Question

Since you are all in this class, I know that you all have to consider how to pay for college and all of you will solve that problem slightly differently, whether it be through paying yourself, help from your parents, financial aid or student loans. Critics of ever-expanding college enrollments argue that many students should not be going to college. Rather, they should be going to trade or vocation schools to become electricians, plumbers, stonemasons, etc. The reasoning is that skilled tradespeople often earn higher lifetime incomes than those who go to college and major in the humanities. The conclusion is that students would be better off because more students would go into trade or vocational schools and on average earn higher lifetime pay. Additionally, with fewer students attending college, tuition rates would decrease making college more affordable. Do you agree or disagree with this argument? Why? If this happened, what would be the impact on student loans (if any)? Be sure to explain your reasoning and use economics to justify your answer.

Answer 1

Definitely attending vocational schools is must as technical skills are more important than theoretical skills which are redundant.

This will also pave way for higher eages and employment opportunities and thus higher GDP and loan repayment easily.

Moreover demand for formal education will decrease causing scholarships to decrease and tuition fees as well and thus providing level playing field with affordable education which can be implemented. This will also resuce steudent debt trap. Subsequently student laon outgo will reduce and help nation come out of debt trap and recessionary economic activity.