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post #1 of 10 (permalink) Old 04-07-2008, 07:10 AM Thread Starter
 
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College isnt worth a million dollars

http://www.insidehighered.com/news/2008/04/07/miller

Basically, the whole article revolves around what is the total payoff of a degree and what is a realistic cost for it. Both sides agree that the million dollar figure is wrong, and even the defender of colleges says that
Quote:
According to the board’s analysis, a public college graduate breaks even at the age of 33, and a private college graduate at 40.
Which made me wonder:
If a person gets an associate degree, brakes even at 22-25, and proceeds to invest some portion of his income instead of digging himself into dept, how much of a head start will we have on a private college graduate who can't realistically start investing untill 40 (because the dept costs more to maintain than the investment is yielding, so its better to spend spare cash to pay off dept)



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post #2 of 10 (permalink) Old 04-07-2008, 07:48 AM
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I haven't had a chance to RTFA. Did they account for gains in investments made instead of college tuition? If not, they missed a large consideration.

As for college debt, I came out scott-free. Its possible today too, you just have to plan it correctly and make some trade-offs. Do guys who don't go to college go on Spring Break or Road Trips spontaneously, thus blowing the same amount of money?

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post #3 of 10 (permalink) Old 04-07-2008, 08:10 AM Thread Starter
 
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They dont show their math, but I got the impression that they assume people blow all their income after making the payments on their depts (Which some people do), and I also didnt see anything about how much a persons pay would go up due to 4-6 years expirience they would gain working (assuming they stay in the same profession) instead of going to school.

But without seing their math its hard to say.

However it definetly knocks on the conventional logic of "You are never going to make anything of yourself without at least a bachelor degree". There are way too many people who work for a bachelor degree that gets them a $30k/yr salary.



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post #4 of 10 (permalink) Old 04-07-2008, 08:15 AM
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I know the recent employment report made it clear that the proportion of people on the rolls that lacked "an education" was far higher and that the proportion was growing. Now, without a per capita adjustment or knowing the proportion of all adults in one or the other group, its hard to know what that means. I inferred and assumed that lack of a higher education greatly increased your likelihood of being jobless (or at least below the poverty line).

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post #5 of 10 (permalink) Old 04-07-2008, 08:22 AM Thread Starter
 
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Hard to argue with that. The closer you are to having a monkey job, the more likely you are to get laid off. Just one not taken into account here.

You got 4 years start at a company on your college educated buddy. You should use them to get out of a monkey job and into a more secure position. Obviously easier in small companies. Also, when it comes time for lay offs, seniority plays some role. Both go back to my original gripe: they count the years not spent in college as making money from work, but they are not counted as advancing in the company for which you work. In other words: no advancements without a degree. Certainly true for some companies, not true for all.

Another uncounted variable. Many companies will pay/co-pay for their employees continuing education. So the trick becomes get an associate (10k at most) find an employer to pay for the bachelor without taking on dept.



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post #6 of 10 (permalink) Old 04-07-2008, 08:52 AM
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Originally Posted by Vash View Post
Another uncounted variable. Many companies will pay/co-pay for their employees continuing education. So the trick becomes get an associate (10k at most) find an employer to pay for the bachelor without taking on dept.
I think its incredibly foolish to presume anyone needs to go to a higher ed institution out of high school. This route you list is a great way for someone who is totally burned out on school to still be able to get that degree that is cherished by the largest organizations. Its more than paper, so IMHO its good to have gone through the process even if you don't earn one.

Heck, most grad students don't come right from getting their undergraduate and I presume that's because they're sick of school! The slippery slope is if you go out and erringly get a lady knocked up and have to work day and night to pay for your decisions. Then you'll be very hard pressed to ever go back. It happens more than I'd like to see.

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post #7 of 10 (permalink) Old 04-10-2008, 05:07 AM
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Quote:
Originally Posted by Vash View Post
http://www.insidehighered.com/news/2008/04/07/miller

Basically, the whole article revolves around what is the total payoff of a degree and what is a realistic cost for it. Both sides agree that the million dollar figure is wrong, and even the defender of colleges says that


Which made me wonder:
If a person gets an associate degree, brakes even at 22-25, and proceeds to invest some portion of his income instead of digging himself into dept, how much of a head start will we have on a private college graduate who can't realistically start investing untill 40 (because the dept costs more to maintain than the investment is yielding, so its better to spend spare cash to pay off dept)

Not including the fact that companies view employees as less productive above the mid thirties and overpaid and a health risk drag above 40.


We've pondered this in a redline thread before.
And I agree with most comments here.

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post #8 of 10 (permalink) Old 04-10-2008, 05:08 AM
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And not including jobs trends towards all contract/temp jobs.

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post #9 of 10 (permalink) Old 04-10-2008, 05:13 AM Thread Starter
 
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Originally Posted by Duner View Post
And not including jobs trends towards all contract/temp jobs.

Depends on the job. A company can reduce its risk by going temp, but it has more to gain by having workers who are experts.



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post #10 of 10 (permalink) Old 04-10-2008, 07:33 AM
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Quote:
Originally Posted by kanwisch View Post
........... I inferred and assumed that lack of a higher education greatly increased your likelihood of being jobless (or at least below the poverty line).

I think this sums it up best with current economics...
Sad to say.



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