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View Diary: Abbreviated Pundit Round-up: What do millenials think? Also, how to read Senate polls (116 comments)

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  •  The class of 2008 are struggling today to (15+ / 0-)

    Find jobs in the fields of study they graduated in.  With the blow up of the economy unable to find jobs many have fallen behind in technical skills, while being looked at with shrugs.  "Oh sorry", you graduated in 2008.  So do they go back to school and re-saddle themselves with more student loan debt??  Or get creative?  Many move home, parents have to help them become creative with paying those student loan debts.  Until the system checks itself and STOPS profiting of student loan debt, and begins to look at this class with the respect it deserves all classes after will remember what happened to the class of 2008.

    Change is a process, not an event. ~ Joellen Killion

    by sabathiel on Fri Jul 11, 2014 at 04:51:18 AM PDT

    •  Class of 2007 as well (7+ / 0-)

      Last in the company, first out.

    •  colleges as rentiers (7+ / 0-)

      There's a similarity to the exuberance of the housing bubble of the oughts.

      Lenders are giving too much money to college-bound kids because they're far too optimistic about the ability of those kids (or their parents) to pay it off. Colleges feel comfortable raising their fees because they have so many applicants eager to pay. And nobody wants to go to a "cheap" college. Everyone wants to go to the "best" (measure by exclusivity) college they can get into.

      And that is the problem. Colleges are becoming rentiers.

      The laws of supply and demand suggest that colleges will continue to exact an ever-increasing share of future earning potential until they reach equilibrium: the cost of a college diploma matches the increased earning potential of the college graduate.

      It's not sustainable. What is the point of going to college? How many people want to give up $200K to enjoy the thrills of co-ed living and binge-drinking?

      The other similarity to the housing bubble is that none of the players here thinks they're behaving badly (even though they all are). The lenders believe they're providing a valuable opportunity. The colleges believe they're benefiting their students. And the kids believe they're certain to be able to pay everything off once they graduate.

      All of them are going to be right until they become all wrong.

      •  I hate college (2+ / 0-)
        Recommended by:
        DRo, ChuckChuckerson

        Let's jack up tuition as fast as the market will bear, pad the bill with with lots of weird added fees, ration out required courses so you have to stay another semester or year, yet cut corners in the classroom. All while the platinum-plated sports juggernaut rolls on.

        Not to mention having to take a class over because a professor is playing unfavorites or being screwed out of credits because of some adminstrative whim. Of course, with nobody to stand up for you. Especially, not your counselor, who sees you being hurt by the system, but solidly sides with it because she's a total tool....

        "If this Studebaker had anymore Atomic Space-Age Style, you'd have to be an astronaut with a geiger counter!"

        by Stude Dude on Fri Jul 11, 2014 at 06:27:24 AM PDT

        [ Parent ]

    •  Part of this is PARENTS FAULT. I had 3 kids get... (2+ / 0-)

      Part of this is PARENTS FAULT. I had 3 kids get Bachelor degrees. All went to state schools. I refused to pay fir any private schools tuition above what they paid at a state school. If more parents had done this many kids wouldn't be in this situation.

      •  And do you think any of the 3 are handicapped by (1+ / 0-)
        Recommended by:
        Mr MadAsHell

        not going to Haahvad? Personally, I think state schools make a lot of sense. If someone has/had done a study to see if the so-called 1st line schools were worth the extra debt, I'd be happy to peruse.

        Every human being has paid the earth to grow up. Most people don’t grow up. And you find out what it costs us to love and to lose, to dare and to fail. And maybe even more, to succeed. What it costs, in truth.—Maya Angelou

        by TerryDarc on Fri Jul 11, 2014 at 07:45:05 AM PDT

        [ Parent ]

        •  Really, unless it is a couple specific fields, (2+ / 0-)
          Recommended by:
          TerryDarc, CFAmick

          it is fine as long as it is a school people in the region have heard of.  

        •  One was accepted to Cornell (1+ / 0-)
          Recommended by:
          TerryDarc

          She went to UMass instead on a full academic ride and then got her
          Doctorates in PT from Northwestern. Her bro graduated from UMass as I also did. If its a niche major at a private school that has decent job prospects I can see the private school argument. None of my kids pursued niche majors so Daddy Dig put his foot down. My son and daughter relay friends debt horror stories about BU, BC grass they have met from work who lament their debt loads. Believe me when I tell you I have no regrets being a killjoy.

          •  Yeah, I suspect that community college for a (0+ / 0-)

            couple years followed by state university would do most people. It's possible for a top tier school to help you in your career but really, 5 years after graduation...who can tell the difference in performance.

            I also have no sympathy for people who run up huge debts to go to Harvard or an Ivy to take sociology or art history or some other m-mouse major. THEN, you really would be better of doing the community college/state u. regardless of whether you're "following your bliss" or not.

            Every human being has paid the earth to grow up. Most people don’t grow up. And you find out what it costs us to love and to lose, to dare and to fail. And maybe even more, to succeed. What it costs, in truth.—Maya Angelou

            by TerryDarc on Fri Jul 11, 2014 at 12:38:22 PM PDT

            [ Parent ]

            •  Tremendous research went into his college (1+ / 0-)
              Recommended by:
              TerryDarc

              education.  I never mentioned an Ivy League School.  As 2007-08 approached we saw the change coming and it was too late, he did have have an internship and was able to graduate with honors.  Unlike others in his class who did not, because they did not have an internship.  He stayed in Chicago till 2013 and finally left.  He said he was tired of being poor and he had enough of trying to make it there.  So he sold everything packed 2 bags, took his dog and moved to Las Vegas.  Now he finally has a job in field of study.  I'm lucky but still saddled because I worry, that's what Moms do...  Worry because he's 28, his future is not certain even with an amazing degree he worked his ass off for in a field he loves because his parents told him to do what you love with your life.  He is the class of 2008, still struggling in 2014.  

              Change is a process, not an event. ~ Joellen Killion

              by sabathiel on Fri Jul 11, 2014 at 05:30:38 PM PDT

              [ Parent ]

    •  Graduated in 2010, (0+ / 0-)

      For my school 2010 was even worse than 2008.  I luckily found a job after a few months, but I am an engineer, so it was much easier for me than for people in other fields.  Although, it was harder than it should have been because a bunch of older people had been laid off and took lower level jobs, so now it will be very hard to move up.

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