Remember Your Debt When Choosing a Major, Report Warns
College students hoping to have an easier time unburdening themselves of student loan debt may want to consider carefully which major they pursue, according to a new report prepared for the Legislature.
Put simply: Your pocketbook is no great fan of the humanities.
The report, which focuses on the relationship between students' choice of major and their ability to repay their debt, was compiled by TG, a public, nonprofit corporation created by the Legislature in 1979. TG, which administers federal loans and promotes money management education, is required to produce biennial reports to the Legislature on issues regarding student aid ...
Comments (15)
Nancy Farmer
I am a President of a consortium of over 270 private colleges and universities that voluntarily sponsor a prepaid tuition plan, Private College 529 Plan. I wish more families would take advantage of the benefits of 529 plans and save or prepay for college costs. Every dollar saved or prepaid is a dollar that doesn’t have to be borrowed. www.tomorrowstuitiontoday.org
T D
The unintended consequence of discouraging enrollment in the humanities?
Humanities courses are the cash cow of every college and university: they subsidize all the so-called STEM fields, and do so heavily.
The student who takes out loans to major in History is actually subsidizing computer science, biology, engineering, etc. The latter are seriously expensive to teach--the humanities, relatively cheap.
Taxpayers should know that there are no easy answers here, and no magic "dashboard" is going to fix things.
Hannah Katz
Excellent subject to get in front of young people making decisions on their colleg majors. Too often they do not think much about their debt until they approach graduation, and having over $100,000 in student debt and poor prospects for a job that pays well is a rude awakening. Even declaring bankruptcy will not free them from this debt obligation.
Robert Blain
While I 100% agree people should take into consideration the job prospects for any career their major points toward, I feel like this article discourages people from studying their passion.
If we let the end-game decide our major, we would end up with only 2 types of teachers, social workers, etc: ones who had "mumsy and daddykins" pay for them to attend college AND those who lived at home and went to state schools so they can save money.
I entirely agree that we shouldn't let students bury themselves in debt only to end up having to work 3 jobs to pay back student loans; but, we also can't make people who are called to work for non-profits or the government feel that schools like TCU, Rice, SMU, ACU, St. Edward's, etc. are only for those who want to be lawyers, doctors, and engineers.
Richard Edwards via Texas Tribune on Facebook
If we need a report to tell us this, we are in sad shape. DUH!!
Lori Trammell via Texas Tribune on Facebook
I would ask why students are allowed to borrow huge amounts to obtain degrees the world is either not looking to hire in or will only pay minimal salaries for....oh wait...just figured it out. Wake up!Taxpayers should not be funding higher education. Let the colleges and the private sector and shockingly enough .. The student fund this. We would see better results.
Samdavis
Remind me which presidential candidate wants to cut Pell Grants?
Casey McKinney via Texas Tribune on Facebook
If the gov did not fund college, only rich people could afford to attend, the Romney plan.
Doug Smith via Texas Tribune on Facebook
If the parents and families of kids that attended college
Doug Smith via Texas Tribune on Facebook
Encouraged them to get degrees and education in something that would help them get real jobs... Well that would make sense..
Greg Ellis
The other option for students is to ensure they don't borrow more than their major can pay back.
Student loans are granted based on which school you attend and what it costs to attend (including cost of living in that area). As a result, the cost for attending school has skyrocketed! If the government provided $X for each student (possibly adjusted for that student's major?) then costs would adjust accordingly.
Anytime people purchase a product with other people's money the costs go up. Create a system where the amount loaned or granted is based on the costs and you create the type of death spiral we have with college tuition. This system will change--either before it breaks or after.
Lori Trammell via Texas Tribune on Facebook
Universities are sitting on millions and millions that could be loaned to students....but then the taxpayer would not be on the hook. Businesses would get on board with this as well if colleges and universities would raise their standards. College is not for everyone....and should not be dumbed down to allow for admissions to everyone just because they want to go...and can obtain a federally insured loan.
Casey McKinney via Texas Tribune on Facebook
who said college was for everyone? I object to federal money going to schools affliated with any religion. Private religious schools are expensive and it is financially prudent to attend a public institution. but, I find Lori's attittude elitist.
GS Crispus
Greg Ellis, anytime someone purchases something, the price should go up. Limited resources and supply constraints!
The problem with your argument is, that the state level governments have been slashing their contribution towards higher education for decades, conveniently slashing budgets during recessions and never raising funding afterwards. The costs of education ultimately fall upon the student at greater levels than previous.
The babyboomers screaming to end the system in this thread benefited far more from government subsidies into higher education with "other people's money" than the students currently attending college today. In otherwords, typical "fuck you got mine" mentality.
As for advocating STEM degrees... well they don't bring back the earning potential for the effort involved either at this point. Salaries have not kept up with productivity gains for the last thirty to forty years, and engineering and the sciences are no exception.
If we're going to go with the "only go into fields that make money" argument for funding college, don't be surprised when we keep funneling our best and brightest into Finance. Taking other people's money and making a living off it apparently is the most lucrative career path, and I don't see that changing anytime soon.
Leon Drozd
Are we preparing people for a place in future work camps that serve employers and those to whom they are beholden? Is the worth of higher education now tied to the worth of the goods and services produced by the person receiving that education? Have the tax protestors gained control over public higher education resulting in the rationing of non-essential knowledge?
I came across the following article which I share and commend to those interested in public higher education:
https://junctrebellion.wordpress.com/2012/08/12/how-the-american-university-was-killed-in-five-easy-steps/
Article at http://www.opednews.com/articles/How-The-American-Universit-by-Debra-Leigh-Scott-120819-373.html