Largely came to say similar... As someone who didn't go the college route, it's hard for me to sympathize with someone who chose to go 6 figures into debt for a degree in a job that's specifically overloaded, and jobs that pay less than 1/4 if that debt. It's just not a wise decision. Not to mention the over-bloated costs to begin with.
Most of the suggested solutions will not really do much to change things. Maybe requiring students to sign that they've seen job market studies for their chosen program and/or forcing non-compounding interest for student loans while still in college. Maybe even capping loan interest to 10% of income when direct withholding 15%. Optioning loans under cost/benefit would probably go a long way as well.
Children don't make wise decisions, especially not when they've been told for years that if they get a college degree everything else will just fall into place automatically.
I don't think someone that is 17-18 should be referred to as a Child. I do think the Universities should do more to disclose the likelyhood of working in a given profession based on their degree path... however, realistically, the individual bears a lot of responsibility.
Aside: based on some actions/headlines that consistently pop up in news articles (most recently Oberlin)... maybe we should start treating them like children. Also, maybe it's time to stop telling kids the world should be whatever they deem to be as "fair."
Someone at 17-18 can be mature... but the US school system and the general culture around how teenagers are handled doesn't do much if anything to actually encourage that. It's entirely possible for people going into college today to have had zero opportunity to pick their own classes, manage their own bills, or have any real control of even the tiniest career up to that point, which is exactly the worst context to come from when making up-front choices involving tens or hundreds of thousands of dollars.
Then, perhaps the schools should start treating them like children and putting a foot down when they start running roughshod... And by this I mean High Schools and Universities. Again, the world is not fair, it isn't meant to be. And children should learn this.
Beyond all of that, PARENTS should be raising their children. They seem to be too concerned about protecting their kids, instead of letting them know in deep specifics how bills/finances in the home work. There's no reason a 10yo can't sit with you when you pay bills, or look at a spreadsheet that outlines things.
It doesn't even take THAT much... I have most of my paycheck going into an account that bills get paid out of... most are set to autopay, except the largest ones (house/car payments). Every two weeks, when I get paid, I sit down and pay those bills due. The rest of my paycheck goes into an account that is for day to day expenses, and that's all I get for it.
In the end, it's not JUST the schools that are responsible for raising children, and the (US) government doesn't do a very good job of most things. Raise your children people.
Most of the suggested solutions will not really do much to change things. Maybe requiring students to sign that they've seen job market studies for their chosen program and/or forcing non-compounding interest for student loans while still in college. Maybe even capping loan interest to 10% of income when direct withholding 15%. Optioning loans under cost/benefit would probably go a long way as well.