Who's Responsible for the $1.7 Trillion Student Loan Crisis? | The Way I Heard It

Are colleges failing students? Victor Davis Hanson and I explore the $1.7 trillion student loan crisis, the rise of trade schools, and why elite universities might be losing their edge. Discover why a degree may not be worth it and how real skills are changing the education landscape.

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[abpob]

The 90's started the "you can do anything you want" mantra to kids. We ended up with generations of kids that want to be rappers, pro video game players, movie stars, social media influencers. I received a Civil Engineering degree from a state school in 1988 because I understood that I would always have work. Was it my dream job? No. But it paid for itself many many times over and allowed me to do many of the thing that were in my dreams when I was younger. Young people today have no comprehension of how to play the long game. It's all about instant gratification.

[Paladin]

My foster brother, Marshall, was a genius who missed one question on the SAT. In 1968 at the age of 16 he skipped the last two years of high school and accepted a full scholarship in computer science at FSU. Following this he attended Stanford on another scholarship for his masters and doctoral programs. During his last year there, which he spent writing his dissertation, his professor went on sabbatical in Europe, leaving him without any guidance or means of seeking advice. When the professor returned he glanced at Marshall's work and threw it in the trash, saying it wasn't what he wanted. He next proceeded to have Marshall removed from the program. Then he removed the dissertation from the trashcan and incorporated it in a book he was writing. When my Dad learned about all this he contacted the Dean and informed him he was prepared to file a lawsuit against Standford. The Dean agreed to issue Marshall an ABD, which is a doctorate without a dissertation (All But Dissertation). After that Marshall began his career at Bell Labs. Meanwhile I went to Georgia Tech, which was the hardest four academic years of my life, but I never encountered such B.S.

[blablablatube]

No protests at trade schools. Perfect!

[sailor]

As a college grad, who left the corporate world after 20 years for various reasons, I sincerely regret each and every day I didn't follow a path of a trade.

[RitaFredsham]

I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report

[joycekapella]

Always love listening to VDH! And love this conversation. I am a Certified Public Accountant, even though I only have 15 hours of college credit. I got a job when I was 20 as a receptionist at an accounting firm and within 6 months, I was preparing tax returns and financial statements. The partners at the firm convinced me to sit for the CPA exam. So I took the ACT, scored 27, and received special permission from the University of Oklahoma to only take accounting courses. I sat for the CPA exam and passed!! Not too bad for a girl from a little farm in rural Oklahoma. I am 60 now and am sorry to say that that career path is no longer available. They are taking opportunities away by making degrees required. We need to bring back apprenticeships and other opportunities for professional careers. Many students in my college classes would eventually have accounting degrees but never passed the CPA exam.

[curtgomes]

The universities that are rich with huge endowments should be made to pay back these loans.

[ralphp]

Coming back arrogant and incompetent from college! Wow ! Victor nailed it ! 👍😁

[rpm]

Mr. Rowe, it’s great to hear this getting discussed. I agree that it’s a huge education and financial problem. What worries me is that it’s even worse than what your discussion covers. My daughter is a registered nurse, worked in a hospital ER for years, and moved on to other things. She took a job teaching nursing at a trade school and only lasted a a few months because the trade school pushed her to pass students that were just not cutting it. The school’s goal was to graduate students rather than make sure the students were properly educated. The DEI problems of 4 year colleges seems to be leaching into at least some trade schools.

[texassportsoutdoors]

Mike Rowe is the best man i have ever watched on my PC and TV. God Bless you Brother!

[katstinykitchen]

I could only afford one quarter at a community college. I wanted a tech degree. I paid the loan and realized I would never get the degree at the cost to get it. I got my current job because I knew how to use a calculator. Never used a computer in my life. Now after 37 years at the same company, I've learned to create calculated spreadsheets, Word documents that are form related, PDF forms and documents, Access databases and Intranet sites. All learned on my own without a degree.

[schrodingersmechanic]

My nephew is in college. He's flying to Greece for "school credit"
His single mother is useless and they couldn't even afford a proper funeral for his grandfather. This is how college students get 6 figures of student debt. Giving a fledgling adult unfettered access to that kind of cash is predatory.
I have money now because I was broke as a joke in my 20s. Having to work for wealth teaches fiscal responsibility.

[georgemoriarty]

Children shouldn't be making loan decisions

[mindyobeeznis]

We should help people who were sold a false bill of goods but not from the public coffers. Take the funds from the endowments of these schools who are peddling worthless degrees.

[juneyshu]

They encouraged older people to get a degree. I graduated at 49. IT. Then a nanotech certificate. No one hires elders now.

[grfulUS]

arrogant and incompetent 💥. nailed it in two words. thank you

[darlajohnson]

It’s actually starting before college level, it’s in our public school system!😔

[suerop]

New subscriber here. I'm finding your programs and guests so refreshing with the lack of hype and hyperbole. I've spent a good 6 hours learning about things I thought I had already absorbed all I could. I'm now going to start hitting that LIKE BUTTON for you!

[rvnerd]

Absolutely love the endings. This video hit home with me, because I've spent over 30 years in the RV service business, and we cannot find anyone that is willing to fill our shoes when we're done. I would very much love to have a hungry 19-20 year old to train.

[jmc]

I'm a Korean living in South Korea and my niece just entered U of Penn this month.. I didn't want her to go to the US for college education because I've heard so much about nonsense going on in the school... now Mr. Davis proves from his experience with schools. :( So sad... I went to US college in 90s (state university). There was no BS back then. Please be awake Americans.. That's not right path to go... you guys are better than that..