College Ripoff

This article is why I am in the business of educating traders. An excerpt:

Employers and career experts see a growing problem in American society – an abundance of college graduates, many burdened with tuition-loan debt, heading into the work world with a degree that doesn’t mean much anymore. The problem isn’t just a soft job market – it’s an oversupply of graduates. In 1973, a bachelor’s degree was more of a rarity, since just 47% of high school graduates went on to college. By October 2008, that number had risen to nearly 70%. For many Americans today, a trip through college is considered as much of a birthright as a driver’s license.

Nothing in college is unique. It’s the same stuff taught by the same professors year after year. It’s recycled waste. Some students, aware of the ripoff that they are paying for, make it here. And for that select group I guarantee that they will actually learn something that can be used to make money.

10 thoughts on “College Ripoff

  1. I’m sure the Obama administration is aware of this and is waiting for an opportune time to sign-up all of these educated idiots for a civilian army.

    College is designed to brainwash the herd. Did you ever wonder why business schools segregate accounting, finance, and economics. You can’t have too many people putting all the pieces of the puzzle together. The world needs workers, not traders. I know plenty of CPAs who their only skill is reconciling bank statements.

    It only pays if you go to an Ivy League school. Not for the education, but it promotes a sort of snobishness that works in the real world.

  2. To the extent that a college degree is being sold as the automatic gateway to riches, yes, it’s a ripoff. However, there are a lot of times in life that being educated improves the quality and enjoyment of life. I, personally, feel that I am better off for the experience.

    Also, 70% “going to college” includes a lot of people who register for some classes but never finish a four year degree. It also includes community colleges, online schools, and unaccredited commercial degree mills.

  3. Some months ago, the ‘Chronicle of Higher Education’ had a series of astonishing honest articles depicting how the current system of higher education works. Unfortunately, the articles are pay-per-view now, so I cannot post a link; but I have saved them fortunately when they were still available on their website. Without further comment, I’d like to quote one of the crucial passages about the prospects of students lured into grad school:

    “[…]who does so is taking an enormous personal risk, the full consequences of which they cannot assess because they do not understand how the academic-labor system works and will not listen to people who try to tell them.

    It’s hard to tell young people that universities recognize that their idealism and energy — and lack of information — are an exploitable resource. For universities, the impact of graduate programs on the lives of those students is an acceptable externality, like dumping toxins into a river. If you cannot find a tenure-track position, your university will no longer court you; it will pretend you do not exist and will act as if your unemployability is entirely your fault. It will make you feel ashamed, and you will probably just disappear, convinced it’s right rather than that the game was rigged from the beginning.”

  4. School is a business, boys. Like many professions within the medical field, the incentive is to keep the patient coming back for more tests and additional treatment.

    “There is no money in the cure.” – Chris Rock

    I wonder how many MLB pitchers who are sent down to the minors for additional instruction, mechanical tweaking, etc come back the same, better or worse? Pitching at lower levels does not help pitch effectively at the highest level.

  5. What do we mean by “education”?

    Does it mean preparing someone for the job market and to fit within society?

    Or, does it mean developing the totality of an individual?

    Also, what do we mean by a trend following education?

  6. I feel sorry for college graduates who amass large student loan debt. I can say that because I worked my way through college. It can lbe done without student loans. There are no job guarantees, and the graduates real work begins after college.

  7. I have 3 degrees, none in business. I attended a business finance class lecture 15 years ago. Prof was going on about efficient market hypothesis. Afterwords I told him I thought it was crap. He laughed and agreed with me but said, “That’s the curriculum.”

    I wonder if its changed yet?

  8. Has it changed yet? All you have to do is look at how the college endowment investment funds fared last year to get your answer, it ain’t pretty!

  9. I feel complied to reply to this post on Collage Rip off. I don’t usually reply to posts, I can count on one hand the replies I’ve posted anywhere on-line but this post really touched a nerve with me. (Please don’t take post as bragging). I retired at 56 years old with a pension that I can live conformability on the rest of my life. And I had two financial planners agree with my figures and both said congrats. (Two financial planners checking my figures made my wife and me feel better about my decision to retire). Having said that, One side of me feels that if would of paid attention in school and went to collage and I mean collage to learn what I wanted to do in life,( and NOT just to go for the sake of going to get a piece of paper). I’m sure I could of retired a lot sooner than I did. Then another side of me feels just how great it is without collage, due to the fact most collage grads out there expecting to start at the top rung of the ladder. That leaves a lot of empty rungs on the ladder of life; hence a lot of opportunity for people willing to put in hard work, invest your money, plug the holes in your finances.

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