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Here are today’s major trends concerning college degrees:
- You need a college degree in order to even apply for a good paying job.
- College tuition continues to rise dramatically faster than the official rate of inflation (as well as it seems than the returns on my kids’ college savings accounts)
- Earning a college degree doesn’t guarantee you a good paying job as demonstrated by countless stories of college graduates not being able to find work or finding only low paying jobs.
- Total student loan debt now exceeds total credit card debt.
All, however, is not doom and gloom.
- Libraries, the internet and on-line education services such as Khan Academy provide access to a wide range of courses, text books and research reports at little to no cost.
So now I’m torn. With these on-line resources, my kids can learn just about everything they would have learned in college at a fraction of the cost. So should I still encourage them to go to college?
The short answer is yes. To me college is really four components: Education, Social Connections, Alumni Network, and College Life and even if my kids could get the education on their own for free I feel the importance of the other three is worth the cost of tuition.
Education. This is the actual book knowledge, writing skills, etc. that we expect graduates be competent in.
Social Connections. These are the contacts you make while in school. The term “It’s not what you know but who you know comes from” comes to mind.
Alumni Network. These are the contacts you make after you’ve graduated. When I was in college, I didn’t realize how important the alumni network was. What I’ve experienced since then is potential employers listen to you a little closer and potential clients open their door a little wider when they find out you attended the same school they did. Most schools work extremely hard at creating strong alumni networks by hosting mixers, speaker series and workshops for their alumni.
College Life. I recall a blur of red solo cups, Boone’s Strawberry Farm, and cheap beer but a key lesson I learned from these parties, which has served me well, is you never want to be known as “that person.” “that person” who always goes one step too far “that person” who never offers to pay or “that person” who hangs out in the corner by themselves.
So yes, college is expensive and yes it doesn’t mean my kids will automatically get their dream jobs straight out of school, but I believe the social skills they will learn and the connections they will hopefully make will be well worth the price.
What are your thoughts about college? Is it a scam or is it worth it at any price?
