Wednesday, August 15, 2012

Of Subprime Loans and University Degrees

Are you thinking about going to university? Beware the higher education bubble!

(US data. I'd guess Canada's is less dramatic but I haven't checked.)

In your great-grandparents' day, you took what life had to offer. Only a few would dream clearly, work hard and be lucky enough to get the education to pursue a dream. If it wasn't exactly your dream, well...close enough. In your parents' day, education was easier. Lots of kids got some extra education whether they had the dream or not. The world needed educated people and it was bound to work out. That degree in Psychology was handy to have even if you ended up selling real estate.

In your day the guarantee is gone. University is more expensive; lots of people have generic degrees and degrees are less rigorous/less respected. University still makes sense but only if you know why. Trade school makes sense if you know why. starting a business makes sense if you know why. Any one of those could put a big, expensive hole in your life if you don't know why. More than ever, you need to dream clearly.

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