"College degrees bring higher income, but at today's cost they can't make up the savings they consume and the debt they add early in the life of a typical student. While Ernie was busy earning, Bill got stuck under his bill."
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This article was originally posted on the MSN network, and was authored by a Smart Money reporter.
The math is completely misleading. The author does not consider that the stock market may offer lower-than-expected returns during the next 40 years. Even worse, the author doesn't acknowledge that students can wipe out or reduce their financial risk by attending less expensive colleges.
We should be encouraging students to cut their costs and seek valuable degrees, not skip college entirely.
It is also totally misleading in the sense that it suggests that both will save 5% of the post tax income.
But if that's so, it also implies that the guy who went to college will have much higher quality of life, (e.g. by some ~30%). So no, it is still worth it. :)
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