I did a little research today to validate some of my assumptions about the cost and benefit of a four year degree.
I selected a social science degree a four year degree major in Sociology. While I can’t say I have exact numbers, from several sources I came up with this.
Tuition at a private college runs at more than $38,000 per year according to U.S. news and world report.
A dorm room can run from $2000 to $5000 per semester I chose $3,500 and most colleges require a student to buy a meal plan which runs on average $2000 per semester. I am assuming 11 semesters to attain a four year degree.
Tuition would be $152,000
Room and food would be $60,500
The total cost of the degree would be $212,500
That borrowed at 1% interest over 20 years would make a payment of $977.28 per month.
The average starting salary for a sociology major is $36,500 as of 2018. The mid-career median(at ten years) salary is $58,200.
That would work out to a starting monthly income of $3,.041 before Taxes.
After paying the loan payment that does not leave much to live on, no argument there.
If someone choose to go down this path, then the education system failed them. First they where not taught to understand that if you borrow money you have to pay it back using the income you make. Second they were never taught to think through what they were committing themselves to and what the likely outcome would be. Third the system taught them that a four year degree was there ticket to a happy life of living the way Mom and Dad had provided for them.
And Fourth the person who was their guidance consular screwed up. Because as the last person in the chain of guidance, the consular failed to point out the reality of making the choices that the student was making.
Fifth and most egregiously the system does not teach people to take self responsibility for there actions and decision. ‘ pore babies need a gold star for breathing’. Hence, they become the oppressed.
So now the Federal government is going to take away that burden in part or in total. That the Federal Government is going to take tax dollars and give it away to someone who made at a minimum a very illogical set of choices. I could go on in for ever about a corrupt education system, but that is another topic all together.
OK so the government does this, is that fair to the family who worked and saved and put their kid through college, and paid for it?
If your going to do this, how about the family that is upside down in a car loan?
How about the family that is struggling to pay the mortgage?
This is not a good idea. It is not fair on many levels. It is a pure attempt to buy votes.