by Karl Denninger
Market-Ticker.org
Recent film program graduates of Columbia University who took out federal student loans had a median debt of $181,000.
Yet two years after earning their master’s degrees, half of the borrowers were making less than $30,000 a year.
The Columbia program offers the most extreme example of how elite universities in recent years have awarded thousands of master’s degrees that don’t provide graduates enough early career earnings to begin paying down their federal student loans, according to a Wall Street Journal analysis of Education Department data.
Behind virtually every single one of these students is one or two parents that filed a FASFA with both the college and the government suborning an outrageous scam that has ruined countless young people’s lives, along with their gullible or stupid parents who deserve to find themselves in the street with nothing other than their underwear.
Not one of these programs is a reasonable investment with a rational rate of return or odds of success. None.