[Updated to fix the link] Math is hard. And it is particularly hard for people who are (probably) proud that they can't do math. ‘Financially hobbled for life’: The elite master’s degrees that don’t pay off. [Fox News is being crazy about the links, so I have fixed that, and will not be linking to Fox in the future...]
I'm shocked - Shocked! - to discover that a master's degree in drama, or film, doesn't guarantee that you'll be making megabucks in no time.
180,000 dollars of student debt, for careers where they are making 30 grand per year after 2 years. Why did anyone sign up for that? Oh, that's right. It's not their fault.
"We were told by the establishment our whole lives this was the way to jump social classes," [Matt Black graduated from Columbia in 2015 with an MFA in film and $233,000 in federal loans] said of an Ivy League education. Instead, he said he feels such goals as marriage, children and owning a home are out of reach.
You listened to the used car salesman telling you that everything was fine. Just sign the contract, and pay no attention to all of the added fees. And now that reality has reared its ugly head, you want someone else to be responsible.
And I call BS on part of that statement anyway, because this guy's goal was to get an ivy-league education. If his goal had been to live a fulfilling life, which doesn't come from your job mostly, he wouldn't have gotten a Master's Degree in film, or drama, or anything. He would have figured out how to live his life.
Did he always do everything "the establishment" told him to do? Somehow I doubt it. He did what he wanted to do, in the common parlance, he "followed his bliss," without regard to the long-term consequences. Look how that turned out. And besides, finance is math, and I am sure he hated math in school. He may have even been proud of the fact that he couldn't do math. He has a Masters of Fine Arts degree. He is an artiste. Too bad math has a whole bunch to do with life.
From the sounds that some "educators" made, it sounds like universities know this is a con, but that is the business they are in.
"There’s a virtual army of young people, most of whom may be naive about the financial obligations they’re undertaking," said James Bundy, dean at Yale University’s drama school, which in June announced it would eliminate tuition.
And the universities and the government programs that make all of this possible, the bureaucrats, and the politicians, were happy to take advantage of all those young, naive people.
I have 2 final thoughts.
- If you could eliminate these debts via bankruptcy, no one would be lining up to lend the money. Because it is a bad bet.
- You're Not Bad At Math, You're Just Lazy, and you need to learn at least enough to understand budgets, and finance.
Being an adult sucks.
Studies have shown that one of the biggest benefits of going to an elite university is the network you build with the people you meet there. A second major benefit is the selection effect: you've proven you're elite by being chosen by an elite institution.
ReplyDeleteNon-professional graduate programs exploit the belief in both of those benefits. (Cynically, for revenue, in my opinion.) Yes, you'll rub elbows with other "elites". But try to build a network of fellow students and industry insiders, and you'll find the demand for access will far exceed the supply. Columbia film graduates go on to positions that lead to success. The article named a handful. But out of how many graduates? Columbia is shy about total class sizes, but mentions that studio class have up to 12 students and lecture classes run 30 to 70 students.
What? You voted for Biden because he would forgive your college debt?
ReplyDeleteSUCKER!!!