US grad's story- college is scam, a bubble to burst

http://www.marketwatch.com/story/college-is-a-scam-lets-make-some-money-off-it-2011-05-26

Student-loan debt is now greater than credit-card debt for the first time ever. After the huge debt crisis we experienced in 2008 and the financial bust in housing that ruined so many lives, you would think we would be having more of a national discussion on this — but we just aren’t.

Forty-four percent of 2009 graduates are either unemployed or hold jobs that don’t require degrees. So, in other words, these millions of young people are five years behind their peers, and many are holding over $100,000 in debt. What a shame.

On whether the increased income is worth it:

Obviously, this test will never get done, but the basic idea is common sense. Take people who are equally intelligent and ambitious and give them a five-year head start, with no debt. They are going to do very well, I have no doubt.

Tuitions have gone up 10 times faster than inflation in the past 30 years and three times faster than health-care costs in the past 30 years. We need to have an active discussion on this as a society. Meanwhile, the greatest entrepreneurs, artists and inventors in history either didn’t go to college at all or dropped out (or were kicked out).

Ouch...