With the automated HR systems now running screening, NOT having a degree means that you only have networking as a workaround. Now, if you happen to be very good, and in the right place at the right time, then that CAN work out. But that's like putting all of your hopes on winning the MLB homerun derby, isn't it? Sure, you may be talented, but there is an element of luck involved, too, and nobody can predict that or change it either.
I can't speak for other industries, but as I said earlier, that's just not true for IT. "Or equivalent experience" is a very common term. Getting your resume past an automated screener in IT is simply a matter of loading it up with the kind of acronyms and jargon that you'll find listed on the job posting: SQL, Cobol, TCP/IP, disaster recovery, etc. Depending on your area, there are certifications that can count for more than a degree, and those certifications are cheaper to attain.
What's more, those certification authorities are better at keeping up with the industry than colleges.
I do not buy all the hype surrounding elite/not-quite-elite college admissions, however. I simply do NOT think that an additional 40K annually can be justified over what the local state university costs. DD might apply just to prove to herself that she's good enough to get in... but I for one am not going to encourage (or even stay silent) if she proposes racking up more than 10K in loans. No way. You're borrowing against your future at the company store, kiddo...
I think of it in terms of "what if the worst case scenario came true?" What if you became unable to work through illness or injury? Could you still repay it? What if you were forced to drop out before finishing? Could you still repay it?
Any time the answer is "I'm not sure how I would do that" then that's a red flag, in my opinion. Educational debt is unsecured, and it's no longer easy to discharge.
Ditto.
For the last 20-30 years, we've seen college expenses increase annually by double digits, even when adjusted for inflation, while wages have stagnated, and benefits have decreased. Educational debt is nigh on impossible to discharge in a bankruptcy. It's already getting to the point where a degree is not worth the expense for a growing number of people, the ROI just doesn't work. As these trends are allowed to continue, the pool of people who will materially benefit from a college education grows ever smaller.
10k in loans is quite optimistic. The average student graduated in 2011 with $26,600 in debt.
http://www.nbcnews.com/business/student-loan-debt-hits-record-high-study-shows-1C6542975
