College education in America is a bad joke. Instead of preparing the next generation of leaders for the jobs of tomorrow, the college education "industry" has become a giant money making scam. We constantly preach to our high school students that they "need" to go to college and we tell them to not even worry about how much it is going to cost because a college education is "always" worth the money. Then we lend them outrageous amounts of money so that they can pay the gigantic bills for the "education" that they are receiving. But the truth is that the quality of education at America's colleges and universities is absolutely abysmal these days. I spent 8 years at U.S. universities, and most of the courses that I took could have been passed by the family dog. Sadly, once our young people graduate they quickly discover that there are way too many college graduates and not nearly enough good jobs. Today, we have millions upon millions of young Americans that are enslaved to student loan debt for the rest of their lives. They were promised a bright future, but instead most of them are discovering that they are going to be working really hard to pay off financial predators for decades to come. Unfortunately, for most college graduates a diploma is simply a ticket to a crappy job and a lifetime of debt slavery.
The following are 35 shocking facts that prove that college education in America has become a giant money making scam....
The Student Loan Debt Bubble
#1 After adjusting for inflation, U.S. college students are borrowing about twice as much money as they did a decade ago.
#2 According to the College Board, college tuition is absolutely soaring. The following comes from a recent CBS News article....
Average tuition and fees at public colleges rose 8.3 percent this year and, with room and board, now exceed $17,000 a year, according to the College Board.
#3 Average yearly tuition at private universities in the United States is now up to $27,293. That figure has increased by 29% in just the past five years.
#4 In America today, approximately two-thirds of all college students graduate with student loan debt.
#5 In 2010, the average college graduate had accumulated approximately $25,000 in student loan debt by graduation day.
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