It used to be controversial to say that college is a rip off. At this point, I think the arguments have reached the mainstream. The problem is that, while some kids win the intellectual lottery, it’s too risky for most kids to skip out on the credentials.
So the question is: how can you make the most of the fact that you are going to college at a time when most people think college does not prepare you for the next step in your life?
Here are seven things you can do right now:
1. If you’re taking out loans, transfer to a cheap school.
Believe it or not, there is no undergraduate degree that is worth taking out student loans to complete. This is true even for the Ivy League: Alan Krueger, an economist at Princeton, found that the indicator of whether someone will be a super achiever is not whether they attended Harvard or Princeton, but whether they applied. So the act of seeing yourself as a high achiever is more valuable than taking out loans to attend a high achiever school.
Here are many other arguments as to why you should not take out student loans for college. And Zach Bissonnette wrote my favorite book on the topic. But the bottom line is to figure out how to transfer to a very cheap school right now. Because the biggest thing you can do to preserve your ability to land a job in the future is to keep yourself debt-free now, so you can afford a job that does not pay well. Read more