So, you send your kid off to college. You pay. She borrows $100,000. Then she graduates.
She gets a $37,000 a year job as a file clerk.
It happens. Across the nation, it happens.
The New York Times ran a story on this. It told the story of such a young woman.
To get a job as a file clerk these days takes a B.A. degree.
Is it better to take on $100,000 in debt that legally cannot be escaped by bankruptcy in order to earn a B.A. degree or to work at McDonald’s part time and pay a total of $15,000, with zero debt?
Most parents take the first approach. I don’t recommend it.
Here is what the Times reports.
“When you get 800 résumés for every job ad, you need to weed them out somehow,” said Suzanne Manzagol, executive recruiter at Cardinal Recruiting Group, which does headhunting for administrative positions at Busch, Slipakoff & Schuh and other firms in the Atlanta area.
Of all the metropolitan areas in the United States, Atlanta has had one of the largest inflows of college graduates in the last five years, according to an analysis of census data by William Frey, a demographer at the Brookings Institution. In 2012, 39 percent of job postings for secretaries and administrative assistants in the Atlanta metro area requested a bachelor’s degree, up from 28 percent in 2007, according to Burning Glass.
Go to a search engine. Type in “college,” “$11,” and “youtube.” See what you find.