[Magdalen] US Higher Education

[Roger Stokes]

Yesterday I was chatting with some people of my own generation about how 
the prospects for new graduates have changed since we left university.  
Back then our tuition fees were paid for by our local authority and we 
got a maintenance grant.  Now there are no maintenance grants and 
students have to contribute towards tuition, albeit at a maximum of 
£9,000 GBP per year.  This is financed by loans.

The UK government justifies this by saying that graduates earn more than 
non-graduates.  I accept that was the case back then when far fewer 
young people went to university but now the supply of new graduates is 
much higher and the pay for graduate level jobs (if they can get one) is 
not that high relatively in many cases.  Looked at in cash terms 
lifetime earnings, especially taking the debt into account, will be 
lower for those going to university than they would be if they had left 
full-time education straight after school.

Roger
On 13/01/2015 16:44, Cantor03--- via Magdalen wrote:
>
> In a message dated 1/13/2015 8:32:19 A.M. Eastern Standard Time,
> michaudme at gmail.com writes:
>
> Much is  written about people finishing college with heavy debt,
> unlikely ever to  pay off their loans easily. Our Senator Warren
> speaks about this often. It  seems to me like a modern example
> of indentured  servitude.>>>>
>   
>   
> Interesting take on the student loan problems.  I'm especially
> aware of the burden of student loans, having taught medical
> students from a variety of medical schools for nearly 50 years.
>   
> It strikes me that the average senior graduating from USA medical
> schools has a loan dept of $150K and many over $200K.  Then
> they have to endure low salaries as resident physicians for 3 or 4
> years before they are launched into their own medical practice.
>   
> Statistics repeatedly show that USA physicians' income has
> dropped noticeably over the past ten years, and so the new
> physician is confronting a massive dept at the start of practice
> where their salaries are less than they have been in the past.
>   
> This dept drastically delays marriage, having children, and the
> purchase of major items such as home and autos.
>   
> Such debt is relatively new.  For example, I had no debt when I
> finished medical school, and paid for most of my education/training
> by working summers.  That's impossible to do any more since the
> educational expenses have ski rocketed.
>   
>   
> David Strang.
>
>
>