A college education used to be a distinct privilege and was universally recognized as a rare achievement that distinguished a person.

During the twentieth century this notion gradually dissolved. And then the U.S. baby boom generation glutted the job market with their degrees. This eventually led to the current status where a college degree is considered nearly essential to secure gainful employment in a career. Often, the average salaries are highlighted as to what a graduate can expect over time with each additional level of education completed. These numbers are no longer valid and entirely misleading. The salaries enjoyed by the baby boom generation during peak earning capacity years occurred during the 30 year bull market run, which is over. And along with it, the salaries enjoyed by Americans over that same period.

Those salaries, as well as a modern education, were overpriced. Government interference has contributed to significant price increases at colleges over time. The salaries enjoyed by baby boom graduates cycled during the U.S. financial bull market run were also over inflated. The reality, the future, is now being realized in the wake of what is now generally considered the Great Recession.

For-profit colleges are currently taking the rap for over priced education of questionable value by employers. But yet, like the pay-day loan market they provide a service to people and provide access to resources not otherwise obtainable. Federal loans simply exacerbate pricing since any commitment by the federal government to ensure easy access to “education” ensures price increases since it is made “easy”, combined with a decreasing value of the dollar over the same time period results in increased education costs for everyone.

The delinquency rates appear to be substantially greater by customers of for-profit education centers than traditional universities run by the public. Yet the funding, either federal loans or through private lending still exists although the use of federally funded loans outweigh other financing methods in for-profits.

If we look at the reported stories such as those reviewed at the following link: For-profit colleges slump converges with debtors, we should be able to make some interesting observations.

The graduates of these colleges or two-year trade and technical schools seem to think they are guaranteed employment in the field they studied. Appearing dismayed, by not fulfilling employment expectations, they defaulted on the loans. No detail is provided as to how much effort was taken to find a job in the given field or if jobs were available just not to the satisfaction of the graduate. But this is irrelevant. It is common knowledge that graduates from any accredited college are often working in unrelated fields. This is probably not the exception.

Also, was the choice of educational institution wise? Were they even accredited?

Perhaps, daring claims were made by the institutions that contributed to the applicants expectation on finding employment and increased income. Meanwhile, most employees seem to be dissatisfied with their job according to any human resource metric made publicly available these days. This is also irrelevant.

Bergschneider, the unsuccessful apartment hunter, has $100,000 in government and private education loans from her 2003 bachelor’s degree in computer arts from the Academy of Art University, a for-profit institution in San Francisco.

While Bergschneider received a college degree from a regionally accredited university, doesn’t 100k for any degree seem outrageous? Then consider employment prospects. Did Bergschneider take any time to consider the job market in this area or anticipate the salary averages?

There are several stories like this. But for-profit institutions are not the problem. It seems rather that as the for-profits flourished over the last decade, the growth was indicative of a gap in the traditional schools providing a quality education. As the Internet displaces or unsettles the population, it also provided another means to an objective.

Traditional schools no longer had a monopoly supported by state and federal governments. The dirty secret that was unearthed here is how pathetic the education has become in many institutions nation-wide, for-profit, not-for-profit, public and private. Since support was guaranteed by the government, the bureaucracy and educators could maintain these institutions to suit their own agenda, their own views of how things should be done, while arguing they are doing it all for the children. Meanwhile, expectations were lowered, the quality suffered, annual costs dwarfed inflation, lousy teachers were hired, and kids were “churned” out of this system with a piece of paper without the capacity to balance a checkbook.

Moreover, review the so called “lost decade”. Droves of students flooded into MBA programs hoping to be the next financial Saint, Warren Buffett. These graduates allegedly could balance a checkbook and wanted to go straight to Wall Street, earn a quarter million annually, and retire by age 40.

Targeting only the for-profits avoids scrutiny of this reality. If you can’t find these graduates working at Starbucks or auditioning for Trump’s “The Apprentice”, you most likely won’t find them working in real estate or the financial industry these days. An MBA education was tantamount to the biggest consumer fraud in graduate education in America. Why doesn’t the administration consider this during the tussle and bickering of the gainful employment legislation?

College is not for everyone. Going to college does not make someone “smarter”. And why is going to college necessary for a job? What professions find it essential to have a college education?

College should be an option for people for example, who want to explore philosophy. Such a person would seek out a college that excels in philosophy and be surrounded by people with like minds and explore the art and science of philosophy.

Instead, there is a program out there that one can major in for any occupation imaginable: Web design, medical billing, landscaping, video games and so on.

But the economics of the day do not really afford people the luxury to enjoy the traditional college experience. Part of the fraud is that the masses that must finance their education as they are told it is a road that will greatly increase the chances to obtain an upper class income. Upon completion, they are then told they must “save” and spend frugally otherwise there will be nothing to retire on, while at the same time pay off a mortgage-like education loan. Which at today’s increasing prices is financially unfeasible. Overall, a gloomy forecast for someone in their mid twenties.

Colleges used to have curriculum’s that supported a well rounded background regardless of future employment intentions. But was it also considered essential?. There are few professions besides medical and legal that require it. Others also make sense, to become a psychologist for example, or to be a physicist and other fields of study that make “being” something very hard without. But one can be a welder, an electrician, a web designer, a business continuity officer, or an artist without college. It is doubtful college will make you all that much better at any of these “jobs”.

Instead, I want a college that teaches a person how to read and write along with other basics. More students graduate college that can do neither at a level beyond the junior high or even elementary grades. If these basics are elusive, then going to high school may also be waste of time.

The for-profit debtors are no different than the other private or public debtors. They may have financed more debt on average but they are all in the same sinking ship.