Four years ago, in one of its taxpayer subsidized research papers, the San Fran Fed asked "is it still worth going to college", looking at the tradeoff between the "investment" of tens of thousands of dollars in student loans relative to the pick up in earnings potential over one's lifetime. It founds that the answer is "yes" because "the value of a college degree remains high, and the average college graduate can recover the costs of attending in less than 20 years." In other words by the time one is 42, one's student loans will be paid off, assuming of course that one can still find a job. And, staying in this idealized world, the difference between earnings continues to grow "such that the average college graduate earns over $800,000 more than the average high school graduate by retirement age."
Four years later, the New York decided to rerun the same analysis, which it described in a recent blog post "The College Boost: Is the Return on a Degree Fading?", and came to a starkly bleaker conclusion.
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