Don't Send Your Kids to College

TheStreet.com ^ | November 19, 2008 | James Altucher

[reaganaut1]

Let's summarize quickly what's wrong with college:

1. First and foremost, it's too expensive. To send a kid to college you basically need up to $200,000. (I know these numbers are debatable, but bear with me and consider all expenses and a top-tier school.) That's insane. There's no way the incremental advantage your children get from having a diploma will ever pay that amount back. Perhaps for the first time ever the opportunity cost ("opportunity cost" being a phrase I remember from Economics 101) of college does not equal the extra profits generated by the degree.

2. I don't believe in a balanced education. Most colleges require kids to take a smattering of art, math, sciences, etc. Taking 10 different courses a year on wildly different topics, with enormous homework responsibilities in each one, not to mention droning, boring professors for at least eight of the 10, is the surest formula for creating complete non-interest and inability to remember anything in any of the topics covered. What a waste of $200,000.

3. There are far better uses of time.

What could you be doing instead of college?

a. Working -- not just a labor or service job, but there are many Internet-content jobs out there that are available to high school or college-age kids. I have high school and college kids working for me right now who are making over $50,000 a year from writing gigs on the Internet. Kids can scour Craigslist for opportunities, beloved blogs or Web sites related to their favorite interests. Companies are dying for good content. Create your own blog, get noticed, build relationships with other content companies and communities, and so on.

[reaganaut1]

Some kids should go to college, and many should not. Gifted children should probably be taking college level classes well before they are 18. Many Freepers who home-school have mentioned that their children do this.

Altucher is a rich hedge fund manager, and I bet his daughter will be going to college. Unlike many kids from affluent families, she will at least be forced to think about the decision.

[EQAndyBuzz]

Not only will his kid go to college, but she will probably go to an Ivy League school where he gives a generous endowment every year.

[KarlInOhio]

Altucher is a rich hedge fund manager, and I bet his daughter will be going to college.

Seeing what happened to hedge funds in the past year, he might put her on the street selling apples.

[HowlinglyMind-BendingAbsurdity]

"Most colleges require kids to take a smattering of art, math, sciences, etc. Taking 10 different courses a year on wildly different topics, with enormous homework responsibilities in each one, not to mention droning, boring professors for at least eight of the 10, is the surest formula for creating complete non-interest and inability to remember anything in any of the topics covered. What a waste of $200,000. "

While the theory is to provide balanced exposure to a wide variety of subjects, in practice each professor lays on way too much homework and reading in things they will never use. Too much time is wasted in education in courses on advanced mathematics students will never use. Even with all of that math and science, most Americans could not figure out that raising taxes during a recession is a bad idea and they voted for Obama. Something is very wrong with that. If the student is taking five courses a semester and at least four out of those five courses are taught by liberal professors and dominated by left-wing ideology it is going to be a waste of time.

[Tired of Taxes]

College is far less expensive if the student lives at home and commutes.

[svcw]

States schools are cheep. What is the need to push private schools?
Oh, yea if your child works really hard in high school there are scholarships and grants
There are some kids who are better off working than college. College is not for everyone and it is not be all to end all.

[CaptainK]

You just described my son.
And I know that he is on top of his studies and not cutting classes.

[callthemlikeyouseethem]

where was the part about the liberal indoctrination that is almost incurable? Paying a 100K or so to permit the poisoning of kids’ minds by activist professors/librarians/associates is nothing short of insane. Too many “teachers” have become preachers of their own ideology. Major universities have become overpriced indoctrination centers...IMVHO

[luckystarmom]

According to Texas A&M (which is a top-tier school), it cost $20,000 to send my son to A&M (if we lived in Texas). According to their website, he could also get around 10K in additional loans, grants, etc to help pay for college.

Even at $20K a year, that’s a total of 80K for 4 years. You’ll easily recap that working in a few years, especially if you get a degree in something like engineering.

Georgian residents are eligible for the Hope scholarships. It pays for tuition for a state college for residents who have an above a 3.0 GPA in high school. It’s a great deal.

[JTHomes]

We’re putting the idea in our kid’s heads that a year or two at a community college while working part time and living at home would be a really good idea. Most 18 year olds don’t really know what they want to do anyway, expect drink and party their first year. And we’ve got several major universities within driving distance as well after that.

[oyez]

The military is a good start. Even better with a few hours of trade school or community college before swearing in..

[luckystarmom]

I’ve used my advanced math throughout the years. I have a degree in Computer Science, and I worked as a software engineer for 10 years. My math skills came in handy.

I’m now a SAHM, and I’ve been a substitute teacher, and I am able to help all of my kids with their homework until about my son’s 2nd year of calculus. I don’t remember that much calculus. I still remember differential equations, and will be able to help with that also.

[HereInTheHeartland]

“To send a kid to college you basically need up to $200,000. “

Anyone spending that much on a undergrad degree is foolish. My random thoughts:

—Good state schools are much less expensive.
—Many scholarships out there
—Many high schools allow the kids to get college credit
—Some kids can earn 1 year of college credits while in high school.
—Maybe $200,000 is not out of line for an Ivy League degree in the right field.
—That's about what most med school grads and with coming out of med school; that would be a good investment in future earning power.

[LiberConservative]

I disagree. A college education is just as important now in getting a job as a high school diploma was 30 years ago.

[thesetruths]

Yeah, all you other people out there, don’t send your kid to college. Less competition. Basically, this is really bad advice. Although, I agree that borrowing or spending 200k for college is not necessary nor worthwhile.

[edzo4]

most of the college grads I know work for someone that didn't graduate

[Mr. Jeeves]

For a pittance, a free, public, Internet-based university could be created, granting degrees in every subject that doesn’t require laboratory work. Pass the exams, you get the degree - no other requirements. Google or Microsoft should do it and announce they will hire its graduates. It would piss off all the right people (educrats, Democrats, accrediting agencies...)

[luckystarmom]

That’s what my husband did, except he didn’t live at home. He did put himself through college without help from his parents or scholarships.

I have a special needs daughter, and we’re pushing the community college angle with her. It will give her a chance to try out college and see if that is what she wants to do, and we won’t have to put as much money into it. It also doesn’t force her to make all sorts of life adjustments (moving away from home), and allows her to focus on her academics.

[Dawn531]

We’re blessed to be in an area with several colleges. My kid lived at home and his commute to one school where he earned his AA was 10 miles each way, to the state U where he received his BA was 35 miles each way, and now he’s at a private U getting his Masters, and it’s 20 miles each way. Still the money he’s saved on room and board has been huge, even with the high gas costs.

I might also add that he, nor we, have paid a penny for tuition. Dual credit in HS, free tuition paid for by public school system; Bachelor’s, free tuition paid for by merit scholarship financed by state lottery, and tuition at grad school paid for by work as a graduate assistant.

Now, as far as 200,000 not being recouped with a college degree (and 200,000 is a degree from a high end college, most universities would cost much less)...that’s a ridiculous statement. If the kid’s career was only 20 years, that’s only 10,000 a year more they’d have to earn with a college degree, versus no degree, and if the kid’s degree was from an Ivy League college, he’d be earning much more than the normal college grad. Sure there are professions where they could make comparable pay, but the general statement is false, a college degree is almost a pre-req for entry level jobs in many industries, and a college grad usually earns much more over the course of their lifetime than a HS grad.

[Danette]

My son is a Freshman at a state college. He received a scholarship that covers his tuition. He lives at home and commutes 25 miles each way M-F.

Only thing he pays for are books, gas, and a meal plan on campus. He also received a grant from the state because of his grades in HS. Didn’t apply for it and it was “out of the blue.” He got it after the first month at college.

I have no complaints......so far.