Placing a Value on a College Degree

The buzz in academia today ranges from skeptics to die-hards all debating the value of a college education. From Bloomberg to The Washington Post numerous professional related articles and editorial’s are meant to scare the stuffing out of parents wading in the soon-to-be-college shopping pool with their child. So what is a parent to do? In some cases, college is the natural path for a child- why wouldn’t it be when according to recent data by the Brookings Institute, ”it is estimated that the average bachelor’s degree holder makes $570,000 more over a lifetime than the average high school graduate.” What gets much less attention is that the college premium varies widely based on the choices students make. Granted, the value of a bachelor’s degree depends heavily on college major and later occupation, but then again there are no real guarantees. Returning to the myriad of new reports and educational articles, one can also debate the validity of college for some professions and not others. Some judge the humanities harshly and no longer see the relevance of a liberal arts education while others decree that employers desire well-rounded individuals who have cultivated exceptional verbal and written skills and a flare for critical thinking. If you have a child in middle or high school chances are you have witnessed many professions subject to peaks and valleys. Daring to utter the words recession or unemployment, it is noteworthy to address the instability of professions. Thirty some odd years ago engineering was a bust (not any more). Education has been touted as a profession in need of dedicated individuals to mold the future of tomorrow’s leaders, yet the job market is flooded and the prospect of a single position with a few hundred candidates applying is daunting. Banking, higher education, even lawyers have seen lucrative professions turned inside out further illustration of the roller coaster ride of career trends over the years. Bringing us back to the earlier question, what is a parent to do? How is a parent supposed to guide their child as to what the latest trend will be? Which colleges does a parent/and or student consider through that critical lens? What may be the hottest career today may, not have the job vacancies of tomorrow. Amid occupational uncertainty and exorbitant college costs, the prospect of college is something that parents and students loft towards regardless of cost, job outlook or return on investment. Or do they? Being mindful of cost, weighing the return on investment for a college/university, consideration of career path and job outlook all should be considered holistically. Parents today are savvy consumers comparing and contrasting everything from smartphones to toasters. College should be no exception. Please do not mistake high price of college tuition as a hallmark of quality. While some may reasonably conclude that if one pays a premium, they will benefit by a standard of education that is unparalleled: small class sizes, prestige, future job prospects, and better professors this is simply not true. There are so many amazing colleges that will cater to your child’s needs. Equating college price tag or prestigious name with exceptional programs and future success only contributes to credential inflation. With over 4000 + colleges (not including outstanding choices abroad and in Canada) it is an old school mindset to conclude that a prestigious diploma comes with assurance for gold encrusted existence. For today’s 21st century student, success is measured by soft skills, thinking outside the box, a well rounded undergraduate education, thoughtful contemplation of interests parlayed into a career, exploration of interests, options, and keen awareness of a college’s culture. ©The Collegeologist 2013 The Collegeologist is an independent college consultation practice specializing in simplifying the college process for students and parents in the Farmington Valley area. Located at 395 West Avon Road in Avon (Across from All Star Driver) 860-673-1500 Complimentary one hour consultation. Visit us on FB and follow us on twitter @thecollegeologist