Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am intrigued by this concept, but the more I think about it the more I think it may not mathematically work, unless the cost of college comes down.
1) I know several teachers that went to school for about 5 years, became a teacher, took additional classes for recertification or masters, only taught for 3 to 8 years and then were married to a guy with a high income and became housewives. If you work for 3 to 8 years...you aren't paying off your full expenses.
Now, this would be a small percentage...but I think there would be enough people not working for a full 24 years for a variety of reasons, housewife, disability, death, lifestyle, that it would throw a wrench in the system.
2) 45% of recent college grads don't have a job that requires a college degree.
You have a lot of people with a degree in something like "women's studies" who are now a barista at Starbucks. I guess, you will have a lot of people that get out of college and struggle for a few years making minimal money and sometimes even living at home.
3) They are estimating that the typical college grad will pay $800 in year 1 and $2,000 in year 20, with the final 4 years having a payment of $7,400 each for a total of $57,600 paid back per average student. What am I missing here....many kids are taking 5 years now to graduate...
Let's say a kid takes 4.5 years to graduate and they are expecting the typical kid to pay back $57,600....that works out to a projected $12,800 per year of college costs....seems a bit low doesn't it... Is that really the average cost of college per year?
Also, inflation....$2,000 in year 20, would probably be roughly equal to $1,200 in year 1. Because of inflation, it seems like they are paying less in "real" dollars back than imagined.
4) If you will go into an extremely high paying field, perhaps it would be cheaper to go to another state and use typical loans.
All valid points. We'll have to wait and see when the details get flushed out.
For many, yes. Not for an extremely high paying field.
It might be a good program, if they tweak it a bit.
But that is the thing, how do you know how much you are gonna be paid in 25 years of employment. You might start out with a low paid internship and takes off and turns out to be a high paid job.
But that is the thing, how do you know how much you are gonna be paid in 25 years of employment. You might start out with a low paid internship and takes off and turns out to be a high paid job.
Well you pretty much know the salary range in your job field.
An engineer can easily be making 6 figures within 10 years while a social worker may never see 6 figures.
"But the state Legislature this week approved an idea that might ease the economic dread for future philosophy and art history majors. "
Maybe they can buy em a short bus while there at it
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
