26 votes

The Next Recession Will Destroy Millennials

12 comments

  1. [9]
    unknown user
    Link
    I wonder why the US sucks in these areas: in almost any developed country education is free in almost all cases. During my 4 year study at my uni in Turkey, I didn't pay a dime to my school. Now...

    I wonder why the US sucks in these areas: in almost any developed country education is free in almost all cases. During my 4 year study at my uni in Turkey, I didn't pay a dime to my school. Now it is not the best uni in the world, but all over Europe, maybe the only exception being the UK, great universities provide free or very cheap (less than 1000€/year) education, at least to own citizens (if I'm not mistaken Germany doesn't charge even international students, and in France an Belgium it's a few hundred € per year).

    8 votes
    1. [5]
      skybrian
      Link Parent
      I've read that community colleges in the US are pretty cheap, at least in comparison to the extraordinary costs at many universities. I think there is pressure to go to more prestigious places,...

      I've read that community colleges in the US are pretty cheap, at least in comparison to the extraordinary costs at many universities. I think there is pressure to go to more prestigious places, though?

      5 votes
      1. MimicSquid
        Link Parent
        As someone who's been to a couple of community colleges, "cheap" is the right word. Maybe add in "unpredictable". They vary in quality from very near equivalent to local colleges, with endowments...

        As someone who's been to a couple of community colleges, "cheap" is the right word. Maybe add in "unpredictable". They vary in quality from very near equivalent to local colleges, with endowments of their own and filled with adjunct professors from other, more prestigious local institutions all the way down to being worse than a YouTube tutorial because at least that isn't regularly interrupted by other students with pointless questions.

        They have also risen in cost meteorically. When I was at a community college in the early 2000's, it cost $240 a year ($10/unit, 12 units was a full load, 2 semesters a year.) Now the same education would be $1152. That is to say, the cheapest, lowest level of college education you can get in the US without going to a predatory for-profit college costs as much as the greatest colleges in Europe.

        11 votes
      2. reese
        Link Parent
        Generally speaking, you can only get an associate's degree or equivalent from a community college. Many people acquire certifications and job-specific training at community colleges as well. I...

        Generally speaking, you can only get an associate's degree or equivalent from a community college. Many people acquire certifications and job-specific training at community colleges as well. I first attended community college, and then I transferred to a public university in pursuit of a bachelor's. And at no point did I "save" money, since I had to spend it all on school, but CC was leaps and bounds cheaper than uni. The quality of the education is not as good as uni—many community college instructors are weird and unprofessional af—but on the flipside, they are much more caring than the professors and instructors I encountered at uni. Some of the most important things I learned were in CC, and it has to do with the type of people who teach and attend there. You find loads of late twenty-somethings scared straight by the job prospects of having no college education, and they have quite a bit of wisdom to share. Many of them actually transferred to the same university I did, which was uplifting.

        But, my bachelor's was pretty atrocious compared to the education I know others received at other universities. While I understand learning is a two-way street, the university I attended did a pretty shit job. I had a couple great professors, but I've since had conversations with others in the workforce. When I was taking the first steps into my career, it was glaringly obvious that my education wasn't sufficient upon intermingling with interns from all over. Most of the deficiencies I've made up for on my own time, diving deeper into different topics when the opportunity presents itself. Right now I'm getting my master's degree from a prestigious public university for $8,000 total, so I've been able to fill many knowledge gaps on account of that alone. If the MSc were any more expensive, I wouldn't have even considered it. Plenty of employers will foot the bill for education, but they do it less as a favor and more as a means to lock you in and treat you however they want for a number of years.

        3 votes
      3. ubergeek
        Link Parent
        They are inexpensive, to be sure, but their quality is... Sometimes lacking, as most instructors there are adjuncts, doing it part time. However, for most, they still need to take out student...

        They are inexpensive, to be sure, but their quality is... Sometimes lacking, as most instructors there are adjuncts, doing it part time.

        However, for most, they still need to take out student loans, and you can only get an associates, which is basically a high school diploma these days, and will cap you out nearly at the same level.

        2 votes
      4. Parliament
        Link Parent
        People place a lot of unnecessary weight on educational prestige in the US when it doesn’t matter for most jobs/fields. You could realistically do 2 years at CC, transfer to one of your state’s...

        People place a lot of unnecessary weight on educational prestige in the US when it doesn’t matter for most jobs/fields. You could realistically do 2 years at CC, transfer to one of your state’s public universities, and come out with a plenty respectable degree at an affordable rate. And you have the same degree as the student who paid to be there all 4 years.

        I think it’s both prestige and selling college as an experience without as much consideration for comparable, affordable alternatives.

        1 vote
    2. [2]
      Bullmaestro
      Link Parent
      In the UK, higher education is pretty expensive. Tuition fees alone are £9,500 a year. The only good thing is that our student loans are quite lax with repayment. You don't have to repay it unless...

      In the UK, higher education is pretty expensive. Tuition fees alone are £9,500 a year. The only good thing is that our student loans are quite lax with repayment. You don't have to repay it unless you're earning a pretty high amount which a lot of graduates won't be earning, and they write it off after so many years.

      Compare it to the US where student loans are more like traditional loans and will fuck people with mandatory repayments, which is ironic when US tuition fees are a lot higher and when people can't even secure mortgages.

      5 votes
      1. Sunward
        Link Parent
        Student loans in the US (federal ones, at least) do have payment options similar to what you describe: there are repayment plans where your payment is based on a percentage of your income that can...

        Student loans in the US (federal ones, at least) do have payment options similar to what you describe: there are repayment plans where your payment is based on a percentage of your income that can be 0% if your income is low enough. I never qualified for it, even fresh out of college (having gotten a job in tech), so I don't know that much about it (it's difficult to find actual hard numbers on where the cut-off is; I'm guessing it changes from year to year, but also I'm writing this in a few minutes before a meeting at work so not searching very hard either). If you're on an income-based plan your loans are forgiven after 20 or 25 years (depending on when they were disbursed after or before July 2014)... but the IRS treats the amount forgiven as a taxable "gift", so you're arguably just kicking the can down the road for 20 or 25 years.

        2 votes
    3. JoylessAubergine
      Link Parent
      The UK system is complicated but fine. It's not really comparable to the US system in any sense other than students "pay". Student loans are available to everyone and actually encourage poorer...

      The UK system is complicated but fine. It's not really comparable to the US system in any sense other than students "pay". Student loans are available to everyone and actually encourage poorer students to go to university as they cover everything and reduce the need to be reliant on parents or to get grants for living costs at University. The loans themselves are more of a tax on the student when they earn more than ~£27k a year, the interest is fairly low and they get cancelled after 30 years or 65 years of age (or when you die). If you lose your job the payments are halted, if you become unable to work the payments are stopped.

      The real problem with the system is that it is poorly explained to highschoolers and their parents so there is a lot of anxiety about getting into debt at such a young age.

      3 votes
  2. [3]
    teaearlgraycold
    Link
    I'm the textbook example of the successful minority, a software engineer in Silicon Valley. I'm not sure how I'll fare in the next recession, but I might do well to help just a couple other people...

    I'm the textbook example of the successful minority, a software engineer in Silicon Valley. I'm not sure how I'll fare in the next recession, but I might do well to help just a couple other people if I can.

    3 votes
    1. [2]
      userexec
      Link Parent
      I really try to help my friends. Of all of us only a couple made it to within a reasonable expectation of ever being "middle class." I still can't afford a home, but I do have a good job with a...

      I really try to help my friends. Of all of us only a couple made it to within a reasonable expectation of ever being "middle class." I still can't afford a home, but I do have a good job with a decent salary and retirement plan and also run a very small business. We're all in our early 30s now and they're still stuck living paycheck to paycheck. I hire them for whatever jobs I can come up with. I don't see how this will work any other way.

      4 votes
      1. ubergeek
        Link Parent
        Considering starting a work-owned coop, and bringing them on board? It's the next step from what you're basically doing now.

        Considering starting a work-owned coop, and bringing them on board? It's the next step from what you're basically doing now.

        7 votes