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New survey questions the value of college
College money
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Steve Chiotakis: I remember years ago, when I was working full time, knee-deep in Psych 283 homework and eating ramen noodles for dinner, I'd find myself mumbling one question.
From the Education Desk at WYPR in Baltimore, Marketplace's Amy Scott says it's a pretty common question.
Amy Scott: Is college worth the money? Not surprisingly, your answer may depend on whether you got a degree.
Paul Taylor is one of the Pew survey's authors. He says a majority of the general public said college is not a good value for the money.
Paul Taylor: But if you ask college graduates whether college was a good investment for them personally, an overwhelming share -- 86 percent -- say yes, it was a good investment for me personally.
Taylor says a typical college graduate makes almost $20,000 a year more than someone who has only finished high school.
Richard Vedder directs the Center for College Affordability and Productivity. He says that's not the case for the many people who go to college and don't finish.
Richard Vedder: There are still a lot of people for whom college is a good investment. But for that 40 percent who don't make it through, it's clearly not so good an investment.
College graduates also reported being happier and more satisfied with their jobs. Among 18- to 35-year-olds without a bachelor's degree and not in school, almost half said they couldn't afford college.
I'm Amy Scott for Marketplace.
The Student Loan Corporation had a recent infographic on the ROI of particular majors. At the end of the day, it's the major that will determine the career, although the school you go to has a lot to do with the type of job you have as well. Take a look at the SLC infographic here: https://www.studentloan.com/pay_for_college/roicollegemajors.htm.
Any family would be proud to say their student attended Stanford, Wellesley or Harvard. However, if parents are borrowing money against their homes, emptying retirement accounts or the student is taking out $100,000 in loans for an undergraduate degree; you have to decide whether or not that makes good financial sense. It is devastating to start college, run out of money and not finish. I believe the reason those polled who didn’t finish college didn’t think their college debt was a good value is because they probably do not receive the benefits that a college degree might afford them. I advocate strongly in my community that parents and students use the numerous resources available to help them find “good values†in education. It is up to the parents and the student to be prudent and aggressive about finding ways to pay for college. That strategy should certainly include a part-time and/or summer job
In my opinion, for those who are able, education is the foundation for success. Further, if we base education’s value strictly on dollars and cents, we totally miss the broad reach of its importance to our children, our society and to the future of our country. We get to choose whether we value, promote and reward education or by default, embrace ignorance.
