Is College Important?

Did you read this article in the Post today? (Some say bypassing a higher education is smarter than paying for a degree) It is certainly provocative and attention-getting. While it is true that some people, notably Bill Gates and Steve Jobs, do quite well without college, it is hard to make a blanket statement that is true for all. What about those students who don't want to start their own businesses? The ones who want to study science, or law or (heaven forbid!) get a liberal arts education? I agree that some students definitely benefit from a gap year or two before they begin to focus on what they want out of college... Overall, though, studies have shown that college graduates earn more in the long run, and are more marketable in a down economy than those with only a high school degree.

The other point that the article makes has to do with financial aid and the debt loads that students are carrying. This is a much more serious concern. A young man of my acquaintance is starting his Master's degree at Cambridge University. He already has a heavy debt load from his undergraduate education, and will be incurring more debt over the next year. But after much thought and discussion, he decided to take the leap and attend the university of his dreams. He feels that it will be worth the price, because of the cachet of the Cambridge name, and the chances that if he does well, he will have his choice of PhD programs when he returns. As a history professor, the Cambridge name will only enhance his resume.

Another student, one who does not have the grades or the drive might make a different decision based on economics and not reputation. There is nothing wrong with this, and in fact, makes an awful lot of sense. The point is: Where to go to college, and how much to pay for it is a very individual decision.

I would never recommend a student attend a college that is out of range financially for his or her family's finances. Parents shouldn't bankrupt themselves or mortgage the house or their retirement to pay for a $200,000 education. However, the ultimate value of an education is a personal matter, and because of that, some families may be willing to devote a larger percentage of their savings toward it.

Don't discount financial aid, either. I always tell my families that there is a lot of financial aid out there that they may not know about. I know many students who are attending private colleges for the same price tag as a public university. And the fees at out-of-state universities can be lower than you think. Have you heard of the Academic Common Market? Do you know that some universities offer grants to out of state students with good grades and scores, to increase diversity?

Remember the unofficial IECA (Independent Educational Consultants Association) motto: It is all about the "fit." And fit includes how much it will cost you in the end, as well as what you learn while you are there.

There is no dispute that a master plumber does not need a BA, and will probably make more in a lifetime than someone who works in the not-for-profit world.  But that doesn't mean that the college degree is worthless. Not everything comes down to a matter of dollars and cents.