Ok yes if you attend in-state then 20k (tuition, books) is doable for a good school.
But let's say 60k in debt though, saving 10% isn't even easy for most people especially if you're in an expensive area where most the jobs are. So you'd need 600k extra. Most people only save 2.2% of their income.
> In fact, the average graduation debt for those at public institutions was $25,550 not $200,000.
The average graduation debt probably includes payments made by parents. Yes if your education is being subsidized that will change the analysis. You can't really answer the question of whether college is a good idea unless you know if there are any subsidies for a person. Also your numbers are outdated. It's 38k in 2017.
I looked at your Brookings report but it's from 2011 and factors in an average 4 year degree at only 48k. If they update it to 2018 their 15% return would crumble.
Additionally, Brookings says "On average, 18 and 19 year olds right out of high school earn about $11,600 per year, while 20 and 21 year olds with a high school degree average about $15,400 per year".
Anyone that can get entry level in tech (as the parent suggested) will be multiples of that. If you can only obtain a 11-15k yr annual salary, then yes I agree college is a good investment (if you go in-state). But if you compare it to entry level tech as the parent suggests or an electrician or other trade rather than minimum wage fresh out of high school, no I don't think it's wise for most people unless someone is helping you pay for it (scholarship, parents, company, etc.). A 2 yr or cheap online degree is probably better for most people in my opinion.
But let's say 60k in debt though, saving 10% isn't even easy for most people especially if you're in an expensive area where most the jobs are. So you'd need 600k extra. Most people only save 2.2% of their income.
> In fact, the average graduation debt for those at public institutions was $25,550 not $200,000.
The average graduation debt probably includes payments made by parents. Yes if your education is being subsidized that will change the analysis. You can't really answer the question of whether college is a good idea unless you know if there are any subsidies for a person. Also your numbers are outdated. It's 38k in 2017.
I looked at your Brookings report but it's from 2011 and factors in an average 4 year degree at only 48k. If they update it to 2018 their 15% return would crumble.
Additionally, Brookings says "On average, 18 and 19 year olds right out of high school earn about $11,600 per year, while 20 and 21 year olds with a high school degree average about $15,400 per year".
Anyone that can get entry level in tech (as the parent suggested) will be multiples of that. If you can only obtain a 11-15k yr annual salary, then yes I agree college is a good investment (if you go in-state). But if you compare it to entry level tech as the parent suggests or an electrician or other trade rather than minimum wage fresh out of high school, no I don't think it's wise for most people unless someone is helping you pay for it (scholarship, parents, company, etc.). A 2 yr or cheap online degree is probably better for most people in my opinion.
Sources:
https://www.financialsamurai.com/the-average-savings-rates-b...
https://www.debt.org/students/