Is College Worth It?
A modern college education in the United States is becoming a financially risky pursuit:
College costs are rising at a rate higher than inflation and health care
The cost of college is quickly outpacing the increase in the Consumer Price Index (CPI) for all goods (a basic inflation measure) and even healthcare. Source: US Bureau of Labor Statistics
Student loan debt generally CANNOT be discharged in bankruptcy
Since 2005 with the passage of the "Bankruptcy Abuse Prevention and Consumer Protection Act" (BAPCPA), it has become incredibly hard to discharge student loans in bankruptcy - whether government or private loans - except in cases of "undue hardship" which, thus far, has been difficult to show. --See the relevant citation at the Cornell University Legal Information Institute.
Furthermore, parents or other family members are often required to be co-signers on student loans, so THE FAMILY AND NOT JUST THE STUDENT ARE EXPOSED TO THE FINANCIAL RISK OF A COLLEGE DEGREE THAT DOES NOT PERFORM.
For more on "undue hardship" read an NY Times article about someone who could not show "undue hardship" and discharge his student loans despite suffering exceptional health difficulties: "Last Plea on School Loans: Proving a Hopeless Future".
Increasingly, college degrees are no longer a guarantee of a solid middle-class income
Median incomes in real terms have been in decline, making it more difficult for the median earner to remain among the middle class. College degree holders have not been immune from the trend. Source: US Census Data
By answering a few questions, this tool produces a FREE report to help you assess the financial risk you face for your prospective college and career path versus alternative career paths such as a 2-year degree. The process takes less than 2 minutes, so click below to get started!Tell me more...
This website guides you through a three-step process to generate a FREE personalized report about the financial merits of your desired college career path and compares this path to a two-year degree path, and a high-school-only path. By answering 3 simple questions, your report will be produced within seconds and provided to you without requiring any personal information.Show less