Earth to Academia: Student Loan Debt is Mounting - And It's Unethical.
Michael Ellsberg: I live in New York and there's this Occupy Wall Street activity happening. I actually haven't been down there yet but I've been following it a fair amount and one of the main things they're talking about is student debt and you see these photos of people who say, I'm $100,000 in debt and I don't have a job.
This is a really big issue right now. The average student graduates with $23,000 in debt. That's a lot of debt for a 22 year old, and if you combine that with not having a job that leads to a toxic situation. Student loan debt is the only form of debt that is not dischargeable in bankruptcy, which means that it is a very dangerous and risky kind of debt.
It's frightening that we encourage young people, often when they're not even legal adults yet. They can't legally vote, they can't join the military, they can't legally buy a pack of cigarettes or beer, they can't do any of that stuff... but it's fine if they want to sign their name off to a $100,000 in student debt, which they will not be able to get out of when they graduate if they can't pay it.
So what you're finding now is a lot of young people who are in a significant amount of debt, $23,000, 50,000, 100,000, and who are depending on being able to get a good job to be able to pay that debt off. Instead what they've found is a job at Starbucks if they're lucky - that's even hard to get these days. There's lines outside the Starbucks whenever they have a career fair. They're making seven dollars an hour, ten dollars an hour, fifteen, twenty dollars an hour; they've got to pay off $100,000 in debt. And a lot of these young people are defaulting.
Quite frankly, the salesmen of higher education are not warning their customers - their marks if you will- about this risk. All they say is, here's this rosy picture you get if you get our BA degree, our law degree, our MBA - here's all the wonderful things that are likely to happen to you. They don't talk about the other side: and here's the risk that you might be in the hole for $100 grand that you can't pay off because you don't have a job and the compound interest is spiralling upward.
To not talk about those risks borders on fraud, and it is certainly unethical that these people are selling this form of higher education and not talking about these very, very significant and serious risks.
Directed / Produced by
Jonathan Fowler & Elizabeth Rodd
The average student graduates with $23,000 in debt. "That's a lot of debt for a 22-year-old," says Michael Ellsberg - and when you combine it with astronomical rates of unemployment rates, you have a crisis on your hands.
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
Is it "perverseness," the "death drive," or something else?
A growing body of research shows promising signs that the keto diet might be able to improve mental health.
- The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
- Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
- Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.