University education in this country is far, far too expensive. And state schools are great — but not all are created equal (some states have far better and more diverse programs than others.) And out-of-state tuition back when I attended college rivaled the cost of some private schools.

In general, I think you shouldn’t graduate with more than $17,000 of debt. The bills can cripple you financially and severely limit the life choices you make. IT’S NOT WORTH IT. Go somewhere affordable and keep your life open to better choices.

Oh no, I am one of those EVIL student loan defaulters Reagan warned you about!

As part of the “personal responsibility/work first” philospohy, defaulters cannot get financial aid as long as their loans are in default. (There WAS a serious problem of “perpetual students” defaulting and abusing student loans; the pendulum has now swung the other way.)

In the meantime, defaulters face a 15 percent garnishment from their “disposable pay” which is their net pay.

From my $960/mo income, $144 is extracted and sent to Dept of Ed for my student loans. Oh, I am also charged $17 for the “privilege” of having my money extracted.

My rent (a room in a house with nine people) is $650 per month and medical expenses (primarily insurance which is subsidized) are $100.

I live on fumes and food stamps.

Maybe the real question here is one which cannot be answered, but maybe only anticipated: what ever the economic fortunes of college grads in the past (public or private), what will be the prospects going forward?

Prior to the 1970s, a college grad could expect to do well because not many people held degrees. In the decades since, even with a flood of graduates, the advantage has largely held because of the shift away from manufacturing, with heavy production employment and relatively light management, to the finance sector, where a degree is helpful even for non-management jobs.

With all areas of finance under heavy stress, and maybe past peak for the forseeable future, what sector is on the horizon that will soak up all of the graduates?

My bet is that unless you are going into a field like medicine, law or engineering, that can’t be entered absent a degree, you will do well to thoroughly investigate future prospects before commiting the time, effort and money, including future debt, to a career with average (or below) earnings prospects.

It isn’t beyond the realm of possibility that the employment base might once again shift, but this time from white collar occupations to jobs that require people to create, grow and fix things.

I am coming around to recommending young people consider two concepts:

1) Consider “good” state colleges (less $$$)

2) Consider working 1-2 years before junior year (provides focus and $$$)

Sorry folks, the real world doesn’t want you to have a degree in Folklore with a minor in dance. Might as well practice saying “would you like that biggie sized?” You made a decision to get a non-marketable education. Either go back and get a real degree, find something else in a different market, or bite the bullet and put on the apron.

Of course it depends on the exact situation. A very smart person with a desire to start their own business won’t necessarily get the same benefit from a degree as someone who is planning to become a nurse or engineer. If you have no inclination to study a particular major field in college and would prefer to work in construction or repair cars then college won’t be a good investment.

Usually college is going to pay for itself and then some. But don’t go to college just cause everyone says you should. Everyone should have a plan for going to college. Simply getting a BA in random topic is not necessarily a good investment.

A substantial number and proportion of college graduates – especially those with liberal arts degrees – earn well under the median.

Going to college is a high-risk financial undertaking.

Going to college cost me tens of thousands of dollars and several years of time and all I have to show for it is a pile of debt which is very burdensome on a minimum wage income.