#CollegeEducation #education #colleges #EducationDecisions
Does one get a college education simply to get a good job? Or, does one get a college education to expand his or her mind, and learn to think critically?
It appears most students today view a college education in practical terms: what’s the (employment) payoff at the end?
But, should they?
Maureen Downey, education columnist for The Atlanta Journal-Constitution, explored this topic in her May 10, 2022 column.
Downey quotes from the book “The Real World of College: What Higher Education Is and What It Can Be,” by Wendy Fischman and Howard Gardner of the Harvard Graduate School of Education.
The authors accuse college of “mission sprawl” and abandoning their main purpose, which they describe as enabling students to analyze, reflect, connect and communicate on the critical questions they will encounter in their lives and in the world, Downey writes.
“You go on a college tour and you hear about 100 different things,” Downey quotes Gardner. But what they don’t hear enough, in the authors’ minds, is how colleges develop the mind, Downey writes.
“If students don’t leave college better thinkers, writers and communicators, the colleges fail their core mission, Downey attributes to the authors.
Let’s break down what a college education is, and should be.
First, let’s establish that no college education is wasted, if the student vigorously pursues his or her studies, regardless of what his or her major is.
But, if a student, or his or her family, is paying dearly for that education, the student and family can reasonably expect a payoff at the end. Usually, that’s defined as a good job and career launch for the student. Worse yet, if the student incurs thousands of dollars in debt for that education, he or she had better have a good income to pay it back.
Today’s political environment might describe what the Harvard authors say the colleges’ mission should be as “indoctrination” of a certain political position. Or, as Downey calls it, “political correctness and free speech.”
A college education today also involves fun, new friendships, sports and other entertainment that can help mold a young person’s life.
This begs the question: why can’t a college education accomplish both the academic and practical goals students may have?
Certainly, some students’ studies can focus on critical thinking. Others can focus on the practical skills and knowledge that will help them launch the careers they want.
It boils down to choices. A student first must figure out what he or she wants to do after college. That requires him or her to take a certain batch of core courses toward that end. But in every semester schedule, there are usually electives that a student can choose to take that may have nothing to do with his or her major, but are of personal interest.
The smart student will choose those electives to help him or her develop his or her mind and make him or her a more well rounded, or well grounded, person.
Remember, too, that a college education isn’t for everyone. So, students and parents must determine whether the prospective college student is suited to college and ready for college (academically and financially).
The choices the student makes if he or she goes to college will determine how he or she uses his or her degree after graduation, and what kind of person he or she becomes.
Peter
Tag Archives: college education
IS COLLEGE WORTH THE INVESTMENT? DEPENDS
#CollegeEducation #colleges #education #investments
“If you are sending (your child) here (prestigious college) to get a job, you are sending them to the wrong place.”
That’s the likely response you would get from the admissions director of a prestigious college if you questioned him or her about a return on your investment, according to Maureen Downey, education columnist for The Atlanta Journal-Constitution.
Downey discussed the return on investment for a college degree in a column published Nov. 16, 2021.
Meanwhile, that same day, cnn.com published an analysis by Ronald Brownstein, a CNN political analyst, that concludes that the infrastructure bill approved in Washington that same week is heavily weighted to create jobs for blue-collar, non-college-educated workers.
What should we make of all this? First, college is not for everyone. Most advisers tell young people that college is the key to getting a good job.
But as Downey’s column points out, it largely depends what a student majors in that will determine his or her post-graduation job prospects, and likely salary.
So, especially if you are planning to go into debt to go to college, think long and hard. Some college majors, mostly in the science, technology, engineering and math fields, may be worth it.
Others, particularly in the liberal arts, may not – presuming you are expecting a dollar return on that investment.
But, if you just want an education, and money is not going to be a concern, then college could be a great learning experience and, perhaps, a fun four years.
If you are not suited to college, and are more suited to a trade, there will be a need for plumbers, electricians, carpenters etc., for the foreseeable future.
If neither of these paths suits you, there are a number of programs out there that could give you a potentially lucrative income, without having specific education, experience or background.
These programs, too, may not be for everyone. But if you have ambition, an open mind and are willing to be coached, they may be a very good alternative.
To learn about one of the best such programs, message me.
Education of any sort is never a bad thing. The more one learns, the more one can grow.
But college is expensive and time-consuming. Four years in college is four years of earning little, if anything. You have to see the payoff – not necessarily financial – at the end.
Remember, too, as Downey points out, in general, the more education you have, the more you are likely to earn, vs. the person with less education.
But getting back a lifetime of great earnings in exchange for going through college may not necessarily happen.
Therefore, careful choice is required. You have to know who you are, and who you want to be, to make such a choice.
The same path does not lead everyone to the same destination. Learn where you not only want to go, but also what best would suit you.
There is a path for everyone. Your path may not be the same as your friend’s. You have to find your own way.
Peter
WHO PAYS FOR YOUR COLLEGE EDUCATION?
#CollegeEducation #YoungAdultsMoveBackHome #StudentLoans #ParentsHelpingKids
Since the Great Recession, many adult children have leaned on their parents.
Sometimes, they wanted help with expenses. Cellphones and Internet service might have been unnecessary – or not invented — when parents were their children’s ages, but are so necessary now.
Some have even moved back home entirely. (That begs the question: do you really want to live your adult life under your parents’ roof?)
But a survey by Discover Student Loans may reveal a new trend. It says 38 percent of parents expect their child to pay for most of higher education, a 7 percent increase from 2018.
Luke McGrath broke down the numbers in the survey for Bloomberg News. His piece was also published July 30, 2019, in The Atlanta Journal-Constitution.
Conversely, the numbers show 28 percent of parents were willing and able to pick up the whole college tab for their kid(s). That’s a 6 percent drop from last year, McGrath’s article says. Moreover, of the 70 percent of parents surveyed who said they will not limit their child’s college choice based on price, more than half said they’re planning to rely on scholarship and grants to help cover the costs, McGrath’s article says.
As of September 2018, 11 percent of student debt was more than 90 days delinquent or in default, McGrath quotes the survey. In the last quarter of 2017, more than 44.5 million Americans had some form of outstanding student loans and almost 8 million had a balance of $50,000 or more, McGrath quotes the Federal Reserve Bank of New York.
Let’s break down the numbers in practical terms. College is expensive, and getting more so by the year. In theory, it is unaffordable for many students who could qualify to go. A college education COULD pay off in future income for students, yet many students are coming out of college not only with big debt, but slim job prospects.
Some may not earn enough money to live independently, and pay down their debt in a reasonable time.
Such a situation could chase a student back home to live with mom and dad and, therefore, put a wrench into mom and dad’s retirement plans.
What to do? First, as a student goes through high school, learn whether he or she is college material. If he or she is not, don’t force it on him or her.
Secondly, if they are college material, determine what their interests are and what they are thinking about doing for work with a degree. Get an idea what those jobs pay now. Hint: if the jobs don’t pay much now, they probably won’t pay much later. And, to add to the thought process, some jobs that pay well now may become obsolete later.
So, if your son or daughter is not college material, or wants to major in something less lucrative, add up the costs, and how you (or they) would pay for college. Remember, going to college is a decision easily postponed. There are almost always opportunities to go back to school, either on campus or online, part time or full time.
Now, think about how your son or daughter will earn money during this – we’ll call it transition – time between high school graduation and when they decide what to do with their lives. There are certainly traditional jobs that don’t require a college degree, albeit fewer opportunities than parents may remember. But there are also many ways to earn money – perhaps a lot more than a “regular” job would pay – by investing a few part-time, off-work hours a week at tasks that anyone, regardless of background or education, can do. To learn about one of the best such programs, message me.
In short, college is not for everyone. If you are unsure whether it’s for you, try courses at your local community college first. They are fairly inexpensive, particularly for basic, required early courses. You can always transfer to a four-year school after that, when, perhaps, more money would be available.
Or, if you are open enough, check out one of these non-W-2 potential income producers. You could create some great flexibility for yourself later in life, to do, or study, whatever you want.
Peter
COLLEGE GRADS’ JOB PROSPECTS IMPROVING? DON’T STAND AND APPLAUD YET
#CollegeGrads #employment #jobs #StudentDebt
It may be the best time to graduate college since the Great Recession. But they are still not great.
So writes Ruth Serven of The Kansas City Star. Her story was published July 3, 2016, in The Atlanta Journal-Constitution.
The unemployment rate for college grads is less than 5 percent, and job prospects are getting brighter, Serven writes. But 45 percent of those recent grads have jobs that don’t require their degrees, according to the Federal Reserve Bank of New York, Serven writes.
Though there is more work available, grads still face stagnant wages and the highest debt load ever, the article says.
In fact, 42 million people owe $1.3 trillion in student debt, according to the cover story in the August 2016 issue of Consumer Reports magazine, which condensed and reprinted an article by Reveal from The Center for Investigative Reporting.
“I feel I kind of ruined my life by going to college,” the CR article quotes Jackie Krowen, 32, of Portland, Ore., who owes $162,000 in student debt.
We’ve recently discussed this topic in this space, but it bears hearing another perspective.
Many graduates are coming out of college with debt the size of a home mortgage. How can they be expected to 1) buy a house? 2) begin saving for retirement? or 3) buy some of the essential things they need to live a decent life?
On top of the debt, the students’ expensive education is not giving them work that would be worth the investment, in many cases.
Also, some students are getting calls at all hours with prods, if not threats, to make payments on that debt.
Though most consider a home mortgage not just productive debt, but an actual financial vehicle, college debt, without having a commensurate job to make its burden light, is not productive debt.
Certainly, all education has value. But some education has more value than others. If a student goes on to be a doctor, for example, and goes into debt to make that happen, that’s, more or less, expected.
A medical practice can be lucrative and usually, before the doctor gets too old, it is usually paid off. Some even practice medicine in less lucrative places, in exchange for some eventual debt relief, among other inducements.
But if one studies, say, the liberal arts, and goes into debt to pay for that education, it’s very possible, even likely, that, if he gets a job at all, it will not be terribly lucrative. The student debt, therefore, becomes perhaps a lifelong burden. As that student ages, the burden may be so great that he will retire with little or nothing to help him get through old age.
Fortunately, there are solutions that don’t involve stiffing one’s debtor. There are ways to earn an extra income for a few part-time hours a week that might not only pay better than the job you are doing, but has the potential to make you financially free eventually. For one of the best, visit www.bign.com/pbilodeau.
By all means, before a student decides to go to college, sit down with parents and other advisers and do the math. If you have to borrow money to cover most of the costs, think about how you would pay it back. If you don’t have a good answer, reconsider your future.
Colleges and universities, too, should contemplate their futures. How good would it look to produce thousands, even millions, of graduates that are so crushed with debt, they’ll be paying on it forever? Someone needs to retool education to prevent this.
We have a love-hate relationship with education. We may love it while we’re in school, but, when we graduate, often we don’t love it nearly as much.
Peter
DEBT: WEALTH VEHICLE AND WEALTH KILLER
There’s good debt and bad debt.
Of course, having no debt at all is ideal, but often, to have what you want in life, you sometimes have to borrow money.
Mortgage debt is among the good kind. As you pay it down, you are paying a part of it to yourself in the form of equity in your home. The more you pay down, the greater the equity. As a bonus, you are living in your house, too, so there’s an absence of rent payments. When your house is completely paid off, you essentially are living there for free.
In this economic milieu, when you sell a house, it’s not an automatic profit. But if you HAVE to sell your house, one of the considerations is that for however long you’d lived in your house, you didn’t pay rent – all of which goes into someone else’s pocket.
College loan debt used to be considered good debt. You were getting money for an education that ultimately was going to lead you to a better job than if you hadn’t gone to college. It made college available to non-wealthy families.
But Carolyn Thompson, reporting for the Associated Press, asserts that student loan debt is widening the gap between rich and poor. Her article ran in the March 30, 2014, edition of The Tennessean newspaper in Nashville.
Thompson’s point: those who came out of college with lots of debt – roughly 37 million people saddled with $1 trillion in debt – will have a hard time catching up with the wealth of their peers who graduated with no debt at all. In short, those from wealthier families, long term, will have a leg up financially on their cohorts that were forced to borrow to go to school.
Looking at the big picture, a college education isn’t what it used to be. Decades ago, a college education gave you a shot at jobs that those who didn’t graduate or finish college wouldn’t get. Companies hired raw brains, and trained them for the jobs they wanted them to do.
Today, some of those degrees we cherished years ago are almost worthless in terms of job opportunities. You may have studied what you loved, or found your passion in, say, the arts, but converting that to economic advancement can be difficult.
Therefore, if you borrowed money to study what you love, or to find your passion, you need to do something to pay back all that debt. Unemployment, or constant job hunting, isn’t going to make that debt go away. Even if you get a good job out of college, as Thompson asserts, you’ll still have a potential six-figure debt out of the gate. Those years it takes to catch up to your debt-free peers may find you not getting a mortgage for the house you want, and having to settle for a lesser lifestyle for a long time. It could keep you from starting young to save for retirement.
In short: if you have to borrow money to go to college, you had better find it all worth it, regardless of what you study. You may come out an expert on Shakespeare’s works, but you could be making a living pouring coffee. Though there’s nothing wrong with having smart coffee pourers, you won’t be paying down your debt quickly, and may have little in savings at age 60.
There are numerous solutions to this problem, besides skipping college altogether. If you are not college material, don’t fret. There are other ways to make money. For one of the best, visit www.bign.com/pbilodeau . You may find a way to earn a substantial income without interfering with your academic loves or passion. If it fits you, and you start before college, you could have a financial leg up on all your peers.
As radio talk show host and financial expert Dave Ramsey might advise: don’t let debt be your financial death.
Peter