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Millennials Didn’t Kill the Economy. The Economy Killed Millennials


hegemony
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meh.  Not the fault of the economy that they chose to take a six-year plan with a major in some subject that has no meaningful impact upon the real world.  Not the fault of the economy that the millennials have to have their 'safe spaces' where they demand that people cater to them.  

 

I look at the claims about student loans and just don't buy that they are swamped with debt.  I have seen plenty of four-year programs that have very reasonable tuition.  And if they were worth a damn in high school, there remains plenty of scholarship money out there.  The problem is that many simply are not educated.  You should see how atrocious some of the letters are that we receive from people who benefit from funds we have with a local school.  The saving grace is that they were often at least smart enough to try and limit their costs by staying local...

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13 hours ago, centex said:

meh.  Not the fault of the economy that they chose to take a six-year plan with a major in some subject that has no meaningful impact upon the real world. 

 

I look at the claims about student loans and just don't buy that they are swamped with debt.  I have seen plenty of four-year programs that have very reasonable tuition.  And if they were worth a damn in high school, there remains plenty of scholarship money out there.  The problem is that many simply are not educated.  You should see how atrocious some of the letters are that we receive from people who benefit from funds we have with a local school.  The saving grace is that they were often at least smart enough to try and limit their costs by staying local...

 

Academic tuition at all schools has increased at about twice the rate of inflation in the rest of economy over the last 30+ years.  Aid hasn't kept pace, and loans have sucked up the difference.

 

So, yeah, students can compensate by going to cheaper schools (bypassing the more prestigious ones).  A private school education is simply not the option it was when I studied 40 years ago.  Still, I'm not going to suggest a qualified student pass up a top state school to go 2nd tier instead -- except in limited cases, there's a strong quality sacrifice as well.

 

There's a lot of blame that can be laid at the feet of "millennials".  But there's a real crisis when it comes to college affordability; don't make light of it.

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I've had other threads where I took the time to look at costs at University of Texas at Austin.  I came to the conclusion in those threads and still hold to the conclusion that one can easily complete a degree in four years without having six-figures of student loan debt.  The problem comes when the student refuses to do anything in the time they are at school that helps to defray expenses...

 

College remains affordable for the motivated student...millennials are simply not motivated.

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Not just college; although absolutely true that it is getting further out of reach then ever before, and at top tier public universities, good luck on getting your classes in order to graduate in 4 years.

 

In Northern California, you are also dealing with sky-high housing costs, that is, if you can even find it. The economy is good here, but also hyper competitive. You need to stay very motivated, be highly educated, and constantly keeping your skills refreshed and the learning never stops.

 

Once you fall behind here, you will never catch up again.

 

Millennial's are well off, but they are working very hard and making alot of personal sacrifices to survive. It is not easy. 

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I used to bash millennials a lot and just write off certain behavior as "must be a millennial thing" but I've recently come to realize it is not a millennial problem but rather a people problem.

 

:offtopic: also, all the jokes about "safe spaces" aside, after more than 25 years in higher education I have never seen such a "space" nor have I seen any more self-centeredness today than when I first started. Today, however, it is more conspicuous due to social media and post-flip phone technologies. For example, I just went through a formal student complaint because the student, who is left handed, claimed the classroom -- with all right-handed desks -- led to a difficulty in her taking notes and writing exams. Not surprisingly, the complaint failed as she failed to file the proper paperwork to be accommodated with a left-handed desk. Of course she could have also just asked me as I could have pilfered such a desk from the room next door.

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The problem is that we have a huge glut of college graduates.  I remember getting into an interesting discussion with someone from the College Board given the standard line that over 40 years a college graduate earned more than a non-college graduate.

 

Only problem(s) are:

 

(1) Fewer people graduated from college in 1960 than in 2000. So future performance for 2000 to 2040 isn't guaranteed.

 

(2) If you invest the college tuition and the foregone income then you come out ahead over the college graduate.

 

(3) Your financial return depends on the school you go to.  If you go to MIT (e.g. have brains) or Harvard (e.g. get the contacts) then you come out ahead.  Otherwise, you don't.

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The millennials I come in contact with either have their shyt together and are out there everyday killing it, or they are totally worthless. Not much middle of the road with these millennials. 

 

A friend of mine who is a millennial made a smart decision with his educational and career path. He went to community college, learned HVAC. He has no college debt and is making a $$$killing$$$. He took a economically viable career path. 

 

Most within his own age group he grew up with dont have much to do with him, unless they are killing it too. 

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16 hours ago, hoapres said:

(3) Your financial return depends on the school you go to.  If you go to MIT (e.g. have brains) or Harvard (e.g. get the contacts) then you come out ahead.  Otherwise, you don't.

That might be true in a few select arenas, but not most.  I cannot recall the last time I had a prospective client inquire about what law school produced the degree on the wall.  Most of the solo or boutique practitioners I know did not come out of the T14 schools.  There are a LOT of quality practitioners that came from the second tier and even some third tier toilets who are consistently making north of a quarter mill per year and have a good quality of life.  The T14...if they went BigLaw, they are often miserable, not really because of the debt, but because of the workload requirements...

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