RANT WARNING! Remember, I told you so.
Odd subject to me and it will bring out my bias(s). My idea of a "college loan" was asking for $5 from my dad to tide me over the week end 'cause I had a date - oh, and "Dad, can I borrow either the delivery van or the family station wagon to go out Saturday night?"
RANT WARNING - RANT WARNING - RANT WARNING
When I was a kid - you know "middle class" 18 YO HS Senior, I knew within a broad sense what I wanted to "be" when I grew up (in the sciences - so I called it being a "scientist.") I knew in a very rough sense (through research) what such a "c@reer" would pay. I knew what it would cost to get the required degree (researching state supported schools). I knew how long it would take (exactly 4 year - no more, no less.) I knew what it would cost to get student housing OR to stay with mom and dad and do chores, etc. I knew I could make everything I needed to accomplish my goals by working summers and weekends - NO DEBT AT END. This included Science job WITH state school degree LIVING either in abysmal student housing - it was all abysmal in those days though some more abysmal than others - or with mom and dad and GOING exactly 4 years.
And I did THAT exact plan and then FIRED 36 years later (FI'd after 29 years.) Why do you think they call it W*RK, kid?
SO, these days, middle class kids have to decide if they want to take a year off and "bum" around Europe or The Americas or the Far East first. "Poor" kids skip the bumming and do FASFA right away to see how they'll get the $25K/yr to $80K/yr for an out of state school with housing. Then pick between "gender" studies or "humanities" or "Psych" or "Gummint" or just maybe even actually prepare for a "real job." Paying off loans? Nyyyeeehhhh! They'll figure that out when/if they get that first POS j*b paying $30K. Maybe they'll just try to stiff the gummint since quite a few degrees don't get a real job anymore. By the way, no one seems interested in plumbing or electrical or building trades, generally, etc. Now there's gold in them there j*bs if yer willin'
So what's the big difference between now and 50 years ago? Okay, I told you I was biased, so here goes. Back THEN, college/university wasn't a "right" but you could actually afford a state school IF you had decent grades AND you were willing to w*rk 50 hours/wk during summer AND you'd go to a state school and live in a slum (yours or the university's). OR you'd go to a trades school or just drive a truck and work your way up to a decent if unfulfilling (or maybe fulfilling) j*b.
Now it's college is a right and the gummint will loan you the money to go to as good a school as you're willing to pay back the loan (much tougher to stiff them as it was for a while.)
So the big difference I see in the actual school. Oddly, my alma mater STILL graduates just about the same numbers but the relative cost is about 4 times as much (not numerically, relative). The housing is better - though not grand. There are (literally) 3 more levels of bureaucracy in between the TAs that actually do all the teaching and the Dean/President. Relative salaries earned upon graduation are much lower (with some very notable exceptions) because of that thing called, er, ahh, you know, oh yeah "supply and demand."
Okay, I'm sure someone will say "you're biased" (told you so) or college IS a right! "Kids" should be well rounded - hey I'm VERY round these days!
Things are DIFFERENT now. Or, the biggie "You're exaggerating!" Well, yeah! Maybe a little bit but I submit that YMMV.
END OF RANT - END OF RANT - END OF RANT -
