TO EDUCATE OR NOT EDUCATE: THAT IS THE QUESTION

One of the popular debates these days is whether a college education is the right choice for everyone enrolled in degree granting institutions. The arguments go something like this:

PRO:

1)      College graduates earn significantly more money than high school graduates (2x);

2)      The majority of jobs today require technology and social skills – the “stuff” you learn in college;

3)      Higher education is the foundation for change in later life (i.e., it prepares you for a life where career change is increasingly likely).

CON:

1)      There are more graduates than jobs in the higher paying managerial, technical, and professional occupations to which college graduates aspire;

2)      A large percentage of full-time students (40+%) who enter four-year college programs fail to have their degrees within 6 years (there are many universities where the graduation rate is less than 30%);

3)      There is nearly $1 trillion in college debt outstanding, hanging like an albatross around the necks of would be innovators and entrepreneurs;

4)      As the proportion of Americans “expecting” to attend college rises, the value of a college education decreases (I call this the “Audi” phenomenon. Many of the early Audi owners liked their vehicle because everyone didn’t have one.  As the Audi brand became more popular and they were more visible, some of the early owners defected to less “mainstream” brands).

My personal opinion is that college is a path that every American should be able to walk down if they so choose. Evaluating the costs and benefits of this path, deciding what to do in life, and asking what knowledge and skills are required should be an individual’s choice not dictated by an outside group or individual.

If the conclusion is that higher education is overpriced, let’s work on lowering the cost of education not limiting who gets it.