Michael Snyder | Dec. 26, 2010, 12:44 PM |
As you read this, there are over 18 million students enrolled at the nearly 5,000 colleges and universities currently in operation across the United States. Many of these institutions of higher learning are now charging $20,000, $30,000 or even $40,000 a year for tuition and fees. That does not even count living expenses. Today it is 400% more expensive to go to college in the United States than it was just 30 years ago.
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Most of these 18 million students have been told over and over that a "higher education" is the key to getting a good job and living the American Dream. They have been told not to worry about how much it costs and that there is plenty of financial aid (mostly made up of loans) available.
Now our economy is facing the biggest student loan debt bubble in the history of the world, and when our new college graduates enter the "real world" they are finding out that the good jobs they were promised are very few and far between. As millions of Americans wake up and start realizing that the tens of thousands of dollars that they have poured into their college educations was mostly a waste, will the great college education scam finally be exposed?
For now, the system continues to push the notion that a college education is the key to a good future and that there is plenty of "financial aid" out there for everyone that wants to go to college.
Recently, U.S. Secretary of Education Arne Duncan visited students at T.C. Williams High School in Alexandria, Virginia and encouraged them to load up on college loans....
"Please apply for our financial aid. We want to give you money. There’s lots of money out there for you."
So where will Arne Duncan be when those students find themselves locked into decades of absolutely suffocating student loan debt repayments?
What young high school students are never told is that not even bankruptcy can get you out of student loan debt. It will stay with you forever until you finally pay it off.
Today each new crop of optimistic college graduates quickly discovers that there are simply not nearly enough jobs for all of them. Thousands upon thousands of them end up waiting tables or stocking the shelves at retail stores. Many of them end up deeply bitter as they find themselves barely able to survive and yet saddled with tens of thousands of dollars in student loan debt that nobody ever warned them about.
Sadly, the quality of the education that most of these college students is receiving is a complete and total joke.