My daughter’s in her first year of tech college. She’s working toward an associate’s degree, and so far it’s been an interesting experience for her. Since she was homeschooled from the time she was little, this is her first year of regularly attending classes. So she comes home every day with reports of what goes on there, because it’s all new to her.
Some of the things she’s told us has surprised us. Of course, it’s been a long time since we went to college, but still……
The worse the economy gets, the more I’m seeing articles like this one asking whether today’s expensive college degrees are worth it. I suppose editors figure articles like this will grab the attention of those with degrees who can’t find work (misery loves company) and those without degrees who can’t find work (they’re thinking “See, a degree wouldn’t have helped!”)
The article is somewhat helpful in that the reporter tries to present both sides of the story. But there’s nothing there that you probably haven’t heard before, and some of the statistics used are a bit questionable. For example:
Studies indicate that college graduates are healthier, donate more blood, vote more often than other Americans and are more open-minded. They smoke less, exercise more and, a 2005 Pew study found, were 25 percent more likely than high school graduates to declare they were happy.
Note that it refers to college graduates. Last I heard, only half of college students actually graduate. So it makes sense that grads will be happier than non-grads, because many of the non-grads have the debt but not the sheepskin! Also, a healthy chunk of those who graduate come from families with above average income, which is where the likelihood of better health, less smoking and more exercise comes from, too. Other studies have shown that being happy is related to good health and having enough money. So duh.
Then there’s this factoid:
In 2007, Sandy Baum, a professor of economics at Skidmore College in Saratoga Springs, N.Y., studied the value of a degree for the College Board. ….Baum said that college was easily worth the cost. Plus the recession has laid bare another factor to consider:
“Even in this economy, the number of unemployed college graduates is half that of the unemployed who did not go to college,” she said.
That’s supposed to make college “easily worth the cost”? How so? As noted later in the article, less than 1/3 of American adults are college grads. That means more than 2/3 of American adults are not college grads. Since 1/3 is half of 2/3, it makes sense that the number of unemployed college grads would be half of the number of unemployed non-college grads. If college was “easily worth the cost,” a far smaller percentage of college grads would be unemployed. As it stands, the unemployment rate of the two groups is about the same. Hardly a point on the pro-college side.
OK, so I’m picking nits. I guess I’m just getting tired of the pro-college cheerleaders (note that Dr. Baum’s study was for the College Board) whistling in the dark. But bear with me while I share one more reason for going to college, from the article:
Another, even grimmer way to look at it: The poverty rate is 10.8 percent among high school grads. It is one-third less for those with bachelor’s degrees.
I got out my trusty calculator and learned that if this statement is true, then the poverty rate among college grads is 7.1%. I’m sorry, but 7.1% vs. 10.8% doesn’t seem like an earth-shattering difference to me.
Ultimately, it doesn’t matter. What does matter is that parents believed the hype about college being a necessity and sent their kids there in droves. Now we’ve got way more college grads than we need. The lousy economy makes the situation even worse.
What to do? I found some thought-provoking suggestions in the comments section of the article. Here are a few that made sense to me:
“I’m glad I never went to college until I was sure of what I wanted to do for a living instead of wasting my education by studying some major that was only somewhat interested in……I know so many who never liked the field they studied for.”
“Higher education in this country is a scam, it’s bloated, over-priced, and has sold us a bill of goods for the last 20 years. When a student pays $1,000 for a class at a state institution and has a grad student teach it (while the professor ‘conducts research’) that amounts to robbery. The entire system from 7th grade on up needs to be scrapped and re-designed.”
“There needs to be more emphasis on technical careers. Everyone is not college material and some people just don’t want to go to college. High school guidance counselors need to do a better job of telling kids about technical careers (cosmetology, mechanics, HVAC, etc.). A middle class society needs to have a balance of college educated as well as citizens who have skills in technical fields. I’m probably wishing for too much, though.”
“Simply having a degree doesn’t separate you from the pack anymore like it once did as more and more people are earning their BS. It’s simply supply and demand now. Get a degree in economics along with 200,000 other students, and what job exactly requires an economics degree? How many people with marketing or business degrees do we need?
Focus on a specific career like engineering, something in the medical field, accounting, etc. and you’ll be fine…….And if you want to be a teacher, don’t spend $200k getting the degree because it’ll never pay itself back… go to school somewhere more reasonable.”
What do you think?
There are some facts about colleges that deans of higher education would prefer that you not know.
In addition to the fact that half of all college students drop out before graduation, there’s the reality that most of the high-growth jobs of the future do not require a college degree.
This flies in the face of the common wisdom of the past 50 years that said you must have a college degree in order to get a decent job. That’s true in some career fields (who wants to be the patient of a neurosurgeon who hasn’t gone through college and medical school?) but it’s certainly not true for all fields.
The U.S. government makes projections about the growth (or lack of growth) in different career areas. You can find those numbers at the Bureau of Labor and Statistics (BLS) website. Here’s the latest BLS projection of above average growth and above average wage occupations. It’s an interesting document. Note that the projected increases in job growth are for a ten-year period (2006-2016).
When reading it, keep in mind that a high percentage increase in a given career field doesn’t necessarily translate into a lot of jobs. Check the “Employment” column on the left side of the page for actual numbers (in the thousands).
For example, on the first page you’ll see that the rate of increase for “aircraft cargo handling supervisors” is a healthy 23.3%. But that only equals 1,000 new jobs over the next ten years. Not exactly a booming career field in a country of over 300 million people.
On the other hand, note that while the BLS projects there will only be 10.4% more truck drivers needed over the next ten years, that’s the equivalent of 193,000 new jobs.
Once you become familiar with the chart layout, note the “source of training” column on the right side of the page. Most of the jobs on the first few pages do not require a bachelor’s degree. As you go through the document, you’ll find more jobs that do require at least a four-year degree. There are quite a few.
However, only a few of them show the highest growth potential in both percentages and numbers. They include a variety of tech careers, social workers, jobs in education, and accountants. For those willing to earn more than just a bachelor’s degree, a career as a pharmacist, physician or surgeon would certainly be a growth area to consider.
Still, most of the above average growth jobs that require bachelor’s degrees don’t equal many jobs. For example, only 100 jobs per year nationwide are expected to open up for archivists, anthropologists and archaeologists, marine engineers and naval architects, and atmospheric and space scientists. So unless your child passionately desires to become one of those professionals, you might want to gently point him or her in another direction.
Since many of the degree-required careers have such low projected job numbers, today’s parents have to think seriously about whether a degree is even worth it, particularly if their children’s interests and abilities don’t necessarily fit with the jobs with the most openings and growth in the future.
Again, colleges and universities will not tell you that the degrees they offer do not necessarily translate into good jobs, especially in the working world of the 21st century. This is one area where parents and their teens really have to do the homework for themselves.
It’s become an expectation in our society that most everyone, homeschooled or not, literate or not, will attend college. Whether a young person’s bent leans toward book-learning or engine-rebuilding doesn’t seem to matter. The important thing, we’re told, is that they go to college.
There’s an entire empire based on helping parents and teachers help students get into college. There are books and classes available, professional help can be hired to lead you through the application process….it’s a huge industry in itself.
But there are a few dirty little secrets about college. One in particular is purposely suppressed by colleges and universities. For all the fuss about getting into a good college, for all the money that’s saved up from the time the student is a toddler, for all the home equity lines parents must tap into, the fact is that only half of all college students actually graduate! And this is nothing new; it’s been true for 30 years.
(I worked in my college dorm office in the late 1970s. I vividly recall that officials overbooked all of the dorms at the large university I attended because they knew students would begin dropping out the first week. They didn’t want to end up with empty rooms.)
There are many reasons for such a high college dropout rate, the primary ones being that students can’t hack it or can’t afford it. But the bottom line is, half of all students don’t make it through college.
Of course, when a student drops out of college, he still has to pay for the time he was there. If he borrowed money to pay tuition and room-and-board (increasingly likely), that money has to be repaid with interest. So while he doesn’t leave with a diploma, he may well leave with a parting gift (as the old tv game show hosts used to call the loser’s consolation prize) of years of debt burden.
College brochures and websites are slick and packed with information, but they sure don’t mention that high dropout rate, do they?
I’ve been using Life Prep for Homeschooled Teenagers with dd17 for the past 18 months or so, and we’re almost finished. We’ve been having a lot of fun with the projects.
Funny how using Life Prep has been a different experience with each of my children.
Our eldest was very eager to get out on her own, so we emphasized the rent, food and utilities projects over the others. Our son was completely college-minded, so we stuck to more reading and less projects. Dd17 is not in a big hurry to be out on her own, but she’s not sure about college either (she’s already racked up a few credit hours and isn’t sure if she wants to keep going), but she really gets into all of the projects.
She has run a couple of small businesses, so she understands the need to watch your expenses and make prudent choices. She seems to really get into studying how loans work, and how you can save a lot of money by prepaying them.
While working on the projects from the book, she enjoyed playing with some online financial calculators at Bankrate.com. They’re wonderful! I plan on adding mention of them to the next edition of the book when we update it again in a few years.