At Work

Since when did colleges start promising a good career?

Just to show you how out of it I am, who knew it was a colleges obligation to find you a job upon graduation and a good paying one to boot?  I also must admit I am naive on this one, I thought anyone going to college was smart enough to evaluate such a promise even if made. The problem, of course is that many of these “colleges” are of the type that advertise on TV, are for-profit and not very or at all selective.

billy_bully_dunce_lg_clrThere is another disappointment here from this old guys naive perspective and that is the lack of integrity that is displayed when people find excuses to avoid their obligations. On the other hand, given today’s political environment I guess everyone is out for the “free” stuff. 🙁

Amer­i­cans are flood­ing the gov­ern­ment with appeals to have their stu­dent loans for­given on the grounds that schools deceived them with false promises of a well-pay­ing ca­reer—part of a grow­ing protest against years of surg­ing col­lege costs.

In the past six months, more than 7,500 bor­rowers ow­ing $164 mil­lion have ap­plied to have their stu­dent debt expunged under an ob­scure fed­eral law that had been ap­plied only in three in­stances before last year. The law forgives debt for bor­row­ers who prove their schools used il­le­gal tac­tics to recruit them, such as by lying about their grad­u­ates’ earn­ings.

Ed­u­ca­tion De­part­ment of­fi­cials say they are still try­ing to grasp the po­tential bill that will be footed by tax­pay­ers. They say the cost of for­give­ness could ul­ti­mately be in the bil­lions of dol­lars.  WSJ 1-21-16

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2 replies »

  1. I think this is a case of the politicians who push education as a way out of poverty citing studies that state college graduates make more money on average than high school drop outs. The for profit college re-enforce that myth and help to get you loans to finance your college education. With unchecked loan guarantees from the federal government, college tuition has been rising as fast as healthcare cost. With people borrowing and spending 5x, 10x, or 15x the annual salary for their field of study, I think people are starting to question why did they pay so much for such a poor return of their investment on education.

    Average salary of college graduates include all fields of study and it might not be the one you are studying for but you have to do your research.

    Another issue is that many community colleges partnered with local companies for job training. I know my company did this and they didn’t hire anybody from the program for years. It wasn’t until local politicians and union officials start asking questions of the value of this program when their kids could not even get interviews even after interning in the program. Employment was never guarantee but you would have thought that some one would have gotten an interview since they had the skills they were told the company wanted. Either the college curriculum was wrong or the local company was just blowing smoke for public relations purposes. Students could only assume that they were not taught the correct skill set and I would demand that the college find me a job too. Turned out to be smoke.

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  2. Obviously, the rule only applies to federal student debt. So, no surprise that taxpayers are taken for a ride. Just another vote buying opportunity. Any wonder why student loan activity has now been moved, entirely, to the federal government? Just gives them more, and more and more opportunities to buy votes.

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