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But is that all there is to it? Take a giant step backward, look at the history and the context that led up to the rise of the twixters, and you start to wonder, Is it that they don't want to grow up, or is it that the rest of society won't let them?
Matt Swann is 27. He took 6½ years to graduate from the University of Georgia. When he finally finished, he had a brand-spanking-new degree in cognitive science, which he describes as a wide-ranging interdisciplinary field that covers cognition, problem solving, artificial intelligence, linguistics, psychology, philosophy and anthropology. All of which is pretty cool, but its value in today's job market is not clear. "Before the '90s maybe, it seemed like a smart guy could do a lot of things," Swann says. "Kids used to go to college to get educated. That's what I did, which I think now was a bit naive. Being smart after college doesn't really mean anything. 'Oh, good, you're smart. Unfortunately your productivity's s___, so we're going to have to fire you.' "
College is the institution most of us entrust to watch over the transition to adulthood, but somewhere along the line that transition has slowed to a crawl. In a TIME poll of people ages 18 to 29, only 32% of those who attended college left school by age 21. In fact, the average college student takes five years to finish. The era of the four-year college degree is all but over.
Swann graduated in 2002 as a newly minted cognitive scientist, but the job he finally got a few months later was as a waiter in Atlanta. He waited tables for the next year and a half. It proved to be a blessing in disguise. Swann says he learned more real-world skills working in restaurants than he ever did in school. "It taught me how to deal with people. What you learn as a waiter is how to treat people fairly, especially when they're in a bad situation." That's especially valuable in his current job as an insurance-claims examiner.
There are several lessons about twixters to be learned from Swann's tale. One is that most colleges are seriously out of step with the real world in getting students ready to become workers in the postcollege world. Vocational schools like DeVry and Strayer, which focus on teaching practical skills, are seeing a mini-boom. Their enrollment grew 48% from 1996 to 2000. More traditional schools are scrambling to give their courses a practical spin. In the fall, Hendrix College in Conway, Ark., will introduce a program called the Odyssey project, which the school says will encourage students to "think outside the book" in areas like "professional and leadership development" and "service to the world." Dozens of other schools have set up similar initiatives.
As colleges struggle to get their students ready for real-world jobs, they are charging more for what they deliver. The resulting debt is a major factor in keeping twixters from moving on and growing up. Thirty years ago, most financial aid came in the form of grants, but now the emphasis is on lending, not on giving. Recent college graduates owe 85% more in student loans than their counterparts of a decade ago, according to the Center for Economic and Policy Research. In TIME's poll, 66% of those surveyed owed more than $10,000 when they graduated, and 5% owed more than $100,000. (And this says nothing about the credit-card companies that bombard freshmen with offers for cards that students then cheerfully abuse. Demos, a public-policy group, says credit-card debt for Americans 18 to 24 more than doubled from 1992 to 2001.) The longer it takes to pay off those loans, the longer it takes twixters to achieve the financial independence that's crucial to attaining an adult identity, not to mention the means to get out of their parents' house.
Meanwhile, those expensive, time-sucking college diplomas have become worth less than ever. So many more people go to college now a 53% increase since 1970 that the value of a degree on the job market has been diluted. The advantage in wages for college-degree holders hasn't risen significantly since the late 1990s, according to the Bureau of Labor Statistics. To compensate, a lot of twixters go back to school for graduate and professional degrees. Swann, for example, is planning to head back to business school to better his chances in the insurance game. But piling on extra degrees costs precious time and money and pushes adulthood even further into the future.