Get $50 Cashback Bonus | Lending Club vs. Prosper Free Report                         

Loan Calculator | Mortgage Rates

About Me | Contact Me | My Ramblings  


Going to College in America is a Scam!

June 15, 2011 | My Ramblings | Student Loans | 4 Comments

The cost of going to college is going through the roof like healthcare.  Going to college in the United States is nothing but big business.  My wife is currently attending college for nursing and it’s all about the money.  The text books are a rip off.  Every year tuition cost goes up and they nickel and dime you for everything.  To take an exam, my wife has to pay for the scantron sheets.

Colleges make it difficult to purchase used text books because they are constantly changing the version.  Additionally, now they are making college text books specific to each school, so you can’t buy elsewhere.   There is no competition so they can charge you whatever they want for the books.

Then there’s the requirement to take classes unrelated to your field of study.  My wife is required to take classes, such as Music Appreciation, which is a complete waste of time and money.  

Every year tuition goes up which doesn’t keep up with salaries.  When you think about it, a class room is just a room with chairs, desks, and maybe some audio/video equipment.  One person can teach a class with hundreds of students, so why does cost keep going up so much each year?  Are the professor’s salaries going up that much?  I doubt it!  I understand that state colleges are getting less money from the government, but private colleges are also constantly increasing the prices, so that couldn’t be the reason.   Where is all the money going?

I’ve graduated from two universities; one for my bachelor and another for my masters.  Both schools call me non-stop for donations, yet they are constantly building new buildings.  Why not stop building all these new buildings to help keep costs down?  They claim they need donations from alumni’s which I believe is a sham!

Student Loans, now exceeding credit card debt, is another sham.  A student loan is the worst type of loan you can have, because there is no way to get rid of it, unless you pay if off or die.  You cannot file bankruptcy to get rid of federal student loan debt.  Many students graduate with ridiculous loans that will take those decades to pay off, like a mortgage.

The American college system is setup to milk you dry.  Education is very important, but it shouldn’t be a rip-off.  The American college system is a big scam.  As costs keep rising, something has to give.  The bubble will bust one day and the system will collapse.

Below is a very interesting video about the “College Conspiracy”.  Enjoy!





 & get new posts delivered to your in-box!


4 Comments to “Going to College in America is a Scam!”

  1. GarthD
    11:34 am on June 16th, 2011

    I agree that the inflation of college tuition is unrelated to what is actually provided in the classroom environment. However, it is hypocritical to bash the education provided by traditional colleges and then herald the benefit of attending online colleges.

    And while there are professions where one can enter and succeed with a college education, there are others where it is critical.

    The video provided lots of truths, truisms and biased spin that I don’t have time to debate and discuss in this forum.

  2. student loans
    5:39 am on July 15th, 2011

    Student loans are helpful for continual of a student’s study. I am a student of Mechanical Engineering of KUET. I need a loan to continue my study. But I don’t know anything about it. From which bank the credit is obtained? Anybody help me please.

  3. EdH
    11:40 am on September 1st, 2011

    As is often the case, it depends. If you go into debt over your head to get a degree in a field while poor employment prospects, and you DIDN’T attend school for “personal enrichment”, then it is a poor financial decision (maybe not quite a scam).

    If you look at the industries that seem to be immune from price control (i.e., rising beyond inflation), they are all heavily unionized (education, health care, public service). Unions aren’t the problem – poor negotiating with unions may be.
    EdH recently posted..INFOGRAPHIC: Why Exactly Should I Continue My Education?My Profile

  4. Penny Stanton
    6:57 am on February 27th, 2012

    Yes — I agree that a college education today is a scam. I say “today” because it wasn’t always like this. I assume we’re referring mostly to traditional liberal arts education (not engineering, for example; or accounting). A college education was once desirable for education’s sake — not at all about it being a credential for a job. Folks would go to college to study literature, rhetoric, philosophy, higher mathematics, and such new an strange fields like anthropology and linquistics. Employers would recruit college grads because they knew they were erudite, would bring a certain cachet to the company, and fully expected to have to train these grads on the job. The training expectation has now pushed into the college; not the employer. And the notion of studying philosophy and linguistics for the pure pleasure of knowledge is not on the radar; it’s all about a college degree as a credential for a job.

    But the college industry is afraid to tell consumers that — that most likely, Johnny and Jenny will not get a credential to get them hired by by a company because college is not in that business — it is not their mission — they are unprepared to do that. Getting an education for education’s sake is wonderful if you can afford it. But student loans should not be made available for folks who (once they are are told by the colleges), pursue education for education’s sake. This is where the disconnect it.

    Solution: The college industry needs to tall the truth about their mission — that they “sell” education for education’s sake, unrelated to the job market. Thus, if a student signs up, that student is on his/her own and if student loans are going to be made available, the student will know, up front, hat they’re not going to get a credential for the job market and had better plan to pay back that loan through other resources (inheritance, for example).

    If colleges are going to be in “the education for education’s sake” business, then we need another pathway for job training that is either separate from or part of college education. And that pathway, which is basically a sophisticated “I am making widgets in a factory” pathway, should teach students how to create a business budget, forecasts, etc., plan teams and work on teams, sophisticated computer training beyond MS Office, how to create adn conduct Webinars, and “stuff” like this which is what business wants.

    But all of this starts with the truth — telling the truth — but to tell the truth, you have to be clear on what the truth is. And the truth starts with understanding what a liberal arts college is positioned to do, and right now, it’s not to impart job skills; it is to provide a liberal arts education (which it doesn’t do well, in my opinion, but that’s another story).

Leave a Comment

CommentLuv badge