Yahoo – “Despite aggressive efforts nationwide to boost the number of people who attend college, enrollments declined this fall for the fifth straight year as better job prospects for older potential students and a stalled pipeline of new high-school graduates were compounded by continued woes in the for-profit college sector.”
Good. I’ve said it before and I’ll say it again. College is the biggest scam going and is 1,000% the next bubble to burst. Now don’t get me wrong, I think college is extremely valuable if for nothing else than life skills: learning to live on your own, dealing with issues w/o your parents help and even making some money on the side to supplement your hobbies (drinking).
But that is not a skill set that is worth 200k+ (cue the kids chirping who went to trade schools). And the costs keep rising as if the colleges don’t even seem to realize this is a problem that will ultimately kill their racket. From when I was a freshman in college years ago to now, the yearly tuition at my school has gone up at least 12K. So you’re now paying 50k+ a year at some schools for degrees in fields that don’t have the supply to meet the demand. Which is why you have millennials living in their parents basements until their 30 and no one buying a house until their 40.
“The trend of prices continuing to rise faster than inflation is beginning to have more and more of an impact” on enrollments, especially among low-income and first-generation students, says Jamie Merisotis, president and CEO of Lumina Foundation, a nonprofit aiming to increase college attainment. He says affordability concerns are outweighing projections about the economic benefits of a college education.
Now obviously its a sliding scale. If you’re becoming a doctor or a lawyer, then yes clearly you need a college degree. And yes, of course I know a college degree has given me and my peers opportunities we just wouldn’t have been able to get without a degree. But for an English Lit major, going 200k in debt is a terrible, terrible idea. And not to be a blameless millennial, but letting a 17 year old make the decision to take on that debt for the rest of their life is an unbelievable lack of judgement on everyone’s part.
So I’m glad college enrollment is falling. Maybe when it starts to fall at 10% per year colleges will start to realize, oh shit maybe they can’t charge 65k a year for a Communications degree so I can work at the Gap.
But probably not. Higher Ed will push prices higher and higher until it explodes and no one can afford it OR everyone defaults on their loans. Should be a fun decade to watch the world burn. My kid is gonna be a plumber no doubt.