How much is too much?

Recently, thanks to Nando of http://thirdtierreality.blogspot.com/, I was pointed to an article in the New York Times, CUNY Leader's Salary Outpaces Faculty. I was stunned to see that the salary of this individual is now over $600,000 a year, which includes a $90,000 a year (think: $7,500 a month) housing allowance. That's right, $7,500 a month for housing ON top of a massiave wage. And some people still claim that the education system is not experiencing a bubble? Do people honestly expect that this system will never collapse?




"He has also received a series of raises that have nearly doubled his base salary. His total compensation package, which includes a $90,000 housing allowance, is now just over $600,000. Last fall he was granted a 9 percent salary increase, at a time when some other college presidents had chosen to turn down raises out of support for campuses pinched by the economic downturn." -The New York Times

Who Is Paying the Price?

It is the student that pays the price for college, both at the beginning, through tuition, and at the end, through the lack of jobs and oversaturation of graduates in the market. The supply of degrees grossly outpaces the demand for those who hold degrees, and thus, hundreds of thousands of people are suffering. Student loan debt is through the ceiling, yet this is barely addressed, as many people still falsely believe that college is a golden ticket. Even today's youth seem enamored that they are part of the 'college crowd'. Images of big money dances around in their heads.

For example, on social networking sites, such as Facebook, students share their grades and the pride for the education that they are receiving. Their parents and grandparents, some of which never went to college and who saw the friends of theirs who went to college make it big, tell them that their lives will be wonderful because of it. Fat cat deans and administrators smile at this, laughing amongst themselves at those who blindly take out loans for tens of thousands of dollars, or those who use their parents life savings to attend college.

Ripped Off at the Community College...

I was always told that taking two years at a community college before transferring to a university was a good idea. At one time this was, but now even a community college is not cheap. While a few exist that have low rates, many charge almost $1,000 a class, and once you add room and board, a semester comes out to quite a sum. Of course, this is less than the big private universities, charging outrageous sums that increase yearly for no rhyme or reason. However, gone are the days where a community college education followed by 2 years at a university were a good value.

In Awe...

There are thousands of children dreaming of going to college. Their parents will continually tell them to to go school. They will be laughed at by their college going friends if they consider any other option. The idea of taking over father's lawn mowing company or the family painting company is mocked and ridiculed. Why learn a trade when I can be a lawyer? Why learn plumbing if I can learn physchology? Such ways of thinking are condoned, and even celebrated. Parents smile at the idea of their kids going to school. "If you won't take over father's store, then you had better at least go to college."

And these children are taught that all that matters is that degree. Some are taught that internships and networking will help, and it does help, but it does not guarantee success.

I can not help but wonder what the deans of these schools tell their kids when it comes time for them to make the college decision. I would imagine some are whisked away to schools like Harvard, where a degree still has power. Others may be set for life, living off of father's investment income, or playing Marco Polo in the pool on the family yacht.

What Should I do Then?

You, dear reader, should not stand for this kind of thing. You can make an informed choice when it comes to your education. You need to make yourself aware that the traditional college method is NOT the only way through life. There are many people who do not go to college and who are successful. If you put 4-8 years of your life and money towards starting a business instead of going to college, you would have a much better investment. Consider learning a trade, or entering a program that does not ask for tens or hundreds of thousands of dollars. Consider taking over a family business or working with someone in the family if there is such an indvidual. If you do decide to learn a trade don't get ripped off by paying excessive amounts. Many schools are taking advantage of this bubble by popping up and taking your money. One person I know goes to massage school and has to take psychology classes to learn massage. This may be a sign of a rip off.

As a consumer on the verge of paying excessive sums to work for those who you paid you should make an informed decision. If you are going to law school think long and hard about your choice. Look at your connections and resources, but do not go blindly. The real legal job market, not the one that is in the law school brochures, is a terrifying place. Don't listen to the lemmings on top-law-schools who have no clue about the world out there. Many of those individuals are 0Ls with no clue what the legal market is like. Paintings of dancing bronies exist in their minds, and dollar signs light up their eyes. And they claim to be superior and unlike any before them.

Law school teaches you only a few things of value. One of them is research. Law school does not want you to research this information before you enter school, however. The schools want you to research what you can do with $160,000 a year, plus bonuses. They only want you to research the information they send you via e-mail or in the postal mail. However, you will make a much better decision if you at least know what you are getting yourself into before acting.