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Education Bubble looks closer to imploding

I dunno what to say about the higher education system in America, and its degree of practicality at this stage in the economic cycle. Given these days that most supplement their education cost by going into debt, seems some real cost benefit analysis would be appropriate in the current environment. The following are 16 shocking facts about the student loan debt bubble and the great college education scam (this is not businessinsider piece). Also worth looking at is the Comments Section, where respondents paint a pretty sad picture in terms of what their going through, especially those in prime working years. I include two examples in this post.

Comments example (two): Mr. Maple
December 23rd, 2010 at 7:33 pm

I’m 48 yrs old and never went to collage (sic). It wasn’t waiting tables or stocking shelves that bought my home or raised my family. It was learning trade skills. While the rest of my school mates were busy applying for student loans and browsing college brochures in 1981 after high school, I went full time with the construction company I worked for, learning valuable trades.

I own my own contracting company now, and frequently get applicants with Bachelor degrees and master degrees in useless and worthless subjects. They spent so much time learning how to not work, that in their hour of need, they lack even basic skills like reading a tape measure, or operating power tools. Or how to labor for a living.

Learn how to physically work for a living, and you will never be out of work. Learn a trade and you will be armed with a valuable skill that people need. Electricians, Plumbers, Mechanics, Painters, carpenters, Tile layers, carpet layers, and welders (you see this Yogi) never stand in the unemployment line.

2) mommaloseshope
December 23rd, 2010 at 10:17 pm

…The job market is bleak to say the least, even for those who spent money on an education. We owe, and the promise and hope of a job in his field of study is a far off hope and dream that has not materialized in numerous years of hardwork & money spent. I am not even sure, at this point, somewhere around $50k for two different attempts to gain employment, 1 from a trade school, some years ago for a specialized skill set. The second being a pursuit of a BA in a university called Devry in the IT field on computer networks and Administration. Remember hearing how computers were the wave of the future and that is what you ought ot get into? Where are the darn jobs?

While my husband has experience, and an education, he is yet to find and keep a job that is worth anything, that would be possible to pay back these $400/month loans on deferment, let alone keep us going barely.

Despite his greatest effort and attempts, to locate work that would pay anything over $10 an hour in the field he trained for, or some cross over skills in another profession, still nothing has been happening beyond numerous and then dwindling interviews in the last 2 years.

He is currently working at a $10/hr people mill that has outrageous expectations that are near impossible to meet, just to keep your job. Much of what you are supposed to control, is not within your control! That was after having lost unemployment due to its exhaustion, where we had nothing coming in for 30 days. He found this job and went through training. We were thankful to have anything coming in, but it is not going well. Half of his training class is gone either bc they quit or were fired. We are finding out this is the normal for this business.

Prior to the unemployment of 99 weeks, he had a great new job. $60 k a year was good from having some on the job experience at another job prior to that which was an internship, he got. So this was a good option for a chance out of school. They were content with his level of experience of 3- 4 years in IT w/ the hands on education and internship. We moved to relocate for this job 2500 miles away and then he was let go 6 months later, after he was able to clean up a bunch of unresolved problems for them. They wanted someone with 10 years of experience, all the sudden, despite they knew his skill level! Anyhow, the network was held together with tape and bubble gum. So long “best practice” theory.

I guess they had been left in the lurch bc someone left without notice, they advertised for help for months even out of state, and then they hired my husband to fill the desperate gap. Then they didn’t want to keep shelling out the money to keep him. Used him and turned us away, like no big deal; They fired him after 6 months, after we spent all our savings to move to another state… That is when we went on unemployment, and hubby returned for more education, while still looking for a job too.
We moved back home confused as could be. We were helpful that something would come along back home. Things only got worse for the prospect of careers being offered.

I was hoping they were going to improve, but no they have not. We are dying here. But that is not the end of our troubles.

Last year my husband got a $10 a hour job, got H1 N1 and Dble Pneumonia and went to the hospital for 14 days or whatever. He was fired by Stream for not being in training and they refused to place him in another training class when he got out the ICU. Then we were left with over $10,000 ( the other $90 grand was forgiven) and we have collectors after us. We survive day by day, we don’t have anything extra to pay anyone or anything….

So, we don’t have any savings,( we used it to relocate to gain employment as I already mentioned) & we have needed things bc we have a baby coming. We haven’t made it long enough to get anything else saved up to rely on, bc unemployment doesn’t pay you what you were making at your job. The unemployment is gone and there is none left, if he loses this job. We don’t qualify for anymore student loans at this stage. This job is shaky at best and these people fire and lose people like there is no tomorrow, and have constant training going on. What a nightmare! We are not able to get a career in the IT Industry that he trained for and paid for with these loans. What do we do?

We have a 6 year old and a baby that is on the way in 3 months.

We are so lost and without hope. We trust in Jesus, but what do we do beyond trying to get a better job? It takes effort to gain a job, but there are not enough possiblities hiring as this article states, and I testify to. All my husband does beyond going to this crap job, and playing with our son, is scouring the internet for jobs, and this has been going on for so long!….

I can’t believe this is happening again…..What is a mother and wife to do? We can’t get on track! We don’t drink or drug or sabotage ourselves and our family, and yet we cannot get on track “with the go to school and get a great job” crap I have heard my whole life. Something is broken and cannot be fixed. Sometimes we wonder why God hadn’t just taken my husband’s life when it was in peril and the rest of our family, as it would be better than dealing with this pain and unresolved heartache.

I am so scared and lonely, I could just die. My tears go unnoticed. I sit here without answers. I am one of millions going through the same thing.

My brother is a trained professional electrician, but since the house bubble burst, even those who knew a trade like him, are not in demand. Housing production has slowed. Great for the previous poster, but even skilled workman are struggling for work. Now out of unemployment, he has the skills to do work, but no one is hiring.

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