Is College A Scam? Does The Debt Pay Off?




Millions of Americans are suffering from Student Loan debt. 7 million students are behind on their payments and over 1.7 TRILLION dollars of debt can be attributed to College Student debt. All of this brings forth the question, is college worth it?

The average student who has about $80-$120k of debt while earning about $65k fresh off college. So what happened to our American dream? Wasn’t college supposed to prevent individuals from being slaves to their bank account? Well, the truth is College is getting more expensive and our research is growing more and more extinct.

Colleges come in many shapes, sizes and varieties– if it helps think of College as the many types of women in the world, or for the opposite sex, the many types of men in the world. Some are beautiful, some are too good to be true, while others are not so appealing, both to the eyes and in personality. Analogous to this example, every college major has the same kind of options. Engineering can be studied at your local state college or at a private school– the difference is the cost. A 4 year degree in engineering can cost you $32000 or $120,000 depending on the option you chose. That choice is ultimately what makes or breaks your entire financial career.

Let’s map out the scenarios of potential earnings and expenses over the course of 4 years.

Kyle, a prospective college student weighs the following option

Option 1
4 Year College degree at a state school that gives you all the engineering courses necessary to graduate
Total Cost $32000 with books

Salary out of college $55,000/Year

Option 2
4 Year College degree at a private school that gives you all the same courses necesssary to graduate
Total Cost $120,000/year
Salary out of College $65,000-$70,000/Year

Difference?
The extra $10,000-$15,000 in earnings– Was it worth it? The reality is that it isn’t. What Kyle spent will take him an extra decade to make up.

Exception to this rule : Unless Carnegie Mellon, Cal Tech, MIT or NYU Poly decides to take a chance on you, private programs ARE NOT WORTH IT.

Melinda, a prospective physician wants to become a doctor. She is thinking about going to a in state school to study her pre medical sciences versus a private school. Should Melinda go private or public?
This is a choice most individuals make a mistake. College in this case is a stepping stone to another institution of higher learning which will also cost a total of $100,000 at a minimum. It is important to not break the bank when considering dual degrees or terminal degrees such as a PHD, a JD, MD etc.

I discuss the entire evaluation process for College and the X-factors you need to consider before going to college. College can and is a rewarding experience, both financially and educationally. However, more and more students are not making informed choices and drowning in debt as early as their twenties. View it here

Here are the necessary steps to avoid becoming a statistic
1) Find your niche. Make sure you excel at it or are passionate about it
2) Go to Department of Labor Statistics — See the earnings for a career in that locality
3) Calculate how much it will cost to get tht education
4) If the cost is more than 1 years worth of salary, it is not worth it.
5) Consider private vs public education
6) Calculate your student loan payments and make a schedule to pay double the principal amount

In conclusion, COLLEGE IS NOT A SCAM. BUT IT CAN BE IF YOU DONT CHOOSE THE RIGHT ONE

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