Reelya straight shooting Boomer memes at us now...
I'm pretty sure you're smarter than to believe what you're saying here. Not really sure what's going on...
.
bullshit, Breaking it down:
- universities have pretty inflexible student quotas, and the administrators job is to "fill places"
- what places are offered has more to do with campus politics / departmental finance grubbing that it does with any feedback from what jobs are available
- they also make profits from the student loans, so they suck the student's dicks and lie to them about prospects
This is a problem at for-profit colleges but also afflicts public colleges.
So it's up to the students to do homework before applying to colleges about what jobs are available in which industries, because sure as hell you're not going to get that information from the colleges. You'll only get platitudes about how such-and-such course will be great and you totally gotta do it. And of course,
before you apply, the dunning-kruger effect is in play: you don't know the field yet, so you can't properly assess the opportunities, so you can't actually determine what real job opportunities there will be. A catch-22. Hence, it should be the job of colleges to correctly assess the opportunities and only take the student's money if they actually have a shot. Sure, more people will be turned away from courses then, but overall it will be protecting their interests from a predatory industry.
however, the upshot is that we also shouldn't concoct things to do at anyone else's expense because you got duped into studying something nobody actually needs. Remember: this applies equally to creatives as it does to people who did useless MBAs. If we take the "underemployment" argument and apply that to MBAs then we should concoct cushy corporate jobs for all the excess MBAs to make sure their egos aren't hurt by ending up flipping burgers, and we should concoct extra medical jobs for the more incompetent medical graduates who nobody will hire.
The student loan issue is a problem because it artificially hides the true cost of education from the student, while the colleges make unsustainable promises, since they're not the ones on the hook for the losses. But student loans are also a type of economic signal. Because if you boost access to credit in one area of the economy then it will boost growth in that sector of the economy. So the end result is that college administrations inevitable end up taking up a predatory position, feeding off students willingness to believe this particular course is a good idea, purely to fill student place quotas so that their faculty budget isn't slashed in later years.
You talk about how if there's a crash in a field then there's a problem because the expected places aren't there after the three years. I call bullshit on that. Even in the good years this is fucking people up. The only time that it was guaranteed that every college graduate got a good job was back when there were shortages in literally every field and they'd hire a trained monkey because they couldn't find enough people. In any sort of mature industry, only the top 50% of each course are going to find decent work. The rest are there to pad places and pad the budget, and have little chance of getting a job in their industry.
The thing is, you don't need to fix things so masters degree graduates don't end up flipping burgers. You need to have a decent minimum wage and pretty much abolish the current student loans scheme, rather than the current strategy of just throwing more money down the hole. A good start would be a rule that private colleges cannot make more than X% of their income from federal student loans. That would clean the industry right up. Right now some of the most predatory private colleges get 85%+ of their revenue from the student loans scheme, so they're literally just leeches off the public system. Limiting how much they can take to, for example, 33% would mean that private colleges need to raise up-front tuition, which means students will be more vigilant, while also raising more money from industry partnerships, meaning it's more likely that they jobs are actually there at the end.