College A Bad Investment?

Here is an update from the person who wrote asking whether a college degree followed by a minimum wage job was a bad investment.  Read it and we will review it on Monday.   Readers:  Feel free to e-mail any comments before Monday.

I graduated with a general social science degree, with which I intended to go to law school.  I was five credits short of a geography degree and had sufficient credits for the soc sci degree, and took it because I didn't see any particular advantage in a geography degree and wanted to get on with my life.  My coursework included a lot of computer mapping and a minor in comp sci.  I earned 90% of my college expenses and graduated with a debt load which would have been easily manageable on a normal income.  Also, since the cost of law school was soaring at the time, and since I was watching others go to law school and not be able to make a living as a lawyer, in a fit of risk aversion I decided not to go to law school.

My college placement office wouldn't let me interview for IT jobs because it considered my comp sci coursework insufficient to meet employer requirements; I did get one on-campus IT interview: I was beat out for that job by another graduating student who had had related Work-Study employment, i.e. that person had experience I lacked.

I graduated in the middle of a recession, in a local economy that was even more depressed.  Two-thirds of our graduating students were leaving the state for employment elsewhere.  I took a data entry job with a startup I knew personally, working with poorly handwritten records.   

Everything I learned in college about computers was done on mainframes, and my IT skills quickly became obsolete.

Several years ago I had an extended illness during which I was in hospital for two months and semi-ambulatoey (required a walker) and unable to work for about a year after that.  As I had no income during this time, I had to move to a different part of the country to live with relatives until I could get back to work and earn an income.

So now I am working in a convenience store earning the Oregon minimum wage of $7.50 per hour.  The only internal advancement path here is to manager, and no openings are expected for a decade or so.  Since my credit went in the tank when I was unable to work, it is unlikely I could make a lateral move to an employer with advancement opportunities, and on my income I can't get my credit out of the tank.

I have a little less than $8,000 in remaining student loan debt, on which I am currently paying $100 per month - about 12 years until payoff at 7%.  I also have several thousand dollars of credit card debt which was charged off when I had no income.  (Call me stupid; I was taking cash advances to make student loan payments.  I knew what I was doing and thought I was buying time - all I needed was more income, then I'd be able to pay off everything.  Other than that, I don't think I made more than $100 in frivolous charges on my cards. I have very simple tastes and there is nothing I would run out and buy if I had the money.)  Note that my student loans are in default and that I am making payments on them toward eventual payoff.

Given my age and lack of both skills and career-related employment, I don't think there is a good job out there for me. I see others far more qualified stuggling and I don't think I have a chance.

Comments

[Kellie]

Wow...thinking like this will get someone no where. This sounds more like "I'm a victim talk". Please speak to someone about this, seriously look at your skills and re-evaluate your career.