The Blubber

Per Bloomberg

A new report by Bloomberg details how over 90% of colleges fail to give inquirers an accurate estimate of how much students would have to pay. This results in potential college applicants missing their estimates, which could land them even more in debt.

The report shares the story of Halid Hamadi, someone who wanted to go to Penn State to get his bachelor's degree. However, Hamadi didn't have much, and in fact, the student only had less than $7,000 in financial aid.

Hamadi reportedly had no support from his parents, but despite this, he figured that he could find a way to make going to college work. This was based on the information detailed in a letter he got from the college.

The problem was the financial aid letter didn't give him the complete picture, which left out things like on-campus housing and other expenses. This resulted in Hamadi going $120,000 in debt with an unfinished degree.

Hamandi, now 28, was still working to pay off the debt and gave a statement on how hard it was.

Hamadi: “I worked hard to get into these schools. I didn’t want to short myself by not going because of finances... But the information about what college would actually cost to attend was withheld. It wasn’t as explicit as it should have been.”

It was recently reported that a quarter of college graduates weren't able to make more than typical high school graduates. This came as Americans holding college degrees saw the most wage declines in two decades.

The recent sentiment showed that the majority of Americans now thought that getting a college degree wasn't worth it. This came from a poll, which showed that 56% of Americans thought that earning a four-year degree wasn't a good bet.

In 2013, a poll found that 53% of Americans were bullish on getting a college degree.

See flow at unusualwhales.com/flow.

Other News:

• 25% of college graduates don’t make more than the typical high school grad
• A majority of Americans now think getting a college degree isn't worth it

Resources:

Bloomberg