Mr. Savings While I was in college still trying to figure what I was supposed to do there, I heard a speaker who said college was the biggest scam on earth.
You see as a young kid you don’t realize how much college costs. For some, your parents will pay for it, for others you’ll take out a loan. “Yaay, the
government is going to pay for me.”
You have a great time. Parties, drinking, occasional class, more parties, then you finally graduate (Yippee!) You spend more time partying and drinking with friends after graduation. You’re living it up, life can’t get any better right?
Then comes the first letter, BAM! It hits you right in the face:
“Dear Johnny Boy, you owe a gazillion dollars in debt, we’d like it very soon or we’ll come after you because the country is in debt”
At this point, you’ve already run to your mommy and daddy, crying and asking for help. They can’t help you because you’ve yelled and screamed at them and moved out of the house. You wanted to be a “man”.
But also because they have no money to give you. You see while you were busy going out and living your life, they lost their jobs and now are wondering how to get it back.
So you find a crappy job and you start working 90+ hours a week to pay off the debt. You’re always tired and still broke. You’re friends stop calling you, since you can’t go out anymore. You’re girlfriend dumps you, since you can’t go out anymore. Oh what to do?
Do you ever wonder if college is a scam considering many educated people can’t get jobs or are over qualified for a position? How are you getting your college or future college education paid for?
Comments (70)
this is actually very true.. there was this pretty recent case of a uni student who got into 40,000 pounds worth of debt from uni.. i think the fact that the banks makes student accounts and overdrafts so large and easy to get plays a huge part to this problem. I personally am a 1st year uni student. yes for most part of the 1st month i was seriously overspending and going out way too much! but i, and most of my friends soon noticed.. and have really started to budget... i honestly think most students who go to uni planning to ACTUALLY study don't really get into money problems.... and i dont know what other systems are like, but in England, loans are intrest free and u dont have to pay it back untill you earn over a certain amount.. (i think its around 15k a year)
I believe that some of the time, college is a scam. There are a good amount of jobs that people go to college for (to get ahead) to only find out later that there was no need for it. There are some jobs that aren't worth the money a person devotes to going to college.
Me, I think that when I do go to college (Or, rather, If I do. Because I haven't made up my mind.) I'm going to have a plan. I'm not going to go to college for the hell of it, I'm going to go for a specific career track. It's all about planning and going about it responsibly.
i think college is a pretty good life experience (parties excluded). i feel if i wasn't going to college I would be missing out on a lot of upper level education and although I might owe a lot of money in the future, I feel it's worth it. sorry but your post is a bit asshole-ish.
College is way too expensive, and much of what you described details my life perfectly. Although the experience was great--I met so many great people, learned a lot about myself, traveled--if I had to do it all again, I wouldn't.
I'm beginning to regret ever going. I've graduated, but still have no "high paying job". I keep looking and looking, applying and applying, but either I find nothing of interest/matching my skill level or else I don't hear back from jobs to which I've applied. I'm now (at least) $25,000 in debt. Thanks, college!
Tuition is wayyy to high along with textbooks
Gona have to work my butt off to pay off the debt
& It is a scam - my prof teaches at a college & at university
College fee per course : 250+
University fee per course : 500 +
So he teaches pretty much the same thing* yet the amount is double
I dont think the kids at Univ are necessarily getting the BETTER* education yet the price they pay is double =S
I think going to a university was a great experience and gave me a better informed view of life that helps me all around.
However, I think you shouldn't go to college unless you have some kind of a plan, or at least not an expensive one.
I can't say it's a scam, though. It's tough getting a job after college, but try getting one with no college or technical school training. It's darn near impossible unless you have great connections.
I think some aspects of college are a scam, or at least it is used as leverage for companies to exploit college students. Many colleges are happy to tell you about student loans, and many credit card companies directly advertise on campus. Also, I don't know if anyone else out there has heard of college doing this, but the one I'm starting this Jan. is requiring entering freshman to get a $1,300 meal plan. A vast majority of people will never eat that much food in a semester, or even a year.
Personnally, I won't go to college unless I actually have the money, or I get some type of grant or scholarship. I refuse to be a slave to debt. For me, loans are a very last resort.
These days however, you almost need to go to college to get a decent job in today's America. I encourage anyone in high school to go crazy about third party scholarships, work hard in high school and have A LOT of extra-curriculars. Having "no life" in high school so that you can get 3.5-4.0 to get good scholarships, and not having the college experience (partying) in order to maintain those scholarships is well worth not having to be in debt for years and years after college.
i never went to college. and i definitely do not feel like i missed out on that experience.
(the year after high school i moved to australia. i also traveled to japan, indonesia, russia, and france that year. i came home with money still in my savings account.)when i came home i got a job and worked my way up. by the time all of my friends graduated i was working an accounting/payroll/office manager type job and they were all struggling to find jobs. not to mention they were in debt. college is not always the answer.I want to go to school for cna work but at the moment can't do it due to the economy. I've seen stories though of many students paying off loans for years and making the same money an hour as those who didn't go to school.
I graduated from college two years ago and I still don't know what to do with my life. I am happy to say I got out of college debt free because I had financial aid and scholarships. I didn't live the full college lifestyle. I commuted 30 minutes to school and brought lunch from home, so I think that helped a lot. College didn't leave me broke.
I wish I would have kept my scholarship, then I probably wouldn't have to pay back as much....but at the same time, I don't have a ton of debt to pay back and I will get it paid off sooner as opposed to later.
I think it mostly depends on what you're majoring in and whether you're going to grad. school/professional school.
I wouldn't go so far as to call it a scam. It's a shame that nowadays it has to cost so much to get a good education, and because of the economy, there are fewer and fewer jobs for those well educated college graduates, and people end up working jobs that don't need a college degree. I was lucky enough to have found a job right out of school, but I know at least half of my graduating class (I'm saying within my major) does not have a job, or found a job and has already been laid off.
that's why you find a major that gives you good job options... if you go to school only to get a 35k/yr job, why go to college at all? you can get that salary without going to college. sorry if i offended anyone that thinks 35k/yr is a lot...
This is why it's good to put your kid in a sport so they can get a scholarship and have everything paid for them. I'm skipping college, I want to become a professional tennis player and I know that yes I need a back up plan so that's why I'm taking courses online. And finishing my AA at home with clep exams. I'm used to being homeschooled and doing everything on my own so it's much better. Plus I'm not into the party scene, it's not for me. And I know I could get a scholarship into any university but it's not something I want because then I know I'm giving up my dreams of being a pro. You can't study and also be top athlete, it's just too hard. But if I didn't want to pursue my dream, then I would apply for scholarship, there's no way I would want to pay all that money. It's insane.
@wobble@xanga -
It's true, you should definitely major into something that will bring in the money, or else you're gonna come out of college in debt and you won't even have the knowledge you need to have a decent salary to pay it off.
Of course, it's a fuckin' scam! I got my associates in '92 and even though my parents filed for bankruptsy because of it I have been only 2 jobs related to it, the rest were odd jobs. I just given up to some point and going back to college to try to improve myself and getting a better paycheck it kinda realize since I don't have no motivation whatsoever to spend other two or three years traveling 50 miles to go there I just really say "fuck it".
The problem why the students are in severe debt is because these so called colleges demand pricey books, pricey tuition that grows each year, each semester. The most priciest college the better "chances" to get hired. But that's another illusion because how the hell they're going to pay back these loans if there's no jobs out there except working at Taco Bell?
Like France, Universities have to be free!
Just one area of knowledge and degree isn't enough anymore. Everybody out there has a bachelor's degree. If I had it to do over again, I would have gone to a less demanding state college than Ga. Tech, where I could have achieved a 4.0, taken a 5th year with no-brainer electives and taking that year in financial aid and saving up the money by working at the same time. Then taken a graduate degree at a better school like Ga. Tech in an additional related major. If possible, do the same thing with the financial aid, only taking that last year with electives to look for a job you really want or working a no-pay/low pay internship so you command more starting salary. During the first year loan grace period, buy a government fixer upper small house to live in with your meager savings. Live in it til the grace period is over, then change it over to a rental property and claim it as a tax rightoff if you can't get a renter. Live with a roommate or 2. The rental income will pay for the student loan, so you can start saving again on your salary.
College is not a scam. People just don't know what it's for. Somehow they think that by graduating with whatever farse of a degree they hold they have automatic value to employers. People don't understand that college is NOT a time to figure out what you want to do; rather you should have a VERY good and practical idea of what you want to do with your life before you sign yourself or others up for debt. Also, wisdom should be exercised regarding extracurricular activity while in school. Don't waste your time and your mind partying every single night. You're there to get an education, make the most of it...
Working an internship every Summer during college is another thing I wish I had done. Even for no pay, it helps you get work when you get out. And even if you have to do an internship after you've graduated, during your 1 year grace period, it will help. You also could go into the Peace Corps (Or the military) and they will either suspend your loan payback or basically pay it off for you. The Peace Corps commitment is 2 years. It also looks excellent on a resume, especially if you work in your major for the Peace Corps.
It is funny that some of the most brilliant minds never graduated high school let alone college. However I don't think it's as much a scam as we like to make it out to be. The economy is hard placed at the moment with many jobs going overseas or companies being downsized. It really depends what you go to school for that will answer whether it's a scam or not. I know many teachers who have gotten jobs with their english degrees and a teaching credential right away. I know computer science majors who before they graduate they have 2-3 solid offers, and I've never met a nursing major who didn't have a cushy 90k ish a year gig upon graduation. However for straight up business majors or communications majors these fields are so broad that they yield no special place in the world without further education on a masters or doctorate level. These degrees of course pose additional loans that will take many years to pay off.
I completed 2 years at a university and then could not afford to go back. I've been doing part time work and part time school at a community college for the past going on 4 years and plan on joining the Air Force. That'll be a cool $70,000 with the GI Bill in exchange for four years of service to my country. Not a bad deal if you ask me.
As a recent (as in 4 days ago) college graduate, I absolutely would not trade the experience for anything. I was fortunate enough that my parents started saving for my college when I was still a child - they saw it as a good way to put me through, or if I decided not to go, a new car..or two. While a lot of students find themselves in debt, most get jobs right out of college because they have been searching before they graduate. If you're going to get loans, have a plan on when and how to pay for it because it can get out of control. Interesting opinion on everything, but I think it rarely happens that way.
to me.. college is bs. im in college & doing nothing. i have no motivation to. i costs so much & all i do is take out loans.. its gonna be bs when i have to pay it all back.
i need a major that will pay me D:<
They way I paid for college is through student loans (which I have now consolidated). My parents also also helped me. RIght now I have a part time job and manage to afford rent and my student loan payment. I've been very blessed in this aspect but constantly try to find a better job.
My biggest mistake was not saving more when I was able to. I worked at my colleges library and made a decent amount but failed to save much of it.
I don't think college is a scam. I think that people are often rather irresponsible when they are in college. I attended my classes and worked to earn my grades and still managed to have fun and hang out with friends.