My degree isn't worth the debt!

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<p>[My</a> degree isn’t worth the debt! - Shane Dixon (1) - CNNMoney](<a href=“My degree isn't worth the debt! - Shane Dixon (1) - CNNMoney”>My degree isn't worth the debt! - Shane Dixon (1) - CNNMoney)</p>

<p>Who spends $120,000 in a master’s in social work and sociology? That’s just crazy.</p>

<p>Is Tulane that expensive? $140,000 for a bachelor’s degree?</p>

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<p>Most (not all) of the people featured in this story went to private universities. Their debt would be considerably less had they done the RATIONAL thing and gone to the (usually very good) local state u.</p>

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<p>Sadly, many of the private college and university costs, when you add up tuition, room/board/fees/travel/books, etc. are well over 50K a year. That said, no one should go that far in debt for an undergrad degree. Heard a great rule of thumb- to not take out more total loans over 4 years than you are likely to earn your first year in the workforce.</p>

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<p>That would be WAY too high. The gov’t has figured out what the maximum debt for an undergraduate education should be (on average), and that is what they offer in subsidized Stafford loans - $22k over four years.</p>

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<p>The person that made that suggestion (media finance guy- used to have a show called “cover your assets” - always loved that name) But I digress…
He also said a student should never take out private loans. If they couldnt cover their college with Federal loans, they shouldnt go. But he didnt clearly indicate if he felt the parents should steer clear of PLUS loans.</p>

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<p>Actually, for majors with poor job and career prospects, that may not be that big a difference. For example, if a biology or English major typically gets a job paying about $30,000 per year, but spends a quarter of the year unemployed and ends up making only about $22,500 for the time employed, that is very close to the Stafford loan limit.</p>