Yes. They literally have to or they’ve got no chance at competing in the job market.
They’re screwed either way, might as well get 4 years of college out of it.
They’re screwed either way, might as well get 4 years of college out of it.
We could reduce student usury by demanding that all loans be paid back at a maximum percentage of income for a set number of years. If the degree isn't worth 5% of expected job salary for 15 years, too bad. Obviously the numbers can be adjusted but the whole sale pitch is "spend $X, get a leg up on the pile and make twice $x yearly". Just codify that, and suddenly the loan companies are on the hook for $500k loans for basketweaving degrees that produce baristas.
They make 12-15 dollars an hour. That's 2400 dollars a month. That means at 30% of income (rental maximum in most areas), they can afford $720. (This assumes that they can work 40 hours. Their hours are often variable because they need two jobs - places mostly hire part time to avoid needing to give out health care.)
There are only a handful of apartments in the area that will rent a two bedroom for 1400. (I assume a roommate.) So, considering a moderate cost of living area, you are unlikely to ever make it out of sharing an apartment as nearly every job paying more than $30 an hour in this city requires a bachelor's degree.
Look around your job. How many people don't have a four year degree? It is near impossible to make it up the ladder without one.
Sure, some will be alright. However, looking at statistics, the best way of not falling behind in terms of income is to get a good degree. Because that’s what we are talking about: average wages have been increasing more slowly than inflation for quite a few decades now. So we are talking about a generation falling behind, not a greedy generation.
It’s less and less the case that a degree is the best path forward (depending on the field), but still.