… one out of every two law graduates will not have a legal career, and most of the rest will never make enough money to pay back their educational loans.
But that’s not the part that scared me. This did.
For generations now, Americans have been told that it always makes sense to invest in higher education for themselves and their children. This belief was so strong that it had three unfortunate consequences: It convinced politicians and taxpayers that there was no good reason to subsidize public higher education (if people were going to enjoy such a good return on an investment why should the government subsidize it?). It encouraged colleges and universities to adopt a business mentality, which increasingly led these institutions to make revenue maximization their top goal. And it led the purchasers of higher education not to ask hard questions about whether what they were buying was worth the price they were being asked to pay for it.
In the Philippines, it’s not the student who drowns in loans to pay for his education. There are no educational loans here. It’s the parents who will sell their very souls to see their children finish college.
But what happens after they do finish college?
Most won’t get to practice their chosen profession.
Most won’t get to apply what they trained in college for.
These days, most end up being call center agents.