Friday, June 1, 2012

College: Path to Success or Path to Financial Destruction?

It seems the more I tap into current affairs, the more I feel that college is a crap shoot. It's a gamble. And for the Muslims out there, may I remind you that Gambling is HARAM! (Forbidden for those not familiar with the Arab lingo) In pursuit of a college education, you risk getting into overwhelming debt. You're practically making a bet (also haram) with those lenders that you're going to nail a job when you graduate and will have fat stacks of cash to toss at them so they will get off your back. Easier said then done couldn't be a more appropriately used cliche to use for that. Case in point, a poor sap by the name of Nick Keith. Nick graduated from culinary school with $142,000 of debt on his head eight years ago and has yet to pay much of it off. Where is he now? Homeless! Living out of a van and on disability. It's truly a sad and horrifying story which you can read in full here. Here's a quote from the article from Keith below.

"I want to educate the public about the facts," Keith said. "My life has become a daily swim in a tar pit with very little hope of ever getting out."

A couple of my thoughts after reading that article:
  • STAY AWAY from ANY University or Institution of Higher Learning that has advertisements on Television! (I'm looking at you University of Phoenix, DeVry and National American University) Just RUN MAN, RUUNNNNNN!!!
  • Know what you wanna do with your life and research the best (non-scammy) way to make it happen. Look into the job market of the industry you want to study and become an employee in. What's the demand? The job outlook? The average salary for those in your area? Is a degree even a must? Weigh your options and just in general, do your homework.
  • Is a College degree really worth it? I find myself pondering that often, even before ever coming across this article. I mean for those that don't get full scholarships or have wealthy parents that will pay their college education in full (Which I'm sure is 90 percent of all people) you're looking at tens of thousands of dollars of debt no matter what you do. And you're hoping that college degree in your field of study will get you a job to pay off those sharks and at the same time put a roof over your head, support a family and put food on the table? I'll make dua for you.
  • THIS IS SCARY. I've been out of college two years now and owe less than half as much as that guy. And I haven't even STARTED paying. 
  • To high schools, parents, teachers, people as a whole: educate the youth about the reality of borrowing and lending, the evils of banks and how to handle and eliminate debt from your lives! Get them ready for all the bullcorn that's waiting for them after graduation day.
  • Muslim, Jew, Buddhist, Christian, heck even Atheists! I don't care! Pray your butt off that congress passes a law to relieve students young and old from paying grossly high student loans. We're paying money to make money and it's not paying off! (no pun intended).
What are your thoughts? Post your comments below in the comment section.


  1. Another great post. =)

    No matter where you go tuition is outrageously priced. I've read that tuition has grown by 400% in the past ten years, it's unbelievable. Colleges and banks are feeding their own wallets and given a big middle finger to everyone else.

  2. Having a child on college can certainly make you broke. However several say that HECS-HELP Benefit can help you on your college finances.