but a humanities degree and a well-paying career are not mutually exclusive; the humanities major just has be a little more meticulous about how they go about it. 


The issue with this arguement is the advanced degree "requirement". From what I read most posts are based on a BA/BS as being a terminal degree - not looking at graduate school which can be a game changer.

 

My brother got a dual degree in economics and political science from Stanford. He likely would not have found this combination of degrees as lucrative relative to a BS in petroleum engineering from Stanford. However, he went on to get a J.D. from Yale. Yes, he is doing very well as a managing partner in a top law firm. However, if he stopped with his bachelors things would likely be different.

 

At a bachelors level STEM degrees are generally more marketable and command higher starting salaries than poly sci degrees - even from state universities. Truth be told state universities have exceptional engineering/physics/math programs - often in the top 5 in the nation. I graduated as a B.S. ChE from a lowly state university (although top 3 nationally for ChE majors).

 

BTW - I graduated debt free. Back then, state universities were much more value add relative to private. Unfortunately, public universities receive far less support since trickle down economics became SOP.

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Message 36 of 50
Revelate
Moderator Emeritus

Re: $52,000 in debt


@Thomas_Thumb wrote:

@tacpoly wrote:

@CleanCredit wrote:

Not saying you're wrong, but I have almost the complete opposite experience with myself and my peers.  Within my friend group, most of us graduated with Business, a couple in Engineering, one in the science/pharm field, and another with a history/humanities degree.   We also graduated from a Top 10 university.

 

All of us our doing quite well in our fields with good jobs and making decent salaries.  The one who chose Pharm path just got his doctorate and has been working in labs.  He is heading to U Penn Med School this fall.  Even while going to school, he has been working in labs making pretty decent money along the way.

 

However, the one friend who got his humanities degree is the only one who hasn't found a career job and works hourly jobs making little money.

 

Again, not saying you're wrong - but just a different experience from what you have.


Again, my friends who studied Comp.Lit. in undergrad had goals to become lawyers.  They had great GPAs, internships, LSAT scores, got into 1st tier law schools, got good grades there, summer associates positions, jobs offers and clerkships after graduating, then worked hard at their jobs.  Your friend with his/her humanities degree probably got out of college not knowing what he/she was going to do and likely no job lined up. 

 

Yeah, it's easier to stumble into a good-paying career with a STEM major, but a humanities degree and a well-paying career are not mutually exclusive; the humanities major just has be a little more meticulous about how they go about it. 


The issue with this arguement is the advanced degree "requirement". From what I read most posts are based on a BA/BS as being a terminal degree - not looking at graduate school which can be a game changer.

 

My brother got a dual degree in economics and political science from Stanford. He likely would not have found this combination of degrees as lucrative relative to a BS in petroleum engineering from Stanford. However, he went on to get a J.D. from Yale. Yes, he is doing very well as a managing partner in a top law firm. However, if he stopped with his bachelors things would likely be different.

 

At a bachelors level STEM degrees are generally more marketable and command higher starting salaries than poly sci degrees - even from state universities. Truth be told state universities have exceptional engineering/physics/math programs - often in the top 5 in the nation. I graduated as a B.S. ChE from a lowly state university (although top 3 nationally for ChE majors).

 

BTW - I graduated debt free. Back then, state universities were much more value add relative to private. Unfortunately, public universities receive far less support since trickle down economics became SOP.


I rather doubt that the rampant expansion we've seen to tuition at say the UC system has much to do with the support or lack thereof from the state or Federal level.

 

Market pricing dominates I suspect, and they're charging what it will bear (and what the Fed and others are willing to extend on student loans).  




        
Message 37 of 50
tacpoly
Established Contributor

Re: $52,000 in debt

____________________________________________
Thomas_Thumb wrote:

My brother got a dual degree in economics and political science from Stanford. He likely would not have found this combination of degrees as lucrative relative to a BS in petroleum engineering from Stanford. However, he went on to get a J.D. from Yale. Yes, he is doing very well as a managing partner in a top law firm. However, if he stopped with his bachelors things would likely be different.
____________________________________________

Three people I know, 2 Econ majors and 1 Sociology/Econ major made more than Petroleum Engineers coming out of undergrad. One graduated from Harvard and worked for a wall st firm with a 6 figure starting salary and 200+K bonus in the first year; one graduated from Princeton and joined a large consulting firm with a 6-figure salary; one graduated from UC Berkeley and joined a large consulting firm with a 6-figure salary. They all eventually got advanced degrees (MBA, MBA, MS) supported by their firms. They all earned relevant work experience and impeccable academic records during undergrad; they also clearly demonstrated leadership and drive, all of which made them desirable to firms.

Like I said, it's a matter of what you do in college and not just what you study. A STEM degree doesn't guarantee a well-paying career, and a humanities degree doesn't guarantee a life of failure.
Message 38 of 50
tacpoly
Established Contributor

Re: $52,000 in debt

State universities are generally not-for-profit entities. They also have a mandate to educate some portion of the state population. They cannot simply charge "what the market will bear".
Message 39 of 50
Anonymous
Not applicable

Re: $52,000 in debt


@tacpoly wrote:
Like I said, it's a matter of what you do in college and not just what you study. A STEM degree doesn't guarantee a well-paying career, and a humanities degree doesn't guarantee a life of failure.

But a humanities degree from a school where the tuition is $52,000 does guarantee that student will have to pay $52,000 for a bachelor's degree in humanities.

Message 40 of 50
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