Grad School Scam

[MJ DeMarco]

This is a parody, but in all seriousness, it has rings of truth.

 

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[oddball]

That's awesome, but so true.

 

[Jamillah]

So much truth in that.

 

[Vic]

I know someone who racked up $50k in student debt getting her masters only to wind up working the same job she had left two years earlier. Now she is stuck with an $800 a month student loan bill which basically prevents her from moving out of her parents house. BTW, a student loan is something you cannot just stop paying, since it is basically controlled by the government they will garnish your wages to get their payment.

Her solution? Go into a PHD program in order to defer the payments.

 

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[MJ DeMarco]

Her solution? Go into a PHD program in order to defer the payments.

OMG. As I wrote elsewhere on the forum, that's called doubling-down on stupid.

 

[oddball]

OMG. As I wrote elsewhere on the forum, that's called doubling-down on stupid.

"But they said it's the smart thing to do"

 

[The-J]

Her solution? Go into a PHD program in order to defer the payments.

It's not that she's stupid... just uninformed. She doesn't know what else she can do. That's the sad part.

So, let's play a game: if you guys were in a situation where you had to pay a truckload of debt with a $800 a month payment, what would you do?

Personally, I'd get as many jobs as possible and increase that payment so I can clear off that debt as soon as possible, while at the same time saving up money to start up a Fastlane project.

 

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[miked_d]

Awesome.

Love the comparison to that cult...

 

[miked_d]

BTW, a student loan is something you cannot just stop paying, since it is basically controlled by the government they will garnish your wages to get their payment.

Loans do not go away with bankruptcy...

 

[socaldude]

My favorite is when law school grads sue the school because they can't get a job lol .

Her solution? Go into a PHD program in order to defer the payments.

I was talking with my University professor the other day and she told me that when she applied for her associate professor position, over 500 other applicants applied! Just for ONE position.

It's sad because people need to understand that college is about ROI and job market supply and demand. A degree is not worth something just because you have it. Its worth based on what someone else is willing to pay. And as we all know as supply increases; the price goes down.

 

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[Steele Concept]

Lol at the end of that video click on the video with the bright eyed brunette. It's another funny college humor grad school video.

I went to grad school because I love business and I love psychology so I figured a MA in I/O Psychology would be a good bang for the buck compromise between the PhD and BA and make me competitive when applying for jobs. IO Psych is basically business psychology and is the most well compensated in the psych field... 40k later I educated myself out of a lot entry level jobs, got the attention of an eminent VP at a great company and was laid off due to a corporate merger 6 months later.

Is this some kind of sick joke? I'm afraid not, check out The Education of Millionaires by Michael Ellsberg. This excessive specialized "education" is the next big bubble.

I decided to create my own job. Regardless of "success," I've learned more in 4 months designing my own product and starting my business than I did in 2 years of grad school, oh and I love it instead of hate it.

 

[InMotion]

I'd get as many jobs as possible

Not being sarcastic but...millions and millions of people are trying to land just one job. Excluding the people who just don't want to work.

 

[dknise]

Not being sarcastic but...millions and millions of people are trying to land just one job. Excluding the people who just don't want to work.

Ya and it's all because of this guy:
High Unemployment Rate Linked To One Man With 42,000 Jobs - YouTube

The only unemployed people right now are people who don't have any marketable skills or are willing to work for the going rate. Truth.

 

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[Hong King Kong]

I just graduated from University, and honestly I have alot of friends going into grad schools or getting 10hr a day jobs.
I felt the most valuable thing I got out of University was learning how to sit in a library for 9 hours and do research efficiently. Everything else is useless, if I could go back in time I never would've went to University for all those years.

 

[joona]

Cool video, unfortunately there is so much truth in that. Luckily the education is free where I come from. But then again, having a masters in anything doesn't really give you any advantage anymore...

My favorite is when law school grads sue the school because they can't get a job lol .

Some people really do that? Amazing!

 

[PatrickP]

Imagine if schools had to give money back guarantees lol


Popular schools can just about print their own money.

Think about it do you know of ANY other business which turns people away by not having enough product?
Any businesses which can decide if they will ALLOW you to purchase their product?

The school actually figures the cost to build a new classroom, how may chairs it can hold, the cost to employe a teacher to teach and they know exactly how much each extra seat will bring them in revenue.

They don't have to market as they already know how many applicants they turned down the year before and can accept enough additional students to fill those seats in the new classroom they built.


hmmmmm maybe they are onto something creating more of a demand by scarcity of product : )

 

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[heuriser]

Is there any point to school anymore, I wonder? With the proliferation of serious online education players like edX, coursera, udacity, it makes you question what is really worth something when starting a road to wealth and freedom? A six-figure diploma or degrees gotten over the span of a decade or more? Or a stack of certificates or simply the education resulting from focused flowing interest earned at one's own pace, for free...

 

[Steele Concept]

Revisiting this thread makes my blood boil a bit.

My undergrad advisor with a PhD in I/O psychology (From a top 10 uni) told me to get a Masters to work in the private sector in order to make more money than her. I did this while working full time and living with my folks so I could financially handle the load. So basically I busted my arse during this period and hated my life. As per my previous post I got a 'dream job' then was quickly laid off after my boss was due to corporate merger.

Started my own thing and taught myself how to sell, how to market, how to build websites, how to advertise etc. Mentors and google can teach you everything you need to know to make a million/billions these days.

In conclusion, F*ck school. F*ck trying like heck to get a $50k/year job only to get laid off to corporate merger or other bullshit. Yes my experience is limited and I am bias but I'd rather work for myself or a small like minded startup than corporate. I won't be as bitter once I repay my loans in full but I can honestly say going $40k in debt for grad school in this economy is a risky proposition.

The old system is broken and as fastlaners we know that WE and only WE are in control of our destiny. If I want a raise now, I go out and get myself one by selling... Not beg my master for a salary bump trying to pitch him/her why I provide so much value.

"I'd rather live a day as a lion, than a lifetime as a sheep."