Is College a Lousy Investment?

Why are we spending so much money on college?

And why are we so unhappy about it? We all seem to agree that a college education is wonderful, and yet strangely we worry when we see families investing so much in this supposedly essential good. Maybe it’s time to ask a question that seems almost sacrilegious: is all this investment in college education really worth it?

The answer, I fear, is that it’s not. For an increasing number of kids, the extra time and money spent pursuing a college diploma will leave them worse off than they were before they set foot on campus.

For my entire adult life, an education has been the most important thing for middle-class households. My parents spent more educating my sister and me than they spent on their house, and they’re not the only ones … and, of course, for an increasing number of families, most of the cost of their house is actually the cost of living in a good school district. Questioning the value of a college education seems a bit like questioning the value of happiness, or fun.

Donald Marron, a private-equity investor whose portfolio companies have included a student-loan firm and an educational-technology startup, says, “If you’re in a position to be able to pay for education, it’s a bargain.” Those who can afford a degree from an elite institution are still in an enviable position. “You’ve got that with you for your whole life,” Marron pointed out. “It’s a real imprimatur that’s with you, as well as access to all these relationships.”

That’s true. I have certainly benefited greatly from the education my parents sacrificed to give me. On the other hand, that kind of education has gotten a whole lot more expensive since I was in school, and jobs seem to be getting scarcer, not more plentiful. These days an increasing number of commentators are nervously noting the uncomfortable similarities to the housing bubble, which started with parents telling their children that “renting is throwing your money away,” and ended in mass foreclosures.

Read more at The Daily Beast

Comments

Comments

  1. Laura says:

    *Sigh* Well yes, I can say that I’m well-educated and can think critically, but this has not translated into a job in my field. Thus, I donate my expertise and work in an unrelated job to feed my family.

    My advice? Get high schools to teach what they should, and you won’t need college for most decent jobs. Until then, take affordable classes at your local Junior College.

Polititainment

Michael Bay might direct Benghazi movie

Bay, who has spent the last several years gaining popularity for his "Transformers" films, is reportedly in talks to direct the Benghazi film "13 Hours," according to the Hollywood Reporter.

Holder wants Denzel to play him in movie

Holder spoke to The Hill about Hollywood and politics while at an event at the Washington Ideas Forum Wednesday that was hosted by The Aspen Institute and The Atlantic.

'Rival Survival' premiering Wednesday

Senators Jeff Flake (R-Ariz.) and Martin Heinrich (D-N.M.) are getting ready to show America their bipartisan fire-starting skills on "Rival Survival," a reality show starring tho lawmakers that premiers Wednesday night on the Discovery Channel.

Lovitz has a field day with Hillary

Before Hillary Clinton's jobs comment is swept aside as a minor whoopsie, a few words from Jon Lovitz.

John Oliver has some ideas for the FDA

Some people want more nutrition information on food labels--but who really understands those labels anyway?

White House

Russian hackers broke into the White House network

Hackers with suspected ties to the Russian government recently broke into the White House’s unclassified computer network, the Washington Post reported Tuesday night.

Obama is withholding over 15,000 Fast and Furious documents

President Obama claimed executive privilege to withhold over 15,000 documents relating to Operation Fast and Furious, including nearly 20 emails sent between Attorney General Eric Holder and his wife.

White House fence jumper charged with assault
WASHINGTON (AP) — The 23-year-old Maryland man who climbed over the White House fence Wednesday night has been charged with felonies for assaulting two police dogs and making threats, the Secret Service said Thursday. Dominic Adesanya of Bel Air, Maryland, is in custody of the U.S. Marshals Service for previous outstanding warrants, Secret Service spokesman Brian Leary said. […]
President Obama, unpaid bills and the curious editing of the White House transcript
President Obama, some unpaid bills and a curiously “inaudible” section of the White House recording of a speech — that’s how all good stories start, right? While at a Democratic National Committee fundraiser in Chicago, Obama cracked a joke about the “unpaid bills” at his home. The joke was reported by the White House Press […]
Secrecy shrouds how the Obamas cook their chicken wings

Now it seems the Obamas are tight-lipped even about their eating habits.

Congress

Justin Amash envisions a libertarian Congress

Rep. Justin Amash, the libertarian congressman from Michigan, knows that Congress is far from libertarian. But someday, he thinks that might change.

Rand Paul: The GOP's image ‘sucks’

Rand Paul didn’t mince words about the GOP.

Small college's students thrown into 2014 election

Young people tend not to engage much in the humdrum local politics that go into midterm elections. But what if it’s happening literally in their own backyard?

GOP senator: 'Sorry the government's so f***ed'

Sen. Lindsey Graham (R-S.C.) made some self-deprecating jokes and colorful remarks about the state of the government during a recent private gathering, per a recording provided to CNN by South Carolina Democrats.

Top lawmaker's Ebola claim

A leading House Republican says he is aware of information that points to the United States eventually receiving non-U.S. Ebola patients for treatment.