Douglas Belkin
speaker
31 appearances
1 recordings
1 series
first heard Dec 2018
last heard Dec 2018
Douglas Belkin’s voice in public audio — every appearance, attributed to the second.
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Appearances
There was a big push by the federal government in the 1980s to get more people to enroll in college, and it's been very successful.
But the outcomes of what happens after people enroll are fairly uneven.
And that, along with the fact that there's been such an increase in the cost of going to college, the risk associated to enrollment has become a significant factor for folks who are considering what to do after high school graduation.
The labor market's been really tight right now, but initially what happened was there was just a lot of kids came out of college, and it devalued the degree.
So there are certain degrees from certain schools and certain subjects that maintain a really high premium, but there's a lot of degrees from a lot of schools that do not.
So there's this real distinction between what kind of degree you're getting and where you're getting it from.
As the labor market tightens and the skills that employers demand get increasingly more technical and the premium on higher order thinking continues to grow, that's helping to drive up
the salary differential between a high school graduate and a college graduate.
Yeah, this is a really interesting and powerful factor that is often not taken into account when folks enter college.
But when people graduate, there's a significant amount of underemployment, and that lasts through the 20s for probably about almost half of people who graduate.
That begins to drop off, but up to a third of people 10 years out of college remain in a job that does not demand a college degree.
So essentially what they've done is spent a lot of time and money getting a degree, which may have been fulfilling and helped them think better, be a better citizen, a better person, but they're not getting paid for it.
This is a huge problem in America.
This is really behind a lot of what we're seeing with the college default rate.
So there's $1.5 trillion in student loans out there.
And up to a third of them, of folks who do not graduate, end up defaulting on those loans at some point.
up until the age of 33, which is where the data goes right now.
That has important and really pernicious impacts on credit and on your ability to buy things down the line.
So for these kids who enter college, take out loans, and don't graduate, many of them are worse off than if they had not enrolled in the first place.
Different kids have different amounts of wiggle room.
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