Has the College Bubble Burst?

Business Insider thinks so. 

What has happened is that in a recessionary and sluggish economy potential customers have been figuring out that a college diploma may not be a good investment -- particularly if it entails six-figure college loan debt that cannot be discharged in bankruptcy.Business Insider

Has anyone here gotten discounts on tutition or received some sort of finacial aid from the college you are attending? Have you seen smaller classes compared to other years?

If by "financial aid" you mean "grandparents paid for it" then yes. :P

Anyway, college is probably worthwhile even if you have to take out some loans as long as you work hard and choose a major with decent job prospects. Taking out 100k in loans to do a gender studies major, on the other hand, makes no sense.

Party-pooper.

Iszdope

What???

Serious questions really.

I don't see how people spend so damn much for college :shock: Where I live you can get a two year associates degree at a community college for $3500 (including books) and then the last two years is about 6-11K a year (thats like $30K assuming your not working part time/are receiving no scholarships).

Six figure college loan debt. Do they assume everybody goes to a private school for 6 years and has absolulty no money saved up prior?

State school in Wiconsin will run you 50k for 5 years, max. If you're smart you'll end up owing half of that. 

i got fvcked over.

i signed up for finacial aid, did the paperwork and such.

they said i was approved for financial aid. bout a week passes and it hadnt showed up. they said it would be accessible shortly.

another week later, they said i wasnt eligible.

was so pissed.

I would like to see where all these people are going hundreds of thousands of dollars into debt.

the smartest thing to do is go the first 2 years at a community college, taking no loans and get your upper division courses at a state college only borrowing enough to pay tuition.  

If you acquire a degree in a liberal arts program, you cannot expect it to be as relevant and valuable as a degree in engineering or technology development. Political science or journalism are likely to be more interesting than business accounting, but the businesses that are looking for skilled individuals don't care what your interests are, only your proven skill set. Additionally, if you are a C student, or if you attend a low performance college, you cannot expect your education to be equal to an Ivy based one with high academic accolades.

I got my degree via tuition assistance while in the service (to add to my previous college years). It took a while but, it got done eventually. Now, I'm on my second 4-year degree course and it's all covered by the taxes of my countrymen (9/11 GI Bill).

I don't see how people spend so damn much for college :shock: Where I live you can get a two year associates degree at a community college for $3500 (including books) and then the last two years is about 6-11K a year (thats like $30K assuming your not working part time/are receiving no scholarships).

mastershake575

[QUOTE="Chemistian"]

If you acquire a degree in a liberal arts program, you cannot expect it to be as relevant and valuable as a degree in engineering or technology development. Political science or journalism are likely to be more interesting than business accounting, but the businesses that are looking for skilled individuals don't care what your interests are, only your proven skill set. Additionally, if you are a C student, or if you attend a low performance college, you cannot expect your education to be equal to an Ivy based one with high academic accolades.

thegerg

I haven't paid a cent or getting in debt so far in my 2 and a half years of college. Getting in debt is a choice for a college student, not the norm.

I don't think there is any way it has really burst. The cost of college is still increasing faster than inflation, and despite what that article tries to make you believe, the percentage of people going to college is not going down. Both of those indicate the bubble hasn't burst. 

I haven't paid a cent or getting in debt so far in my 2 and a half years of college. Getting in debt is a choice for a college student, not the norm.

RadecSupreme

solution: stop going to ivy league schools, having no money to pay ahead of time (even just a bit), and getting a useless degree.

Six figure college loan debt. Do they assume everybody goes to a private school for 6 years and has absolulty no money saved up prior?

State school in Wiconsin will run you 50k for 5 years, max. If you're smart you'll end up owing half of that. 

Wasdie

Less if you start a one of the 2-year schools. 

[QUOTE="Wasdie"]

Six figure college loan debt. Do they assume everybody goes to a private school for 6 years and has absolulty no money saved up prior?

State school in Wiconsin will run you 50k for 5 years, max. If you're smart you'll end up owing half of that. 

jimkabrhel

Less if you start a one of the 2-year schools. 

Very true. Also it's smart to save money prior to going to school and to work while you're in school. You can cut the cost of school down by over half if you do that. 

What always annoyed me are the people who believed school was more important than working a small job on the side. They piled up huge debts all because they refused to work for 10-15 hours extra a week.

Even making $50 a week can cut down on the loans you need to take. Also working every summer helps quite a bit. Living costs are half of college costs, sometimes more if you're in a very expensive place to live.

[QUOTE="jimkabrhel"]

[QUOTE="Wasdie"]

Six figure college loan debt. Do they assume everybody goes to a private school for 6 years and has absolulty no money saved up prior?

State school in Wiconsin will run you 50k for 5 years, max. If you're smart you'll end up owing half of that. 

Wasdie

Less if you start a one of the 2-year schools. 

Very true. Also it's smart to save money prior to going to school and to work while you're in school. You can cut the cost of school down by over half if you do that. 

What always annoyed me are the people who believed school was more important than working a small job on the side. They piled up huge debts all because they refused to work for 10-15 hours extra a week.

Even making $50 a week can cut down on the loans you need to take. Also working every summer helps quite a bit. Living costs are half of college costs, sometimes more if you're in a very expensive place to live.

I completely agree. Many student don't realize how many opportunities to make money there are on campus, like being a tutor, working food service, or being a note-taker.

Yes, thanks to financial aid and assistance I'll be going to a school that costs 60k/yr for less than what I would pay to go to my state flagship.  I'm not sure this is really indicative of the college bubble bursting though, or more of a result that can be credited to the school's endowment, my family's finances, and (if I was to be egotistical) how much they want me.  Truthfully, I am confident it is a combination of all three.

If you acquire a degree in a liberal arts program, you cannot expect it to be as relevant and valuable as a degree in engineering or technology development. Political science or journalism are likely to be more interesting than business accounting, but the businesses that are looking for skilled individuals don't care what your interests are, only your proven skill set. Additionally, if you are a C student, or if you attend a low performance college, you cannot expect your education to be equal to an Ivy based one with high academic accolades.

Chemistian

You know that engineering can be a liberal arts degree...

solution: stop going to ivy league schools, having no money to pay ahead of time (even just a bit), and getting a useless degree.

wis3boi

You mean the ivy league schools who have endowments in the billions and hand out $50-60k a year to their students who can't afford to go there?  The Ivies are probably  one of, if not the best deals in education.  The only way you pay sticker price to one is if your family is already earning major money, think $250k-300k/yr and up.

If a family makes under $60k a year they'll pay for 100% of a student's need.

i got something close to 50% in grants for my tuition, rest covered by loans.. no real savings prior to going to school. all loans have since been repaid.  worked summers of course for extra spending money during the school year  and junior/senior years also worked part-time as an undergrad engineering tutor.

[QUOTE="jimkabrhel"]

[QUOTE="Wasdie"]

Six figure college loan debt. Do they assume everybody goes to a private school for 6 years and has absolulty no money saved up prior?

State school in Wiconsin will run you 50k for 5 years, max. If you're smart you'll end up owing half of that. 

Wasdie

Less if you start a one of the 2-year schools. 

Very true. Also it's smart to save money prior to going to school and to work while you're in school. You can cut the cost of school down by over half if you do that. 

What always annoyed me are the people who believed school was more important than working a small job on the side. They piled up huge debts all because they refused to work for 10-15 hours extra a week.

Even making $50 a week can cut down on the loans you need to take. Also working every summer helps quite a bit. Living costs are half of college costs, sometimes more if you're in a very expensive place to live.

What always annoyed me are the people who believed school was more important than working a small job on the side. They piled up huge debts all because they refused to work for 10-15 hours extra a week.Wasdie

[QUOTE="Wasdie"]What always annoyed me are the people who believed school was more important than working a small job on the side. They piled up huge debts all because they refused to work for 10-15 hours extra a week.UCF_Knight

Yeah, and not that's any of my business, but I'd say you made the right decision.  GPA is a pretty big part of applications for any grad or professional school, so you really want it high as possible if you want to get into a reputable program.  Sacrificing some money now could very well lead to a better med school which would likely be well worth it.

[QUOTE="RadecSupreme"]

I haven't paid a cent or getting in debt so far in my 2 and a half years of college. Getting in debt is a choice for a college student, not the norm.

AutoPilotOn

I am at a public university in my own state (Ohio State University), and my entire education thus far (fourth year) has only cost ~$45,000.  When you leave your state/go private you are literally paying like an additional ~200%-300% tuition.  Especially "elite" or so they call themselves private schools with $50,000 a year in tuition alone NOT including board.

I mean I understand $250k in debt to go to Harvard or Stanford (which would probably be reduced based on need/success).  But $250k in debt to go to some private school in your own or another state? Or $150k to go to an out of state public university?  For undergraduate I don't see why people do it short of living in like North Dakota or something where their public in-state options may be weak.

What's wrong with my English? Proper English as in not understanding my dark humor? I can't tell if you're being serious. :|Ackad

[QUOTE="RadecSupreme"]

I haven't paid a cent or getting in debt so far in my 2 and a half years of college. Getting in debt is a choice for a college student, not the norm.

AutoPilotOn

I had to abandon my masters degree to find a job. Its a decision I dont regret. Unless you're in a course that definitely will give you a job, attending university is a bad investment. I regret spending several cash on my course

I had to abandon my masters degree to find a job. Its a decision I dont regret. Unless you're in a course that definitely will give you a job, attending university is a bad investment. I regret spending several cash on my course

Vatusus

[QUOTE="Vatusus"]

I had to abandon my masters degree to find a job. Its a decision I dont regret. Unless you're in a course that definitely will give you a job, attending university is a bad investment. I regret spending several cash on my course

TwistedShade

Sure not

Archaeology