The push for a $10,000 degree as student debt delinquencies spiral out of control
IMG Via Flickr
By: Jack Franklin | November 29th 2012
If you enjoy this article please support us by "liking" our Facebook page. Thanks!
If the subject matter of your college degree doesn't include words like automation, robotics, engineering, or linear algebra you may want to strongly consider not taking out a student loan. As the Federal Reserve Bank of New York is reporting good news about foreclosures and rising consumer confidence, a tumor is secretly growing with rapid pace.
A myriad amount of American's are racking up massive student loans to finance often worthless degrees thus tightening the shackles banks have already securely fitted on us. The reports are saying that in this year's third quarter the student debt has reached $956 billion, an increase of 4%!. (Yes, as in almost $1 trillion) I'm sure your as stoked as I am for another round of bailout mania once we wake up and realize this debt will never be repaid. Luckily the federal government is doing everything in their power to forgive debtors but with the looming fiscal cliff and austerity measures it's skeptical what more they can do.
Now if math, science and engineering aren't your forte don't lose all hope. Just understand if you take out a loan backed by Mr. Banker and Uncle Sam, don't expect to be sipping $3.00 lattes and eating steak at Gordon Biersch after work. I'm all for following your passions but we must be realistic about future job prospects. Our economy is constantly evolving and today more than ever it's demanding bright tech focused individuals and scientists.
There's currently a push that began in Texas and is now being lobbied in Florida by Governor Rick Scott for a $10,000 degree. These states are leading the charge in providing higher level education for a cheaper price tag. $10,000 is much more economical to a 20 year old than a $150,000 degree that is all to common elsewhere. Hopefully this trend continues and more people wake up to the fact that college is crucial yet overpriced causing detrimental affects to our youth. If we expect to compete with India now's the time to improve quality and price.
If you enjoy this article please support us by "liking" our Facebook page. Thanks!
