College Degrees More Expensive, Worth Less in Job Market

[thundley4]

Employers and career experts see a growing problem in American society - an abundance of college graduates, many burdened with tuition-loan debt, heading into the work world with a degree that doesn't mean much anymore.
The problem isn't just a soft job market - it's an oversupply of graduates. In 1973, a bachelor's degree was more of a rarity, since just 47% of high school graduates went on to college. By October 2008, that number had risen to nearly 70%. For many Americans today, a trip through college is considered as much of a birthright as a driver's license.

Marty Nemko, a career and education expert who has taught at U.C. Berkeley's Graduate School of Education, contends that the overflow in degree holders is the result of many weaker students attending colleges when other options may have served them better. "There is tremendous pressure to push kids through," he says, adding that as a result, too many students who aren't skilled become degree holders, promoting a perception among employers that higher education doesn't work. "That piece of paper no longer means very much, and employers know that," says Nemko. "Everybody's got it, so it's watered down."

What's not watered down is the tab. The cost of average tuition rose 6.5% this fall, and a report released on Dec. 1 by the Project on Student Debt showed that the IOU is getting bigger. Two-thirds of all students now leave college with outstanding loans; the average amount of debt rose to $23,200 in 2008. In the last academic year, the total amount loaned to students increased about 18% from the previous year, to $81 billion, according to the U.S. Department of Education.
Meanwhile, the unemployment rate for recent grads rose as well. It is now 10.6%, a record high.

Time on Yahoo

 The DUmmies and others on the left want to continue spending more tax dollars providing college to even more under performing students. What use is getting a degree that may yield a higher lifetime earning if most of that money is lost paying back loans?

[longview]

What use is getting a degree that may yield a higher lifetime earning if most of that money is lost paying back loans?

I've encouraged my two children in college to explore tech certificate programs at community colleges.  First, because neither is interested in a career that requires a four-year degree (or more), and also to reduce their debt burden. 

They can always continue later, assumedly, but can't un-do that debt load if jobs in the field don't work out.

[bkg]

Price of college will drop drastically as soon as they get gov't funding, unions and tenure out of the way.

[Mike220]

And yet more and more, degrees are required for even the most basic of jobs. If my mom was looking to start work at her old company as a secretary now, she'd have to have a four year degree. That's insane.

If it wasn't for the GI Bill, I don't know how I'd pay for school. I want to be an architect, so I have at least 4 more years of school that thankfully my veterans benefits will pay for, especially if I stay in Texas.

[DefiantSix]

Price of college will drop drastically as soon as they get gov't funding, unions and tenure out of the way.

[Celtic Rose]

And yet more and more, degrees are required for even the most basic of jobs. If my mom was looking to start work at her old company as a secretary now, she'd have to have a four year degree. That's insane.

If it wasn't for the GI Bill, I don't know how I'd pay for school. I want to be an architect, so I have at least 4 more years of school that thankfully my veterans benefits will pay for, especially if I stay in Texas.

I think that is at least partially the fault of high schools and such.  Employers no longer seem to expect a person to have a strong skill set if they only have a high school diploma, and considering some of the people I went to school with, they may have a point. 

Also, acceptance at some sort of college is so wide spread that it seems the feelings of employers are more along the lines of, well, why didn't you go to college. 

[bkg]

I think that is at least partially the fault of high schools and such.  Employers no longer seem to expect a person to have a strong skill set if they only have a high school diploma, and considering some of the people I went to school with, they may have a point. 

Also, acceptance at some sort of college is so wide spread that it seems the feelings of employers are more along the lines of, well, why didn't you go to college. 

I would argue that again, ^^^^ this ^^^^ is the result of governemnt, unions and tenure.

[JohnnyReb]

Cardboard boxes have replaced the need for basket weavers....sorry DUmmies.

[Celtic Rose]

I would argue that again, ^^^^ this ^^^^ is the result of governemnt, unions and tenure.

And I certainly would not disagree with you there.  I suspect that political correctness also plays a part. 

[sargentodiaz]