The Online Degree Dorm Room

online degree programs psychology | So is $60,000 in debt worth a $100k job?

Posted by bposton on December 21st, 2006 — Posted in online degree programs psychology

Before I get off my soap box about college debt I’d like to share a few more opinions…

A few weeks ago there was a story in the USA Today about a guy who landed a job that pays $100,000 per year after piling up about $60,000 in credit card debt and loans to pay for his MBA at MIT.

He says it was worth it…

But instead of saving for a house he has to pay off debt at 15% interest.

Looking at his salary, maybe is is worth it, but not everyone will get a job like his.

It’s a pretty big risk, and one that most student just starting out may not be willing to take.

This is where a strategy that includes an online degree program would be helpful.

Think about it. If the student can live at home (which I know is asking a lot of 18-19 year olds, not to mention their parents) and avoid most or all of the room and board, they would come out much better financially at the end of 4 years.

Maybe distance education isn’t perfect for a teenager not yet used to the disipline that it would require, but what if?

What if the majority of the college students were online? Think about how much debt that would reduce. At least for most public universities, the majority of the costs of school is room and board, which is often higher than tuition itself.

OK maybe it’s a pipe dream

But I’m not sure what other good solutions are out there. If you know of any I’d love to read them in your comments.