Is College Worth It?


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Why are many many college students going into fields that will never allow them to repay the debts they're incurring? Part of the problem is that it's very easy for students to get loans for whatever amount they want. Of course, once they have them, nothing, not even bankruptcy can erase the debt. Alex, over at Marginal Revolution has an excellent take on the whole thing:
In 2009 the U.S. graduated 89,140 students in the visual and performing arts, more than in computer science, math and chemical engineering combined and more than double the number of visual and performing arts graduates in 1985. ... There is nothing wrong with the arts, psychology and journalism, but graduates in these fields have lower wages and are less likely to find work in their fields than graduates in science and math. Moreover, more than half of all humanities graduates end up in jobs that don’t require college degrees and these graduates don’t get a big college bonus.
The best thing about this article is this graph, which exactly shows what the problem is: