Never ask a barber if you need a haircut. Never ask a college president if student debt is a good idea.
I was amused by a recent article in MarketWatch, a major news site in the financial world. It was written by the president of a private college that charges $44,000 a year in tuition. Then there are incidentals that bring the total to about $55,000. She calls student debt “an investment.” It’s a good “investment.”
In contrast, I recommend spending no more than $15,000, total, on a college degree earned by an accredited college.
That would pay for 10 weeks at her college.
Do you think that a total payment if $220,000 (if all costs are locked in for four years — ha!) will produce 14 time the lifetime income of a degree earned my way? How about a degree in sociology? Or women’s studies? In this job market?
Parents are really silly. They fork over $200,000+ to some obscure college they have never heard of, and they think that’s money well spent.
But don’t take my word for it. Read the other side. See if her argument makes sense.
Click the link.