Peter Thiel Will Pay You To Drop Out Of College

Only half of recent college grads are employed full-time

While Congress dukes it out over the federal interest rates on student loans, venture capitalist Peter Thiel has a solution for college students who don’t want to be saddled with huge amounts of debts in an unstable economy. The solution, he says, is to drop out of college.

“We have a bubble in education, like we had a bubble in housing…everybody believed you had to have a house, they’d pay whatever it took,” Thiel tells Morley Safer in an interview that will appear on 60 Minutes this evening. “Today, everybody believes that we need to go to college, and people will pay– whatever it takes.” And that’s way too much these days says Thiel, when people without a degree can make as much as those with an advanced one. “There are all sorts of vocational careers that pay extremely well today, so the average plumber makes as much as the average doctor,” Thiel tells Safer.

What is the Significance?

Only half of recent college grads are employed full-time and tuition has quadrupled over the past 30 years. Thiel says the system is broken.

“I did not realize how…screwed up the education system is. We now have $1 trillion in student debt in the U.S… cynically, you can say it’s paid for $1 trillion of lies about how good education is,” Thiel says in the 60 Minutes interview.

The Thiel Foundation’s “The 20 Under 20 Fellowship” pays $100,000 each to about 20 students every year. One of the contest rules requires that the applicant “stop active enrollment in school during the Fellowship.”

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via Big Think – An Phung

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