Saturday, June 30, 2012

Higher Education

I've been thinking a lot lately about college education--what it costs and what it's worth. I think it started with this article. Even though I went to law school directly from college, I realize how lucky/privileged I was that I could have gotten some kind of entry level job with a future right out of college; I could have worked hard and advanced. I don't think that's possible anymore. Entry level jobs with futures seem to have disappeared.

I was also privileged because my parents paid for my college education and for part of law school expenses. I took out a loan for $15,000, which unbelievably covered my law school tuition for three years. I also had a one-year grace period before I had to start paying off my loan.

This would not be possible today. Tuition prices have soared; loan conditions have become punitive--see this, this, and this. One more depressing article which people have told me is not news.

All of the conditions in the linked articles show me that young people are screwed. Only the most elite will be able to attend college without a suffocating Damocles sword of debt hanging over their heads (thanks to Bernard Schwartz of NYU Law for the reference.)

Student loans are a scam that must be stopped.

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