College Education The Largest Scam In US History?”

Have you ever sat down to look at what return you can expect from your col­lege edu­ca­tional invest­ment?  Seper­at­ing the value of a life long edu­ca­tion, from the insti­tu­tional woes, has often trou­bled me.

Well if you’re cur­rently an under­grad stu­dent, you may not have thought to deeply on the topic, but you most likely will. Per­son­ally, I never had high hopes that a bach­e­lors degree in com­mu­ni­ca­tions would yield some mir­a­cle job.  Even dur­ing col­lege, I real­ized that I had to begin think­ing cre­atively, and entre­pre­neuri­ally in the face of ris­ing tuition, and the loom­ing clouds of an unpromis­ing job market.

So now…after a few years expe­ri­enc­ing the real­ity of the job mar­ket, con­tem­plat­ing the advan­tages of grad school, and still wet with the soap suds of a burst­ing hous­ing bub­ble,  I see the impor­tance of care­fully con­sid­er­ing the pros and cons of a higher education.

Here is an inter­est­ing arti­cle from The Econ­o­mist that begins to explore whether or not the next bub­ble to burst is in the arena of higher edu­ca­tion. But I’m curi­ous as to your expe­ri­ences and thoughts on the matter.

Accord­ing to the arti­cle, the basic idea of a col­lege degree bub­ble, is that peo­ple are spend­ing too much on higher edu­ca­tion, tak­ing on too much debt, and fail­ing to get the reward they expect.  Here’s an excerpt, with link to article…

Edu­ca­tion is a bub­ble in a clas­sic sense. To call some­thing a bub­ble, it must be over­priced and there must be an intense belief in it. Hous­ing was a clas­sic bub­ble, as were tech stocks in the ’90s, because they were both very over­val­ued, but there was an incred­i­bly wide­spread belief that almost could not be ques­tioned — you had to own a house in 2005, and you had to be in an equity-market index fund in 1999.

Prob­a­bly the only can­di­date left for a bub­ble — at least in the devel­oped world (maybe emerg­ing mar­kets are a bub­ble) — is edu­ca­tion. It’s basi­cally extremely over­priced. Peo­ple are not get­ting their money’s worth, objec­tively, when you do the math. And at the same time it is some­thing that is incred­i­bly inten­sively believed; there’s this sort of psycho-social com­po­nent to peo­ple tak­ing on these enor­mous debts when they go to

They go on to crunch a few num­bers, and chal­lenge this asser­sion. They hint at tuition infla­tion, which I think is some­thing most grad­u­ates have a gut level idea is hap­pen­ing, but I’m very inter­ested in look­ing at some hard num­bers on this topic.

I see that it is indeed an insti­tu­ion that is key for advance­ment in soci­ety today, but as usual when con­fronting any­thing so deeply entrenched in our soci­etal con­scious­ness, its not every­day I come across a thor­ough inves­ti­ga­tion on the topic of higher education.

After read­ing the arti­cle, what are your thoughts?  What do you think needs to be con­cidered? Are there any other sources that you are aware of, where peo­ple can take a good objec­tive look at this sub­ject?  I’m interested.

Link to com­plete article

Other related arti­cles on Col­lege Edu­ca­tion:
Study looks at whether col­lege is really worth the price

About Veron Graham

Veron Graham is somewhat obsessed with the point. The big point of why we're all here. This mostly escapes him, but from time to time he has a breakthrough. Typically after reading, writing, traveling, or having a discussion with the likes of you.

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