Here is a terrific article on the situation with the US upper level education system and student debt.
I agree with this completely. People go deep into debt pursuing worthless degrees that they were "sold" were valuable. The universities are making bank on these kids, keep raising tuition, and have no accountability for what they are doing.
Of course, the buying public is too stupid to see it so they just keep embarking upon the college experience thinking they will be able to pay off a hundred grand in debt with an Ancient Irish Poetry degree.
Maybe instead of messing with Crypto, the SEC should step in here and nail these colleges, even if it isnt their jurisdiction.
https://www.wsj.com/articles/canceling-student-debt-is-10-000-too-much-or-not-enough-11614728696
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I do think they need to figure out what's wrong with the education system. A degree now is not the same as the degree 20-30 years ago. The pool of people working keeps increasing while there are not enough job positions available.
They are getting government money, corporations and millionaire investments so is the cost of the degree reasonable?
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As a student myself, I concur. I know of so many students who took out loans and failed to graduate due to the fact they were working and being pressured to take too many classes per semester by their academic advisors.
One kid was working 40 hours a week, playing 50 hours of video games and attending five classes. I told him it was too much and asked: "when do you sleep?" He ended up flunking out.
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What are most of the kids you know majoring in?
What do they think they are going to do with those degrees?
Granted it was a long time since I was in school but the way I see it, most are majoring in bullshit that will never amount to a solid career.
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The ones that flunked out or dropped out, had been convinced to choose business management and accounting, despite many having no real interest in it.
Turns out, one of the main advisors had girlfriends in the business division and would help her friends out by steering students their way.
She would also pressure them to take many more classes per semester than they should, which caused many to fail.
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I know how it is, here in Brazil you must have at least one college to try something that adds you financially, because as the minimum wage is practically nothing, at least having a higher degree can help you to have a less worse salary.
But the problem is that many who graduate and receive their diploma do not enter the job market directly, there are few cases that this happens and in luck. Thus, that university student who spent years studying leaves without a job and with a beautiful debt the size of the world.
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Here is a quote from the article:
Yeah they definitely should.
Sleepy Joe will never do it but that is exactly what they should do.
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Now that would be interesting to see! And they should have data from several years so students can see whats the trend of the financial returns for the majors
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They will never reveal it because it will show how the upper level education system in the United States is a fraud and that the universities kept pushing majors that it knew did not equate to good paying jobs.
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That's probably the case regarding private education all over the world.
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It isnt private. Much of this comes from public universities.
They are all doling out worthless degrees unfortunately, and huge amounts of student debt.
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Oh, I said that because I work in the private education industry and it's the same deal. Sorry for not making it clear.
But yes, it's even worse when it's in the public sector because it's funded with tax payer's money
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Joe Biden will not regulate the universities. They know that they are one of their most ardent supporters. The system just keeps feeding itself and they are using everything they can as an advantage. I think Joe Biden would rather remove all student debt than regulate the universities.
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Without a doubt. He is a puppet anyway, similar (if not worse) than Bush 2. Biden is as much President right now as I am. Someone else is pulling the strings.
You are right that is a feeder system for them. If kids were smart, which they are not, unless they are going for STEM, accounting, or something like that, skip the entire college fiasco. It is nothing more than a place to party and rack up debt. Thinking these useless degrees will get you a decent job is foolhardy.
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This whole college thing pisses me off, what about the people that worked their way through it and went to community colleges so they wouldn't owe the government or anyone a pile of debt. They get burned for paying! At least they are better off for not having any debt, but dang it's not right!
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That is the biggest problem with this proposals. What about the one's who played by the rules, they got screwed.
The simplest way to handle this is to allow student debt to be bankrupted out. If one is overloaded with it, just file bankruptcy. Treat it like any other debt.
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That really is the only way to solve the student loan problem. I'm for that but I would like to see some reform on the college situation at the same time so it doesn't repeat itself.
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Of course but that isnt going to happen. Too many high paying jobs there who are funded with government money. The upper level education will only reform after it collapses. The way to do that is for the customers {kids) to start doing stuff online and businesses accepting that as a valid course of action.
If that happens, then the cushy college campuses will we without students.
Many are already sucking wind due to the lockdown and fears drilled into people. In the US, most universities depend upon foreign students, who are barred from basically entering the country at this point.
I hope hundreds of them collapse and fail. Will serve them right.
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