Is college worth it?

I have written before about my skepticism over the need for everyone to get a college education (here and here) as well as my extreme opposition to student loans and our current system of funding higher education (here, here and here). Today, via Joanne Jacobs, we find out that Charles Miller who led the Commission on the Future of Higher Education is now arguing that the earnings benefit for having a college degree is probably much less than has been previously stated.

Rather than being 1 million over a career, the number according to Charles Miller is more like $280K. Given that a private college education now routinely runs about $100K over 4 years with room and board and adding in the cost of interest on student loans, as well as the missed opportunity costs of having money which could otherwise be used to invest in a 401K or other investment vehicle going towards paying off student loans, this number really calls into question whether it makes sense to insist on a college diploma as a requirement for most decent jobs.

I have long thought that the credential inflation we have seen over the last couple of decades (requiring ever higher credentials for professional positions) is the result the failure of our high schools to adequately prepare students to enter into the workforce. Continue reading “Is college worth it?”

Forbes magazine on why your kids should think about skipping college

Over on msnbc.com they have an article from Forbes Magazine titled “Five Reasons to Skip College” which I think every parent and teen should read. The article points out that while there is a correlation between a college degree, particularly from a top school, and earnings, this should not be taken to be a causative relationship. If you’re smart and ambitious enough to get into … Continue reading Forbes magazine on why your kids should think about skipping college

Funding Higher Ed

In the past, I have posted about a column proposing that colleges no longer receive funding directly through the government, but that money be given directly to students to purchase educations and about the state of Colorado’s attempts to do just that. While I’m sure there are still many, many hurdles left, it appears that this may be an idea which has a chance of … Continue reading Funding Higher Ed