Most articles addressing whether college is worth the cost inexplicably conclude “of course!” But based on basic economic facts – college is often NOT worth the cost.
Costs for four years in college average between $44,000-165,000
(public to private schools) JUST FOR TUITION. Adding minimum living costs, this could easily balloon to $84,000-$205,000 at 5% interest. The median entry-level salary for a college graduate is $48,000
. Even entry-level salaries at the high end are $71,000
The Math of College Costs
In the BEST case scenario, college is spending $84,000 (let’s say $44k tuition and $40k living costs for 4 years and no financial aid) and four years of hard work on college, likely not learning relevant job skills.
For all this effort, you must then APPLY for, and get hired to work a job that will take you, 40+ hours a week for 52 weeks in order to earn $50,000 after taxes to pay off your loans (and you might not even like this job).
The worst case scenario is that you spend $200k in loans to attend college and end up at a job you could have gotten straight out of high school.
College in the Age of COVID Makes Even Less Sense
Finally, people have a lot of fond memories for their colleges, clouding their rational judgment. But colleges do not care about you.
If ever there was a sign that no matter how much money you give colleges, they do not care one lick about you, your health, your career, or your life, it’s how they treated their own students during the pandemic. Because of the COVID-19 Pandemic – students are questioning the value of a college education more now than ever before. College students say that online classes aren’t worth the high cost of college.
And colleges, for their part, do not care. They unceremoniously kicked their students out of their dorm rooms
– rooms that these students paid for in advance, forcing students who may have contracted coronavirus over spring break
to travel in crowded airplanes and trains during a pandemic likely infecting themselves and the rest of the nation
including their potentially elderly parents or grandparents, and refused to give exemptions to many students who had nowhere to go
. (Also how embarrassing to be a student who has to explain a bad family situation to a random administrator just so she won’t be homeless).
College Doesn’t Care About You; You are a Number to Them
I know people are going to disagree with me, but kicking college students out of their dorms is no different than kicking people out of their apartments. It’s not that the colleges cared about their students’ safety – the colleges just wanted to avoid liability.
Even with millions or billions in their endowment funds and hundreds of six-figure salaried administrators, college students were forced to figure their way home by themselves
. College students and alumni raised money to help, which is wonderfully heartwarming, but good god schools, have you no shame?
Going to college could be the single worst financial decision of your life, and here I will tell you why.
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