Today I read a letter that was written to the US Department of Education by recent graduates of one of those corporate colleges, Corinthian College which was closed down by the government this past July. In the letter the “Corinthian 15” state flat out that they will not pay back their student loans claiming that they had been misled, “We trusted that education would lead to a better life. And we trusted you to ensure that the education system in this country would do so.”
I agree with them insofar as institutions of higher learning are still making the old claim that college graduates make on average $1 million more than non-graduates. That may have been true a couple of decades ago but no more. However, that doesn’t excuse these people’s decision to borrow the money. Assuming their intellect is of a college graduate level they should have been smart enough to grasp the reality of today’s marketplace, where education costs continue to climb and career opportunities are stagnant at best.
I am not saying that a college degree is useless, but if the goal of getting one is simply a means to an end (Job) then those pursuing that course of action need to take heed and refrain from buying into yesterday’s wisdom.
Read more: http://www.businessinsider.com/corinthian-college-debt-strike-2015-2#ixzz3SyI6n2vO