Is College Worth It?
My neighbor’s son was recently visiting home after spending a day speaking to classes at his alma mater. He was asked to talk to current college students about his work and how his time in college prepared him for a career in finance. Before diving into the topic at hand, he asked the students about how they were paying for college and how much debt they were accumulating. The above comment was the beginning of our recent, eye-opening conversation on my front porch.
Students have no idea? My neighbor made three helpful observations from his day with college students… First, he was alarmed to discover that the school he attended less than 10 years ago now costs $46,000 a year. He had no idea that the cost had risen so much since he was a student. Second, he was shocked to learn that most students didn’t seem to realize how difficult it would be to pay off that kind of debt in the current economy. (And these were students studying business and finance!) Third, he was disappointed to realize that he seemed to be the only person bringing this up with the students.
I wanted to make sure I was hearing him correctly. Here’s the summary I offered: “So, students are accumulating massive amounts of debt, the job prospects are bleak and no one, before you, has pointed this out to the students?”
The above video clip is the beginning of a BookTV panel discussion hosted by the American Enterprise Institute about William Bennett and David Wilezol’s book Is College Worth It? A Former United States Secretary of Education and a Liberal Arts Graduate Expose the Broken Promise of Higher Education. (You can watch the full program here.)
Bill Bennett’s introduction should be heard by all students and parents entering the college planning process. No matter what side of the political aisle you are on (and yes, Dr. Bennett is most often associated with the “right”), you should not avoid asking good questions about the value and worth of a 4-year college degree, especially in this economy. At one point during the panel discussion, Ohio University economics professor Richard Vedder makes this observation: “Colleges are too costly; students are learning too little; and employment prospects for graduates are increasingly dismal.” That should, at the very least, give us pause.
Please do take time to watch this short video, read the book and let the conversation begin!
It is because countless conversations like the one yesterday on my front porch and the publication of important books like Is College Worth It? that has motivated me to host the new CTI seminar “The College Choice: Faith, Family & Finances” on October 12 in Lancaster, PA. College costs are going up, students are going into crippling debt and I’m convinced that we need to have better conversations about life after high school. I hope to see you there!
Seminar: The College Choice: Faith, Family & Finances (October 12)
Expert Interview: “College, Crippling Debt and the Need for Financial Wisdom” (PDF) by Derek Melleby