Why College Is A Scam
Being a business savvy investor, one thing that I frequently do is revisit past investments to see if I made the right choice. Just recently, I took a trip down memory lane that ended with me feeling like an idiot. What am I talking about? College…the biggest scam that I ever invested in.
The Promises (aka “The Hype”)
You, as the investor, will have the opportunity to gain a degree that MAY help you in your career. You also will be exposed to a variety of challenges, tests, and problems that will assess your intellect and grow your mind. You will be given many opportunities to build your social network, such as sporting events, fundraisers, group projects, and frat parties. If you are one of the lucky ones, you will actually learn a few things along the way, and land an above average paying job when all is said and done. Sounds awesome, right?
The Terms (aka “The Scam”)
Investment amount will vary, based on perceived “quality” of degree, with an average amount being about 100k. This is payable on a quarterly or bi-yearly basis, for a minimum of four years. If you do not have any money at all, that’s ok too, because there are plenty of people willing to lend you their money for this investment, as long as you agree to their terms, their interest rates, and their repayment options. Oh, and please keep in mind that these student loans WILL NEVER GO AWAY unless they are paid in full.
In addition to monetary investment, you will be required to put in about 30-40 hours per week in class time and work time, without any pay. Again, this will vary based on your degree, but generally requires a minimum four year commitment. What will you do about money, you ask? Well, one option is to take out additional student loans (see terms above) or take on a second job in your spare time, hoping that you can balance it all successfully. If, at any time, you do not meet the expectations set by various professors and faculty members, terms will be revisited and will likely require additional payment and time from you, as well as your degree being withheld indefinitely. Ready to sign up yet?
Top 3 Reasons I am Calling Scam!
1. Too Expensive! With prices continuing to skyrocket on tuition, it really is too expensive to go to college. If you were to take the average cost of tuition, missed wages during college years, and the difference between the average pay of a college grad versus a non college grad, it takes about 10 years of working after college just to break even. This figure does not include interest on student loans, book costs, housing, or other college related expenses.
2. Not Necessary! Names that we all know like Bill Gates, Michael Dell, and Larry Ellison are certified college drop outs. With technology being the way it is today, nearly everything that a person needs or wants to learn about can be found online for free or much cheaper than the local trade school or university. You want to know the best part of self-learning? There are no bullshit electives required to be “well-rounded” or “liberally educated.”
3. Delays Success! It is very, very rare that you hear of anyone who successfully started/ran a business while going to a traditional college full time. In fact, most people consider college years a time to party, slack off, and enjoy freedom. While this may be good in its own way, it delays success in a career. For those who are motivated and willing to work hard, four years invested elsewhere is much more profitable.