Lwoods wrote:niederbomb wrote:vanwinkle wrote:Nightrunner wrote:The problem isn't that it is impossible to pay those loans off at $70K/year; the problem is landing a $70K/year job.
This. This is the point. It's not just odds of making a certain amount of money but odds of finding a job requiring the degree at all.
Finding a $70K/yr job is not guaranteed even from T14. Some find work that pays even less, a few don't find any legal work at all. It's a lot more likely from T14 than lower-tier schools, but even then it's nowhere near a sure thing.
What percentage of T14 graduates get jobs that pay below the $72,000 median salary? And how long do they fall short?
Nothing is ever a sure thing in this economy, especially for a liberal arts graduate. Even going back to school for a hard science degree and graduating with a new B.S. 3 years later would not guarantee a good job or any job at all. What's the alternative?
1) Go to law school
2) Go back to undergrad to study something useful
3) Wait tables
4) Move to Asia to teach English (or study something useful in Asia to get a real job and have everyone look funny at you, the foreigner, with a degree from Beijing University)
...you don't need to get a new degree to switch fields... You can have a history degree and work in business. The problem is too many Gen-Yers expect to be making $70k+ right away in a career. Since working in business (not in finance or accounting, but one of the many other roles involved in running a business) requires working your way up from a $40k position for years before reaching 6-figures, many don't consider it as an option. Instead they think, "hey, I could just go to law school and make $100k right after that".
Maybe amongst the people you know, but none of my friends or I expect to make $70k a year right away. We would be thrilled with a $40k job.