A College Education Is (Not) Worth The Time And Money Essay

A College Education Is (Not) Worth The Time And Money Essay-1
The truth is more nuanced, as Barack Obama hinted when he said in January that “folks can make a lot more” by learning a trade “than they might with an art history degree”.An angry art history professor forced him to apologise, but he was right.Overall, the six-year graduation rate for four-year institutions is only 59%.

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Her debt has swollen to $65,000, but she will have little trouble paying it off.

As Ms Styles’s story shows, there is no simple answer to the question “Is college worth it? American schoolkids pondering whether to take on huge student loans are constantly told that college is the gateway to the middle class.

And poor colleges will look worse than rich ones that offer lots of financial aid, since reducing the cost of a degree raises its return. But overall, the Pay Scale study surely overstates the financial value of a college education.

It does not compare graduates’ earnings to what they would have earned, had they skipped college.

Those who borrowed for a bachelor’s degree granted in 2012 owe an average of $29,400.

The Project on Student Debt, a non-profit, says that 15% of borrowers default within three years of entering repayment. Glenn Reynolds, a law professor and author of “The Higher Education Bubble”, writes of graduates who “may wind up living in their parents’ basements until they are old enough to collect Social Security.”That is an exaggeration: students enrolling this year who service their debts will see them forgiven after 20 years. It does not help that nearly a third of those who take out such loans eventually drop out of college; they must still repay their debts. Many four-year degrees drag on longer, and so cost more.But an arts graduate from Murray State University in Kentucky can expect to make 7,000 less over 20 years than a high school graduate, after paying for his education.Of the 153 arts degrees in the study, 46 generated a return on investment worse than plonking the money in 20-year treasury bills. Colleges that score badly will no doubt grumble that Pay Scale’s rankings are based on relatively small numbers of graduates from each institution.Grading the graders For all their flaws, studies like Pay Scale’s help would-be students (and their parents) make more informed choices.As Americans start to realise how much a bad choice can hurt them, they will demand more transparency.WHEN La Tisha Styles graduated from Kennesaw State University in Georgia in 2006 she had ,000 of student debt.This obligation would have been easy to discharge if her Spanish degree had helped her land a well-paid job.Even the least lucrative engineering courses generated a 20-year return of almost 0,000. All doubtless nourish the soul, but not all fatten the wallet.An arts degree from a rigorous school such as Columbia or the University of California, San Diego pays off handsomely.What is not in doubt is that the cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade.Student debt has grown so large that it stops many young people from buying houses, starting businesses or having children.


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