The price of many colleges followed the real estate bubble.

This resulted in part because financial assistance has somewhat recently required the inclusion of family income for means testing. So some students had to get their parents involved (i.e. taking out seconds on their houses).

As far as I can tell, tuition hasn’t come down much if at all. Combine that with a real 20% unemployment rate (per shadowstats.com). This results in a high chance of coming out of school loaded with debt and no job to pay it off with. And generally these debts can’t be discharged in bankruptcy if they are government backed.

I think anyone going to school now needs to be very careful. If possible pay as you go and avoid loans. This may mean you have to work at the same time. I worked full time while I went to college. Also make very sure you have a job that will be marketable when you get out. Take into account the zombie state of the financial sector; that we may have socialized health care; a dead industrial complex due to cap and trade; and diminished teaching jobs, etc. by then as well.

And, it could be maybe you’re better off not going to college and just working a trade, or going to vocational training.

Something like 80% of all job openings are never advertised, but they are there. Even in this economy, graduates who doggedly PURSUE a job will find it, while those who half-heartedly look for a job will be sitting on the couch.

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