What are the possible repercussions of the large amount of student debt and the increasing difficulty of paying said...

What are the possible repercussions of the large amount of student debt and the increasing difficulty of paying said loans?

People will finally start picking up trades where people pay you for an apprenticeship.

1. Useless degrees will finally fall out of favor
2. Trade schools back in
3. The "everyone needs and deserves to go to college" meme will die.

Slavery or prison, your choice, goy.

Our consumer economy runs off of debt. That means that for the state to function and for corporations to continue with their profits, we need more and more debt. In the past, the Baby Boomers provided a massive pool of debt, with the arrival of credit cards.

Unfortunately, the Baby Boomers are growing old and not purchasing as much stuff as they used to, and many of them are also becoming debt-saturated (they are too busy paying off their current debt to accrue new debt).

This debt deficit (amusing term, no?) is being made up by the Millennials. Many students are completing their four-year degrees only to discover that the high-paying, technical jobs they trained for are being taken by F1B visa holders, who are not U.S. citizens, and will work for pennies on the dollar. This lack of income and their overwhelming student loans, which are often over $50k, mean that a sizable percentage of millennial are going to be perpetually trapped in poverty.

If the F1B visa program can be revoked, it will mean a lot of these jobs are going to be opening again for Millennials, but it will take a few decades to really even out.

Financial crash late into Trump's term since he is an easy scapegoat.

>TFW time to save up big to buy that dip

These, hopefully.

We're in a transition right now. A lot of people, like myself, are "educated" in so far as being able to operate a certain type of software. For instance, I have a diploma that qualifies me to draw draw lines in AutoCAD for eight hours a day. Many people are qualified to do less than this but they even have university degrees. Education is a bubble.

I don't think that people will start picking up trades at a greater rate if demand doesn't rise, but I do think that jobs like mine will be devalued within the next decade or two. Basically office drones will finally be put in their place.

american culture and k-12 education would have to change since it's currently designed around teaching children and praising innovation and entrepreneurship as opposed to an actual trade. That's one of the reason why American test scores are so low; that's not the focus. Not to mention how American businesses would have to start being more employee friendly in order to attract students going out of high school, as well as other cultural shifts. It's going to take a lot more than debt to make American students stop thinking of vocational schools as for poor and stupid people and start even considering it to be a possibility.

Bubble, like the housing bubble, if left unchecked.
People in the know on HN are pretty certain of it.

The problem is not debt per se, but that college costs skyrocket to match the "free" money supply. And markets can stay irrational much longer than you can stay solvent.

We shame people too much for not conforming to some ideal. It doesn't motivate people to be exceptional; no mediocre person will become exceptional if you just keep grilling him about it. What ends up happening is that most people get degrees they don't like, or degrees they can't get a job with just because they were told all their life that they need to go to university or else they're a stupid dumbass. But I don't think any of that is going to change anytime soon. Hell, there are definitely people from my generation now teaching little kids in schools.

A lot of Marxists and Liberals.

Hard to say since you can't default on it. It's basically debt servitude. Slavery.

thought trump said he doesn't drink

Totally this. I sometimes wonder, with the idea of Emerging Adulthood, if a lot of millenials are even capable of understanding the long term burden of debt. Probably should push student loans to the same 21+ category as gambling.

It was from some WWF meme event.

>Trump = Trump
>McMahon = the establishment
>Booker T = Sup Forums

Woah! this is a DEEP pic

OPs pic really makes you think

I don't get how anyone can be dumb anymore when we have a limitless fountain of knowledge at our fingertips

Students will need to pick only valuable education.

>The immigrants are taking your jobs that require a Bachelor's degree minimum for entry!

Says the user who probably hasn't had to actually apply for work after graduating from a college.

I think it'll be a mix of and

I learned to appreciate having teachers as I've aged. Even a smartass like you probably couldn't learn theoretical physics from google.

Leaffag speaks truth
Consider Jordan B Peterson - on your own, you could learn every bit of the knowledge he speaks of but you still wouldn't come even close to his level of erudition

>You can't default on it

Yes you can, and it's also extremely easy to not pay on your student loans, ever. Doctors and lawyers have an especially easy ride through default.

t. Former student loan debt collector

>Emerging Adulthood
The fuck is that?

The part of the human brain responsible for rational decision making doesn't complete development until about 25.

So now we have a period between adolescence and adulthood, characterized by the completion of this development?

>tfw raised from the cradle to believe you were a loser if you didn't go to college
>tfw virtually no one makes any effort to explain to teenagers the magnitude of the debt that they'd be collecting while in college
>tfw there is an entire generation of people with bachelor degrees roughly as valuable as high school diplomas used to be, only now they're thousands of dollars in debt before they even own literally anything

Was this planned? Were the past 20 years all a trick? Is it possible that banks pushed the "everyone should go to college" meme with intent to enslave an entire generation? It seems so damn engineered. I grew up in a community where nobody went to college at all, but they all pushed for their millennial children to do so from the time they were infants. Now if you go back there the attitudes have all changed and they all say that college is a scam. This seems to have been the case most everywhere.

Serious question.

24, college grad. Is it too late for me to look into learning a trade?

Never too late pal. :)

Idk. How do you get a machine to draw all the crazy shit architects come up with nowadays

I was under the impression that learning trades had age limits. Is this not the case?

Nope. Some apprenticeships offered by companies/businesses do take people right out of highschool, but you'll should be able to get one while at trade schooll/technical collage.

>electricians
in Poland it's pretty decent job, with clear ladder based on experience and certification for ever higher voltage.
anything related to maintenance and installation of industrial scale installation is safe bet for many decades to come. think windmill farms, factory robots.
you can always pivot into automatics - mix of electrics, electronics and simple programming.

automation* not automatics, i'm idiot with bear arms

nope

How might one do this without chapter 7?

Interesting. I'll look into ones that deal with computers. If there's any specific discipline you'd recommend let me know.

nothing off the top of my head; i only know polish market, and mostly as software developer.
anything that's meshes two disciplines, say computers and robots, pays better than a 'pure' discipline.
a friend started as automation engineer, pivoted into project manager/sales manager, pivoted again and now runs an Amazon distribution center for decent $$. kids do that to you ;)