Arianna Huffington has some interesting thoughts for those graduating from college in the class of 2011. She does not differentiate between those graduating with degrees in Petroleum Engineering and those graduating with degrees in Gender Studies. After all not all college degrees are created equally - but she does not mention this.
It clearly matters what one spends for a college education and very importantly what one studies. If you study a fun subject for which no one needs your skills then you will be deep in debt, and back living with your parents along with 85% of your classmates.
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