There is a popular conservative motto which is repeated over and over again recently:
"education is the next bubble, people have already said. Financing college is the new real estate, and we know how that works out."It has been repeated so frequently that there seem to be a need to address it
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lol. Something tells me you're not all that familiar with college.
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how can I possibly be "not familiar with college"?
By not realizing that getting a degree does not require years of hard work and dedication. You're spending your college years in a bubble at best. There are plenty of people with college degrees who did far much drinking and little studying while in school. There are majors designed for these people.
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However, I have given years of hard work and dedication to my degree, and I do not know anybody who did not. Maybe you did not? In that case, sorry to hear that.
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But nevermind.
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Don't get me wrong, college debt certainly is a problem, especially for people in their 20s, it's just not a bubble. I'm also not aware of much speculation going on around education debt. It's usually pretty crappy debt with low returns, not something like .com stocks in 2000 or real estate in 2007 that are the subject of irrational exhuberance. If you can point to a huge amount of speculation around college debt, I'd certainly like to see it.
Education might be a bit overpriced in some instances, but the return on most degrees at most colleges is higher than the cost.
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But, first of all, its not! While Pell grants and federal aid became a joke, even in public schools they hardly cover part of the tuition, the loans are still seen as free money, giving the school administration free hand to increase fees further and further. It is looping into an infinity. Mind you that wealthy families have no problem with debt or no dilemma about sending kids to college, while for poor kids debt for the most part is the only solution. Years later it will come to roost. Government is still paying for education, but the responsibility is shifted, so it does not care how much the colleges charge, it assumes that students and their parents should. Problem is - I am not sure they do, either. Credit is not the same as real money out of your pocket, and level of responsibility at 18 or 19 is hardly the highest. But ( ... )
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