There's a reason that young millennials are indebted, un(der)employed, and poor.
11-05-2014, 11:59 PMQuote: (11-05-2014 09:00 PM)John Galt2 Wrote:Just checking costs. I went to NYC public college. The CUNY system has great schools. For example City college has the largest amount of phd graduates in the nation. Brooklyn college is known for a ivy league type liberal arts school and Baruch is a business school where the top companies go to.
Even for diligent students with a legit major, the "return" has been cut in half over the last 20 years. Real life example -
I graduated from Big Ten U in 199x with a degree in accounting (not STEM but legit major). Tuition for four years - $16,000 total. I got a job at a "Big 6" accounting firm, pulling down $32k per year. So lets call it a 2x return in my investment (ignoring taxes).
Fast forward 20 years. Tuition for four years - ~$50,000 total. Current graduates are making about $50,000 at a "Big 4" accounting firm, so call it a 1x return.
Millennials get a lot of shit (mostly deserved) but no doubt the deck is stacked against them.
When I graduated school 20 yrs ago, 4 yrs cost like 15k. I noticed they almost doubled it since the recession so now it cost 30k.
I am not including living expenses. Either live at home or one works summer and part time.
In NYC a starting accountant makes a bit more than the national avg of 53k. Lets say 60k. So basically 4 yrs tuition cost half of 1 yr starting salary.
20 yrs ago it was same ratio..no change.
But today with the American Opportunity Tax Credit(until 2017 but might be extended) students will get 2500 back per year. That doesn't include the 400 dollar NYS credit. Add in TAP which is a NYS scholarship everyone basically can get and that means education will cost 15k.
So 15k for a degree that pays 55-60k is a bad idea? Even an English degree if you can get one will get a job paying 30k.
Become a nurse , 2 yr degree at community college that pays 60k here and you got a salary 4x the cost of the degree.
I think today's students just have no clue lol.
Many states have cheap public colleges.
Side note: books have always been overpriced but now students have different ways to get them.