Shouldn't a bad job market convince people to get a degree?
You only miss a bad job market entry and low salaries, you need every meagre advantage you can get.
100% agree on a degree being a strong signal, by the way.
You only miss a bad job market entry and low salaries, you need every meagre advantage you can get.
100% agree on a degree being a strong signal, by the way.
I went to a top 10 university, but won't be encouraging my children to go to university at all, nor will I strongly discourage them. But I will make it clear that it is a choice with pros and cons, and in modern times I personally think that the cons outweigh the pros. Of course if they want to do some form of engineering then it will probably be necessary, but there's lots of wild careers like underwater welding that make big $$$, are fun/physical, highly skilled, and you get paid to learn instead of going 6 figures in debt before you even enter the job market. And it's something that will always be needed, everywhere, and isn't going anywhere.
And the reality of life is, like the article says - where you start is not where you end. Once you get your foot in the door pretty much anywhere, your formal title often quickly becomes much less relevant than the skills you have.
Even when you expand to include all schools instead of just top schools, 6 figure debt is rare. Average is about $27k for public universities, $34k for private non-profit universities, and $40k for private for-profit schools.
If someone has 6 figure debt from school they odds are overwhelming that it is from law school or medical school.
I wonder how many excellent students from non-rich families who could easily get into a top school for low cost or even free don't even bother applying because they have heard that myth of widespread 6 figure debt?
The reason debt is low at the most elite institutions is in part because the student body comes from disproportionately wealthy families and in part because most/all of these schools offer tuition free learning and other non-loan assistance for students from "low-income" families. At MIT "low-income" is defined as less than $200k. Any student who's viably able to be accepted to such institutions would be well aware of such things, but 99% aren't - so it's largely just as irrelevant as their debt figures.
[1] - https://studentaid.gov/sites/default/files/fsawg/datacenter/...
Maybe, but the degree has to be paid for, with time and money.