Posted on 05/07/2013 7:08:26 AM PDT by SeekAndFind
The U.S. is home to some of the greatest colleges and universities in the world. But with the student debt load at more than $1 trillion and youth unemployment elevated, when assessing the value of a college education, that’s only one part of the story.
Former Secretary of Education William Bennett, author of Is College Worth It, sat down with The Daily Ticker on the sidelines of the Milken Institute's 2013 Global Conference to talk about whether college is worth it.
“We have about 21 million people in higher education, and about half the people who start four year colleges don’t finish,” Bennett tells The Daily Ticker. “Those who do finish, who graduated in 2011 - half were either unemployed or radically underemployed and in debt.”
That average student loan balance for a 25-year-old is $20,326, according to the Federal Reserve of New York. Student debt is second largest source of U.S. household debt, after only mortgages.
Bennett assessed the “return on investment” for the 3500 colleges and universities in the country. He found that returns were positive for only 150 institutions.
He found college is “worth it” if you get into a top tier university like Stanford, or study an in-demand field like nuclear engineering at even a lower tier school.
(Excerpt) Read more at finance.yahoo.com ...
And only because the average employer is so shallow. You could be the laziest, most shiftless dimwit on the planet, but if you managed to wangle a degree from Harvard or Yale, they’ll cut you a big check as quick as they’re done having their multiple orgasm.
I see a huge education bubble, predicated on Gov’t money, fewer children in families and the shrinking idea that everyone can benefit from a college education.
I imagine Harvard and Yale will survive a shakeout, as will the state-funded universities. Then I look at the small, private, regional colleges among us here in the N.E., who still have $40,000 per year tuitions, no longer have any founding ethos - and wonder how they will survive.
The average employer could just look at SAT scores and hire HS graduates with good ones, train the employees on the job and all would be well on their way to mutual success.
2012 ROI Rankings: College Education Value Compared
With all of the expense and time required to attend college, does earning a degree pay off long-term? Yes, depending on which school you choose.
PayScale has ranked more than 850 U.S. colleges (for both in and out-of-state tuition when applicable) by their college tuition ROI - what you pay to attend versus what you get back in lifetime earnings.
http://www.payscale.com/college-education-value-2012
But in the long run, you will be found out. After five years, nobody cares where you went to school, only what you have accomplished.
Of education, knowledge and wisdom, the least is education and the greatest is wisdom.
Yes, I’ve met and worked with educated idiots with masters degrees and I live near a few folk who have an 8th grade education but wisdom beyond their years.
I did not complete my Associates degree until I was 47. I spent my “college money” on obtaining IT certifications. I have never be unemployed and have had a six figure salary since the mid 90’s.
Since my employer offers tuition assistance, I will finish my BS in EE in about 3 years. However, that is more to “fill in” and make my HR happy than for any real advancement.
Try getting a job without a bunch of degrees.
As an employer I’ve found the main benefit of having employees with a degree is the degree itself. It proves that person was able to set a goal and hold their stuff together long enough to reach that goal.
People with degrees aren’t any smarter then people without degrees. Although in many cases their writing/communication skills are much better and if they have a technical degree they are more capable of the logical thinking required in many fields.
It depends on the person though just like everything else.
But in the long run, you will be found out. After five years, nobody cares where you went to school, only what you have accomplished.
Well. We got our last child out of a prestigious “Ivy” and she got a job-an editor(of some sort) at a prominant publishing house- as she majored in English literature. She worked and we helped pay and she left with only $5,000 in debt. The debt has been paid. We were lucky!
Harvard and Yale have such huge endowments that they could easily exist for generations without charging ANY tuition, but as long as Uncle Sugar guarantees the loans why not?
“But in the long run, you will be found out. After five years, nobody cares where you went to school, only what you have accomplished.”
That is unless you wrk for the federal government.
Nice link. Thanks for sharing....
My son is attending one of the most selective, top 10 schools in the country and he’s guaranteed a job for the next 5 to 10 years. US Air Force Academy.
I was going to say that none of the academies are on the list, but then the payment is with years not dollars...
Go Navy, Beat Air Force
USNA ‘89
;-p
Companies used to give $50 IQ/Competency tests to decide who to hire. When that became illegal they went to only hiring people who had degress as the next best way to judge an unknown quantity. Now that everyone has a degree they only hire people who have degrees in a good major or from prestigious schools.
Since the courts have decided that disparity equals discrimination your method would get a company sued for not hiring enough blacks.
Each year I get either an early experience teacher, a student teacher, or both. They are always from our local Franciscan University. Most of these students are attending this private institution from out of state, and I’m always amazed at how many of them do not have at least part-time jobs. I know the job market is tough, but these kids choose not to work. They take out the full amount in loans after their tuition is adjusted for family income, etc. I’m just amazed at how quickly they sign the dotted line for all of those loans. My student teach from last year graduated with over $80,000 of debt for a teaching degree with a minor in drama! I think that this might be part of the problem. Students are getting easy money access without ever knowing what it’s like to carry that burden, and now that they’re experiencing the debt it is not fun. Just my 2¢.
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