The education bubble

I really like what Peter Thiel has to say about education:
Education is a bubble in a classic sense. To call something a bubble, it must be overpriced and there must be an intense belief in it.
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Like housing was, college is advertised as an investment for the future. But in most cases it’s really just consumption, where college is just a four-year party, in the same way that buying a large house with a really big swimming pool, etc., is probably not an investment decision but a consumption decision.
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[W]e’ve looked at the math on this, and I estimate that 70 to 80 percent of the colleges in the U.S. are not generating a positive return on investment.
His fellowship plans to "select 20 college students under the age of 20 and pay them $100,000 each to drop out of college and embark on entrepreneurial careers."

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