OK, it’s clear that there is some connection between higher education and success. However, it’s also true (despite what anyone says) that going to college can ruin your life. There are millions of Americans who paid WAY too much for worthless degrees, and to make matters worse, carry around student loan debt that they will never be able to pay off. Colleges, the media, parents, etc. seem to point young people to college as the holy grail of future career success, which is patently untrue. It CAN aid you significantly in earning a higher income. It can also become an albatross around your neck, in the form of student loan debt.
Here are some precepts about college and higher educational degrees. First of all, a degree can help you in your career, no doubt. However, you must realize that the combination of (a) worthless degrees; (b) no-name schools; and (c) student loan debt is a crippling combination that will drive you under if you follow the lies that society tells you, namely “any degree is a good degree”.
I’m more successful financially because I went to college (B.A. in Economics at U.C. San Diego) and law school (University of San Diego). There’s no doubt that I immediately had more credibility in the workforce as a result of those degrees, and was able to earn a higher salary as a result. This is the benefit of a college education. A degree, from a good school, can open doors.
However, it’s also true that (with rare exceptions) I didn’t learn anything of value that I couldn’t have learned by reading a book or (nowadays) watching an online video. There’s nothing magical about the actual information and learning material in most classes in college. I can count on the fingers of one hand the number of classes/professors who were impactful enough where one could honestly say that they were really superior to anything one could get from outside sources. The reality is, you’re reading some textbook, trying to learn in class what’s important to the professor, and regurgitating that on a test. Not rocket science. It’s absolutely the case that the educational material in college should be available for a much lower price, particularly with modern online technology.
So why go to college and beyond? What’s a degree worth? First of all, a college degree forces the student to gather an amalgamation of basic subject matter to prove to outside employers that the student has the basic skills (writing, arithmetic, science, etc.) to function in the work world. School also proves to employers that you can learn information (studying) and apply it in context (tests). Absent the degree, you will have to prove these skills, generally at a lower level of employment, than you would otherwise. That’s why college students are often hired in positions that non-college students have to work themselves up to.
Therefore, a college degree provides useful information to an employer that you are capable of assimilating information and using that information to provide the employer with value. It doesn’t prove that you’ll be a good employee, but it does provide an indication. Therefore, and this is important, the ONLY value you should be focused on in selecting a college and navigating your college experience is the value of the actual degree you will earn. Yes, you should hopefully get a few classes you enjoy, but remember that if learning for the sake of enjoyment, personal development, etc. is the goal, you should look to cheaper sources. They are definitely out there.
The question you should be asking yourself, in order to get your money’s worth out of college is “How effective will this degree be in getting employers to hire me”. However, this is only the case if you graduate (a) with a worthwhile degree and (b) from a school that proves your value to employers. Let’s look at these two factors.
The degree you graduate must be either a STEM subject or professional degree (i.e. accounting, business, nursing, etc.) that will indicate to an employer that you’ve obtained the requisite skills necessary for work. Engineering, for instance, shows that you understand math, physics, and a host of other subjects that indicate you will be able to think critically. On the other hand, if you graduate with a degree in Political Science, Communications, English, Philosophy, etc., you will not have proven the ability to think critically. Those subjects are “soft”, and while taking some classes in them (especially English Grammar) would be a good idea as part of a well-rounded education, they don’t indicate that you put much effort into your degree. Worse, is anything that has the word “studies” or “science” at the end of the degree name. If you have to remind the reader of the resume that you were studying or that something is a “science”, it’s because there’s not too much value to the course of study. That’s not a political comment, simply an observation that millions of college students are graduating from universities shepherding them into worthless degrees (with associated student loan debt) that will subject these students to a lifetime of hardship. Often this comes along with silly opinions and worldviews drilled into the students’ brains by professors. Worse, federal law stipulates that student loan debt is nondischargeable in bankruptcy, leaving the student no way out for bad decisions made in early adulthood. The school, of course, is off the hook for peddling worthless degrees, thus having absolutely no skin in the game for shoddy degrees. No wonder they reinforce the lie that any degree is a good degree. What do they care if you graduate with a worthless degree?
On to the second factor, the school you graduate from. Let’s be honest, if you graduate from Harvard with a degree in underwater basket weaving, you still graduated from Harvard, and that means something to any employer. The overall reputation of a university comes from two factors. The first is the academic reputation of the college. The second (and most overlooked) is the name recognition of the college. By name recognition, I’m going to refer to both general public name recognition and alumni involvement (don’t ever overlook this second factor). There are many schools that are extremely well known and respected by the general public regardless of academics. This is generally (for better or worse) due to sports, particularly football. Everyone knows Harvard is a great school from which to graduate. Their academic reputation pours over into great alumni and public support as well. However, not everyone makes the connection that the University of Alabama punches high above it’s academic weight compared to similarly ranked schools because of the alumni network and name recognition. This, of course, is due to their football team.
This is an unpopular reality, but one that you should consider. There’s a ton of alumni (and non-alumni) who will give special consideration to University of Alabama graduates because of the school’s reputation as a football powerhouse. This school, and similar colleges with great name brand recognition, are far better to graduate from than many schools with superior academics. It’s common for employers to give preference to alumni from the same school as the CEO, hiring manager, etc.
The better the combination of academics and alumni support, the better the school. The University of Texas, for instance, is the ultimate combination of the two. Especially if one lives in Texas, this school may be preferable to graduate from even when compared to an Ivy League school. As a corollary point, there are many schools that are great academically, but have such low name recognition that it doesn’t matter. When I selected a school for my LLM in Taxation following law school, I chose Washington University in St. Louis over Alabama and SMU strictly because of the ranking of the program. However, outside of St. Louis, no one knows that ”Wash U” even exists. Either of the other two would have been better in the long run.
Also, consider community college. Absent getting into a top-tier university (Top 100 in U.S. News and World Report) or a school with a good alumni network (generally a good football school), you should not be paying to attend all 4 years at a school. If you don’t get into one of those schools, you should attend a 2-year community college, as these are generally 1/10th the price. You’ll find that you can generally transfer into a top-tier school upon getting an associates degree as long as you have decent grades. In addition, many community colleges are associated (at least informally) with major universities, and will allow for a quasi-college-like experience, complete with dorm-like complexes in college towns. This is a much better way of doing things than attending a four-year college right off the bat, and paying for a no-name degree. Many students actually get into a better school post community college than immediately following high school after raising their grades during those two years.
Now onto debt. If your family can afford to send you to any college for cash, then cost is irrelevant. If this is not the case, then cost is an extremely important factor because you must at all costs avoid student loan debt. Let me state this another way to be clear. Under no circumstances should you be incurring student loan debt to go to college. No way. You will be crippled financially for years (if not the rest of your life) if you make this mistake. There is no school, not even Harvard or Yale, where student loan debt is worth it.
Student loan debt is usually completely avoidable. Scholarships and grants are numerous, and there for the taking. In addition, public schools can be had for a much cheaper price than private schools. You should also always work throughout college, even attending night school. Not only will this help you pay the bills, but it will also prepare you, skill and attitude-wise, for working following school. People who argue that you shouldn’t work so you can have the “student-life experience” are referring to the period of wasting your time playing beer pong, there’s no long term benefit. Do not incur debt to attend undergraduate university. Be VERY careful about incurring debt to attend graduate school. Medical school? Possibly, if you’ve identified a practice area that will help pay the debt back quickly, like over a 3-5 year period. Other than that? Work and attend night school.
Choice of school and cost of school are extremely important choices that can cripple you if you’re not careful. Make sure you’re pursuing a worthwhile degree, in a STEM or professional subject. Remember, choose a school with a good academic and overall reputation. Don’t just settle for the one rated the highest in some magazine. Oftentimes your state school will be preferable in the long run to more expensive private schools. Always consider the community college route, as you may ultimately get into a better school (for less money). Never, ever, go into debt for a four-year college or most graduate degrees. The return is never there. It’s impossible to overstate how important school choice is for young men. Mistakes here ruin so many lives. There’s no one coming to cancel your student loan debt, and furthermore, no colleges care if you ever pay back your loans. Always make sure you take your education seriously, as it can make or break your life.