Fundamental problem with education is that it is being treated as just like any other ‘investment’ but it is like playing in stock market with ‘margin’ money, not your earned money.
This doesn’t mean to say low SES should earned first then invest in education, rather we as society has to fundamentally change our view of education as ‘necessity’ and every child should start their adolescent life with 0 education debt as long as child is capable for that higher education.
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this article
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This really isn’t a student debt issue, IMO. Of course my heart goes out to the unmatched med school grads, but it is has been knowable for YEARS that going to Caribbean med schools is risky from a US resident matching perspective. It’s for this reason that many on these boards strongly encourage students to NOT go to Caribbean med schools.
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I can’t read the article without subscription, but as a physician, I’m very skeptical of the accuracy of the headline.
There are MANY residency programs that go unmatched every year, and that has been a long standing pattern, since there is a shortage of physicians in the US. That shortage is why so many international medical graduates (IMGs) can fill residency programs in the US.
If there is a problem, it is that medical students are going after competitive specialties and/or competitive programs. The match is just like applying to college…create a list that is appropriate to your academic standing and you will match. Plus, unfilled residencies are available and can fill with unmatched students after the match.
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Man you spoiled the party, 
I wanted to highlight difference of so called education debt vs risky endeavors by students.
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I hate that paywall too.
To summarize, articles talks about couple of Caribbean students failed to match with any residency for years and end up with hefty education debt.
One is from Georgetown SOM, and that is an exception in my view.
Article was trying to highlight that even having a Dr degree doesn’t guarantee a good income unless you are matched and if that process dooms (for so many Caribbean is the fact), alternative careers are not good enough to overcome that debt mount let alone all social stigma comes along with.
It also demonstrates risk behavior of students and those shouldn’t be rewarded in light of this thread main discussion topic.
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2+2 tuition in my state would come to $30,000. @ $8,400 for two years CC and @ $22,000 for two years at in-state flagship. There are cheaper university options though that could bring down the cost of those last two yesrs. Obviously every state will be different.
The cheapest option here is $34,000, not the state flagship but the least expensive commuter option (with the college that claims to be the cheapest in the state). It would be $40,000 at our flagship, and there are pricier public options.
Cheapest eng at IL state flagships starts at ~35K per year.
Does this include parent loans and private loans? Most of these stats never capture that.
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Agreed. @PPofEngrDr Does it also include students who have more than an undergrad degree? Could you share the source?
No, it is just UG degree at Public universities, not even private universities. We all know public univ costs less, thus causing less debt at end.
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Of course, debt levels at public universities depend a lot on the state. Some states make their public universities more affordable for in-state students than others.
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OOS public universities can cost the same as private. My daughter applied to 3 public and 2 private schools, same tier, chasing merit, all 5 were within a couple thousand of each other after merit, but still about $5000 over in state.
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Point is 50K forgiveness helps only 6% of public univ students.
the chart doesn’t say IS public univ. So I would refrain from that assumption, rather this is IS as well as OOS public universities students.
OOS public univ are generally less generous for aid unless candidate is a rock star. For average Joe, OOS univ are costly. Need-blind univ are best and generally they provide generous aid to those students.
I wasn’t referring to the chart, just the fact that public universities aren’t always cheaper than private, at least for a higher stats student who needs merit (and therefore applies to safeties).
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Student debt is a complicated problem, but no one forces you to spend $180,000 get a degree in comparative poetry. There has to be an expectation to gain marketable skills so your kid can mature into a functional adult that can support him/herself. Yes, tuition is high, and that needs to be addressed. But there’s something to be said about marketable skills at a low price.
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Doesn’t it help all public university students with debt on your chart? Not just the 6%.