College is apparently still worth it and really great, some guys say.

[Paul Kemp]

Was considering putting this in Economics but figured here was fine...

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Read the full article here.


Thoughts? Is this just a study done with the purpose of advancing the college-industrial complex*? Can we poke holes this study so that I can convince my children not to take on a life-time of additional debt?

Cause when I die buddy, you know what's gonna keep me warm? That's right, those degrees...



*intentional sage

[Roemerista]

When calculating ROI they do not consider the probability of graduating college, which I think is a huge oversight. It's just a difference of net present values for a college and high school graduate considering life time income and opportunity cost.

I would like to see this done with some propensity score matching.

As for alternative credentials--only graphic design and Computer science have really been going in such a positive direction.

[Paul Kemp]

There seems to me to be a great assumption in this study that the game is the same for everyone.

[Person Man]

Well. It depends. A college degree in a STEM field or as a healthcare paraprofessional and/or a degree from a very prestigious institution will probably pay off. An arts degree from a TTT or community college? No. Not really.

[ingemann]

Not really surprising that people who have the resource to use on going to college, do better than a mixed group of people who lack the resources (or in some case the abilities) to go to college.

[Simfan34]

Well. It depends. A college degree in a STEM field or as a healthcare paraprofessional and/or a degree from a very prestigious institution will probably pay off. An arts degree from a TTT or community college? No. Not really.

[Associate Justice PiT]

Well. It depends. A college degree in a STEM field or as a healthcare paraprofessional and/or a degree from a very prestigious institution will probably pay off. An arts degree from a TTT or community college? No. Not really.

     I've seen TTT used to mean Third Tier Toilet in the context of law schools. I've never seen it used to refer to undergraduate institutions, though I am guessing that is what he means.

[All Along The Watchtower]

snip:

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snip:

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http://workingclassstudies.wordpress.com/2014/03/17/graduating-college-is-highly-overrated/

Yes, it's a left-wing blog. Still makes some good points here.

[DC Al Fine]

When calculating ROI they do not consider the probability of graduating college, which I think is a huge oversight. It's just a difference of net present values for a college and high school graduate considering life time income and opportunity cost.

Agreed.

Another thing to consider is how much of a college graduate's higher income is caused by the degree vs. intelligence/drive/responsibility/support network that a college graduate typically has. I'm sure the degree helps a lot, but it's probably somewhat less than the statistics indicate.

[Small Business Owner of Any Repute]

Besides the obvious educational aspect, there's a key social aspect to college that needs to be considered. You may think that big shiny degree is going to be what gets you your next job, but in my experience, the most important factor is currently (and has always been) "who you know."

[pbrower2a]

Besides the obvious educational aspect, there's a key social aspect to college that needs to be considered. You may think that big shiny degree is going to be what gets you your next job, but in my experience, the most important factor is currently (and has always been) "who you know."

For a recent college graduate, "who you know" may mean the difference between getting onto the economic fast track -- or having to settle for a job in food service or retail. Having college buddies at a good school may mean that one gets good opportunities early. But the key is "good school". A degree from a third-tier college, whether a "Bible college" that teaches "traditional values" instead of promoting deftness of the mind or, at worst, some place that exists solely to take the federal student loans that students sign for and in return only pretend to offer some classes, is economically worthless.

Community colleges are good for churning out technicians, nurses' aides, and the like. Such jobs have limited trajectories of opportunity.  Trade schools might offer low cost for a limited benefit (think of schools that teach hairdressing or barbering).