College education in the United States has become a cruel joke. We endlessly push our high school kids to invest tens of thousands of dollars and at least four years of their lives to get a college education because they won’t have any sort of a “future” without it. So they sign up for decades of debt slavery and spend years listening to pompous windbags fill their heads with utter nonsense. The sad truth is that most college courses are a total joke and they do very little to actually prepare those students for the real world. I know – I attended public universities in the United States for eight years. Most college courses are so easy that the family dog could pass them. When they finally graduate, our young people discover that they were lied to all along. The promised “good jobs” are not there for most of them, but the huge debts that they committed themselves to will follow them around permanently. When you are just starting out and you are not making a lot of money, having to make payments on tens of thousands of dollars of student loan debt can be absolutely crippling. This is why I say that college education in America is a giant money making scam. Our young people are seduced by the idea of college being a five year party that will provide an automatic ticket into the middle class, but the reality is that the only guarantee is that it is a ticket to serfdom unless you have wealthy parents that are willing to foot the bill for you. And bankruptcy laws have been changed to make it incredibly difficult to get rid of student loan debt, so once you have signed up for student loan debt slavery you are basically faced with two choices: either you are going to pay it or you are going to die with it.
Yes, college graduates do make more money and they do have a lower unemployment rate. But most of them are also burdened by absolutely suffocating levels of student loan debt that will haunt them for decades.
So who is really better off?
If you can get someone to pay for your college education that is great. Because otherwise you are probably getting a rotten deal. The following are 29 shocking facts that prove that college education in America is a giant money making scam…
#3 Young households are being hit particularly hard by student loan debt. In America today, 40 percent of all households that are led by someone under the age of 35 are paying off student loan debt. Back in 1989, that figure was below 20 percent.
#4 According to the Consumer Finance Protection Bureau, Americans owe more than a trillion dollars on their student loans.
#5 According to the Federal Reserve, the total amount of student loan debt has increased by a whopping 275 percent since 2003.
#6 Approximately 65 percent of all student loan debt is owed by those under the age of 40.
#7 The delinquency rate on student loans is currently 14 percent and it is steadily rising.
#8 The delinquency rate on student loans for students that attended a “for profit” college is an astounding 23 percent.
#9 Today, 34.9 percent of all student loan borrowers under the age of 30 are at least 90 days behind on their student loan payments.
#10 Since 1986, the cost of college tuition has risen by 498 percent.
#11 The cost of college textbooks has tripled over the past decade.
#12 The average cost of a four-year college education is projected to soar to $120,000 by the year 2015.
#13 Back in 1952, a full year of tuition at Harvard was only $600. Today, it is over $35,000.