The Bureau of Labor Statistics (BLS) has done us another favor: it has blown the cover off the perception that a college degree is worth the money. Their listing of the top 30 occupations in job growth for the next 8 years shows that only five of them need a college degree!  They are nursing, post-secondary teachers, elementary school teachers, accountants and physicians. In fact, a closer look reveals that ten of those 30 don’t even need a high school diploma.

As Mark Perry notes:

The total amount of student loan debt carried by college graduates now exceeds $1 trillion for the first time, and many college graduates are having trouble finding jobs.  Given the job forecasts for this decade, perhaps this is more evidence that we’ve completely oversold the value of a 4-year college degree, at least for many of the college majors.

And on the average each of those who have graduated owe nearly $30,000 in student loan debt. So the touted advantage of having a college degree (“you’ll make $1 million more with one than without one”) turns out to be another lie (Ron Meyer at says the advantage is only about $300,000) and the graduates are left with diminishing prospects and a large debt to pay.

Citigroup estimates that some $74 billion of the $1 trillion in student loan debt is in default, with more coming as the graduates discover, belatedly, the reality of having been over-educated for the jobs that will be available for them.

But it’s worse than that. Built into Obamacare is the nationalization of student loans, so those defaults will be tacked onto the taxpayers’ backs, along with everything else. So guess who will be paying for the student loan defaults? The students themselves! The irony is staggering.

As Meyer notes:

Liberals in Congress have proposed forgiving all student loans via “The Student Loan Forgiveness Act 2012,” costing taxpayers $1 trillion.

Adding another $1 trillion dollars to the isn’t exactly “forgiveness” for young people—it’s prolonging the payoff. In fact, student loan are a catch-22 for young people because they’re going to be held accountable for paying off the and interest payments.

But who are the real beneficiaries here? Why, higher education, of course: “A student loan bailout will also be rewarding higher education bureaucrats for a diminished product.”

The solution isn’t likely to happen: privatize the whole student loan program. Such a suggestion

[isn’t] about limiting access to college; it’s about making sure students have a well-thought out plan for their future before investors put a $100,000 stake in their education.

The reality that graduates are just now discovering would have been revealed long beforehand. For who would invest private money into a college education for a student who had no plan or prospect to pay it back?

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