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Danger in sending your kids to college…

college-loansSending your kids to college has to rank pretty high on the wish list of most parents. Much like owning a home, a college degree has been sold to the American public as a “dream.” Few would argue (including me) that attaining a degree provides an advantage for graduates to get the job they want. That was before I read the articles in Mother Jones and Rolling Stone (by Matt Taibbi, one of my favorite investigative journalists) on the college loan scandal playing out before our very eyes.

With college costs soaring well above the average rate of inflation, college has become unaffordable for the majority of Americans. The job market remains abysmal. With unemployment likely to remain high for the foreseeable future, a college degree doesn’t guarantee you a job that will help pay down your loans.

Unfortunately, there is a lot of money to be made by the government issuing federally backed student loans. Here’s an alarming stat: The government actually makes money on students who default on loans, collecting between 104-120% of the loan amount. This is sobering to say the least. In 2010, The Chronicle of Higher Education estimated that an astonishing 40% of students attending for-profit schools end up defaulting.

How are these young people supposed to race out into the business world with a 10 ton weight strapped around their legs? I don’t plan on having kids, but if I did, I’d have to seriously consider not sending them to college…

Check out Colbert’s take on college football scandals:

I just have to say this: How f*ckin’ hypocritical and greedy are the big colleges, with their college football slaves who read at grade 6 to 8 level (not paying them salary and not giving them a proper education), investing their funds in fossil fuels despite the fact that it’s ruining the planet for the generation they’re teaching, their endowments that just sit there and don’t do anyone any good, and the ridiculously high tuitions and other fees (like $300 books) that cause life-long debt? Crazyness. It should be how it is in Canada – high-quality, subsidized, regulated and affordable.

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