Quote:
Originally Posted by OrangeBlossomBaby
Liberal arts degrees were hugely popular in the 1960's, 1970's, and 1980's. Political science was also very popular.
College tuition in the 1960's was usually less than $2000 per year. 4 years at Harvard was less than $35,000 total, including room and board for the first two years. Now it's around $130,000 PER YEAR. The cost of education has gone up MUCH higher than the salaries people expect to get as a result of that education. And much higher than the overall rate of inflation.
That is why student loans are being defaulted. Older people are remembering how easy it was for them to get their own loans and pay them back, and not noticing how expensive it is for kids to get the same education now. "Back in my day" is obsolete, and irrelevant.
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If they are smart enough to go to Harvard (whatever that is), they should understand the value of the investment they are making and the realistic ROI. "If I'm going to invest XX, how much more will I earn and how long will it take to pay it back.......taking into consideration economic impacts??"
"Harvard" educations ain't what they use to be in today's market.