Hopefully, this email is not arriving too late to consider whether you’re sending your children to college or considering a trade school. Or maybe this would apply to your grandchildren.
First, you need to understand that there was a big shift around 1965 when the Higher Education Act was passed that opened the floodgates of student loans for college.
The twist here is that the money borrowed goes to the college, not the student, but the student is on the hook (or the parents) to repay the loan.
And while a business can declare bankruptcy to erase a business loan, the student is prohibited from declaring bankruptcy to erase a student loan. It should actually be called a college loan because that is the entity where the money went.
The point is that we NEED tradespeople. Artificial Intelligence and ChatGPT cannot replace a telephone lineman, an auto mechanic, or a heating and air technician.
Within 4 years of graduating college a person in the trades can be making as much – or more – than a college graduate.
If a student chooses a major in liberal arts or fine arts or theatre, they may never make as much as someone in the trades.
For a full article that was published in the Los Angeles Times on June 25, 2023, please click here.
And if you’d like to see how colleges make money and don’t pay taxes, you can watch this 15-minute video:
To Your Prosperity,