How College Keeps You Poor

In this video we analyze the higher education system in the US and specifically the role of student loans.



#Wallstreetmillennial #college #studentloans

––––––––––––––––––––––––––––––
Creative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0
––––––––––––––––––––––––––––––

0:00 - 1:26 Intro
1:27 - 7:13 Rising cost of college
7:14 - 13:23 Value of higher education
13:24 - 16:09 Should you go to college?
16:10 Student loan forgiveness

[jonasbaine]

The new American dream is to afford rent and food

[bonbonjovi]

If you want your college fully paid for, Get a job at UPS, become a part time supervisor, which requires no college degree or no experience and they will pay fully pay for your college. No books, or whatever cost comes, they will cover it.

[thorin]

“Financially irresponsible 18-year-olds” is a bit disingenuous. The vast majority of student loans are co-signed by parents (as the 18-year-old usually lacks credit history). Now, those parents may be equally, if not more irresponsible than their kid, but the blame does not fall entirely (or even mostly) on the student. Parents are often the ones doing the majority of navigating through the labyrinth of financial aid packages from scholarships, loans, grants, work-study and other options.

[krivdik]

This is a thing I don't understand, why US even has this system, where education is this heavily commercialized. Same with healthcare.

[Cjaymoney]

I went to community college, then local state school for comp Sci, because pops had cancer and money was stretched thin… worked my butt off for a software engineering internship…

Now 4 year at an Investment Bank as a software engineer making 6 figures. Path definitely could’ve been easier, but we each have different paths to our goals. Keep grinding.

[johnl.]

When only 10% (of population) had a degree (from any college) it meant something but today if you went to a mediocre college that 50% or more had went to (or better college) then it doesn’t matter much anymore.

[biometal]

Went to community college, then transferred to a public university to finish a life science degree. I did not have any scholarships or financial assistance. Got a job as a bench chemist at a pharma company, and this company then paid for my masters. I now make 6 figures and have never had any school debt or financial assistance.

Additionally, the cost of education in the US is directly related to the government guaranteeing student loans. If the government stopped doing this, the cost of tuition would drop virtually overnight.

[newyorkvisionary]

I lived at home, worked 35 hrs a week and went to a state school. Started working in my field in junior year and graduated with no debt. Dorming and getting the “college experience” is the biggest scam. Most kids I know that went away to school didn’t even go to prestigious schools, they just went away just because.

[marcusmoonstein]

You just confirmed my own experience of getting a degree. When younger people ask me about it, I always give them two pieces of advice:
1) You should NOT try to get a degree if you weren't in the top third of your class in high school.
2) You only sign up for a STEM degree that has a high market value.

[prestonlui]

If you are smart enough to use a calculation based approach to see if colleges works for you, you are probably smart enough that college works for you

[glenmurie]

You missed state technical colleges in your essay, a huge blind spot. Most careers of any value (nursing, trades, IT, applied arts like graphic design, and law clerk) you can get at a state technical college. It used to have a stigma attached to it, still does in some places, but you earn only slightly less than a college grad for a fraction of the tuition.
And in my personal experience the quality of education is as good or better because your instructors actually did the work in the real world.

[Prof]

Went to college and became a teacher. My job security is great, my benefits are good, I have an employer match for retirement of 5%, (which increases with age). Everyone’s experience will vary (especially by state) but I don’t have regrets. But I also did community college.

[memeornot]

Took 4 years for bachelors of medical science, graduated with a 4.0 GPA ( I also wasn't the smartest), tried applying to medical school, got rejected twice, and my degree means nothing for medical field.

Applied to hospitals but said my degree didn't matter they just want certificates or experience, but still the pay was low.

-best advice I could give in your last two semesters take something useful in life, like learn a semester how to code and learn a new language.

[fidelperez]

I lucked out in that I was poor and couldn't afford college and all the teachers, counselors, and schools told me I wasn't good enough for college and couldn't handle the work. Went into programming and quickly made 100k+ with no college debt. Then I had work pay for my school and went from 0 to masters in 3.5 years (double enrolled taking max credits at both while working 40 and travelling 20 hours a week). Only go to college if you must have the physical resources. Chem, Bio, Med, etc need to have onsite interaction and residency placement so you are forced into paying for it. The rest can pretty much all be learned on your own. If you must go, find the cheapest way. Go to community college for your general eds and transfer. Most of the people I knew in their 20s going to college were working a job to pay for college and only taking out student loans for minimal tuition.

[TDDMS]

I'm in STEM, one of the mistakes that videos like this make is it shows a salary and it, whether mistakenly or intentionally, equates an engineering degree w/ a guaranteed job. But what it doesn't show is the number of people who graduate w/ an aeronautical degree that work in that field. From personal observations, I'd estimate that maybe 10-15% of people in STEM actually work in their field of study. While many others are removed from the industry due to economic forces.

[TeeHaa]

European here. I remember when I was about to finish my law degree there was an academic fair where some US colleges came to sell a extra degree to us.

Oh boy... they wen on and on and on... we have a sports colliseum a fitness center an artificial beach... for the low low price of...

Some rich kids were genuinely interested for some academic flavoured holidays in the US. Us normies said that if we wanted to hang out a year at an artifcial beach there probably would be way cheaper ways to achieve THAT.

[touchofgrey]

You're screwed if you do and you're screwed if you don't

[jacqueandrew]

If you want to determine if going to college is actually worth it or not, there’s a video that goes over the steps involved with picking a career/degree that actually provides job prospects after college

Search “gamification of life they should have taught this in school”

I tried linking it before but my comment didn’t go through

[ThaJerzeyBoy]

When I was 15. I had a old lady who was my neighbor gave me financial advice. I remembered her telling me to never ever take a loan unless I know I can pay it back right away or before the term. Her advice saved me sooo much over the years. She was the real reason why I never took out student loans or got a car note as well. When I was in college I learned that it wasn’t for me and I didn’t like seeing how this degree wasn’t gonna promise me anything but I am paying money out for something that wasn’t gonna keep its promise

[karldoring]

These prices seem insane to me. I live in Germany and I'm studying to get a bachelor's degree and my current tuition fee is roughly 350€(~380 USD) for each semester, which will amount to just over 3000 USD in total.