With student loan debt in the trillions, and no guaranteed ROI (return on investment) for many students in their employability, some students have begun to question the validity of a traditional (and costly) college education. After all, Dale Stephens argues in his article titled, “College is a waste of time,” what higher education teaches is to be competitive, not cooperative; compliant, rather than curious. It rewards students for simply regurgitating information, rather than incentivizing their “creativity, innovation and curiosity,” Stephens further contends. In light of many such issues, he has responded with an entrepreneurial answer to undo much of this unnecessary burden placed on his peers by introducing an alternative he calls “UnCollege, a social movement supporting self-directed higher education and RadMatter, a platform to demonstrate talent,” and his own innovative approach to this conundrum with our higher educational system – namely, is the investment worth the return? It’s a fair question, and one I intend to address in this treatise. But before I do, I have a question for Dale Stephens.
What self-possessed 19-year-old wouldn’t abstain from enrolling as a full-time student for two years for $100,000? I’m referring, of course, to the reason Dale Stephens is able to monetarily sustain his UnCollege project; he received a Fellowship grant from Peter Thiel, the co-founder of PayPal. Thiel, according to author Naomi Schaefer Riley, is also a higher education bubble-buster. In her article entitled, “What is a college education really worth?” Ms. Riley reports on Thiel’s unique social experiment, not from a participant’s point of view as with Mr. Stephens’ piece, but rather as author of a revealing book uncovering many similar issues hidden behind higher education’s faculty doors. According to Naomi, Dale and 23 other recipients were offered $100k to work on their own projects instead of taking the expected path of getting a college degree as “the” means to a better life. Thiel Foundation’s VP for Grants, Mike Gibson, encapsulates Fellowship recipient’s experience in saying, “They have been handed the funding and they enjoy the mentorship needed to pursue their dream” (Kadlec). The caveat for being the recipient of said one hundred grand – and there always is one – is their projects had to be a scientific and technological innovation. I love the idea that a billionaire is footing the bill to have the brightest and best working on ideas to benefit society, so let’s hope Thiel’s money-funnel produces more than egos. Doing the analysis for these two articles, along with the accompanying research, opened my eyes to the complexity of an issue I thought cut-and-dried (I am very pro-college), and I realized just how far I might have to dig to hit pay dirt. As I searched for current information on the value of a college education, my research led me to four umbrella concepts under which most authorities writing on the subject gravitate: statistics, general challenges, personal and social benefit, and value received for investment. The research involved in these general concepts, along with my own personal experience, form the underpinnings of my conclusion as to why college is a still a great choice, today more than ever.
Dale Stephens also did his own research. Case in point: in Dale’s article he suggests that college students may not be receiving a great value for their investment. He quotes statistics suggesting that compared to how expensive college has become contrasted to 30 years ago, we are churning out no better students. In fact, the statistics he quotes refer to “36% of college graduates showed no improvement in critical thinking, complex reasoning or writing after four years of college,” – startling information, indeed. So, if these 36% were no better at critical thinking after four years of college, what makes him believe they will be good entrepreneurs, where critical thinking is imperative to making good decisions? Dale refers to himself and his generation as “the disruptive generation creating the ‘free agent economy’ built by entrepreneurs, creatives, consultants and small businesses…”. I wonder who will work for this whole new generation of small business entrepreneurs. Not everyone is or wants to be an entrepreneur. Someone has to work for these new tech-oriented businesses, and I just bet this new breed of small business entrepreneurs will want their employees to be problem-solvers of the first order. As a matter of fact, Karen Misjak, Executive Director of Iowa College Aid, reports a recent study wherein most employers find the communication, critical thinking and problem-solving skills learned in college more important attributes than the specific area of study (Kiernan). For most college graduates, however, those skills are not the only benefits they hope to glean from four years at University.
When discussing the benefits received on investment regarding expected earnings, there are strong statistics that support those expectations. (Of course, this hinges on getting the job in the first place.) In other words, from a strictly financial investment point of view, what is the ROI, and can you bet on it? John S. Kiernan, Senior Writer and Editor on WalletHub.com’s blog, asks experts to weigh in on both sides of the issue in his posted article, “Is College Worth It? Experts Pick Sides.” He quotes 2015 data from the US Census bureau showing there are more graduates (with at least a bachelor’s degree) than ever before, ringing in at 32.5% of Americans over age twenty-five, up from just 4.6% in 1940. This figure directly reflects the importance placed on having a degree in today’s society. The 2016 figures from the Bureau of Labor Statistics also reveal that college graduates earn nearly two times that of high school grads with no college experience (Kiernan). Yet another compelling indicator, examined in the light of purely economic repercussions, comes straight out of the Economic Research Department of the Federal Reserve Bank of San Francisco. Mary Daly, senior vice president and associate director of the FRBSF, and her research associate, Leila Bengali, deliver the message from the glass-half-empty perspective – there is supporting evidence, according to Bureau of Labor Statistics findings in 2012, that the unemployment rate for high school graduates is twice that of college grads (Daly and Bengali).
The foregoing statistics overwhelmingly seem to indicate that having a degree is beneficial for garnering work, if not downright mandatory. As Ms. Misjak points out in Kiernan’s piece, employers clearly want the degree, and what it implies, on the resume. My own experience reflects this as well. My first foray into higher education was right out of high school, but I got sidetracked with life (it happens), and did not complete my bachelor’s degree. Now, after traveling a twenty-year career path in the spa industry, I find myself seeking employment. I decided to expand the scope of my search, and set my sights on other industries. It quickly became apparent that employers weed out the chaff from the grain by requiring prospective employees to have a minimum of a bachelor’s degree before they will consider you as employable. In other words, don’t bother applying without a degree! So, I have returned to school to get the necessary degree, not just to get my foot in the door, but to keep it from being slammed in my face. I am not alone in this conclusion. Most concede the necessity of a university degree to be competitive in today’s job market – the veritable gauntlet we must pass in order to be deemed worthy whereby we earn a seat at the adult’s table – albeit a very expensive seat. Yet, even with the high price tag, for most of corporate America, the bachelor’s degree remains the ground floor entry point, the down payment on a lifetime of increased earnings (Daly and Bengali). However, a bachelor’s degree is not an employment decree – it is not job security. Ask any graduate with a B.A. in English. But what does it get them? According to a commonly held belief, it gets them a foot in the door; it gets them the interview.
While looking to discern what a college degree is worth, we might also need to examine the caliber of college graduates our institutions of higher education are turning out. The quality of this high-priced education is under scrutiny, not just from those opting out, as in the case of Dale Stephens, but from those on the inside. Is the college graduate of today positioned to take on the mantle of their civic duty and participation as voting citizenry? Tom Nichols, professor at the U.S. Naval War College, reveals his estimation that “students are too often wasting their money and obtaining the illusion of an education,” as a result of the fierce competition between colleges enticing students with experience-over-substance offerings; they are misleading students as to the quality of the education they will receive, and he calls it “academic malpractice.”
In his article, “Our Graduates Are Rubes,” Nichols doesn’t pull any punches as he sums up the problem, as he sees it, stemming from the dumbing down of higher education. In the competition for tuition dollars, universities resort to marketing their unique brand of a “college experience” over the quality of the imparted education. “Faculty members often act as retailers for their courses rather than educators,” Nichols laments. He further contends that students, as newly empowered consumers in such affairs, “see themselves as faculty peers or take correction as an insult…[where] unearned praise and hollow successes build a fragile arrogance in students…”. I can only imagine what a professor must endure with regard to walking the fine line of political correctness when issuing corrective comments on a student’s paper. As with any client-consumer relationship, this puts the consumer (read: student) in charge. Yet, while they may be in charge, many academics are dismayed at the instability of the 21-century undergraduate, who require that their feelings be accepted instead of the truth (Nichols). This new normal, he believes, also puts colleges in a “degree-granting arms race.” In short, Nichols thinks students are too often wasting their money taking feel-good fluff classes created by the college to entice these student-clients to attend. They leave with degree in hand, but what have they learned? He sums up his argument by saying, “If they’ve spent four years casually judging their professors, showing disrespect to their institutions, and berating their classmates, they cannot be expected to respect or listen to their fellow citizens.” Because of this, Professor Nichols calls for unilateral reform in our institutions of higher education, so as not to diminish real expertise, and he calls for a simultaneous return of college campuses to their rightful place for intellectual exploration.
Reform seems imminent. But will the market right this imbalance by simply deciding not to over pay for the privilege of being under educated? Are the degrees being handed out today truly inflated as Tom Nichols would have us believe? Or are our graduates ready to be knowledgeable citizens prepared to take on the responsibilities of living, not just in a capitalist society, but in a democratic one, where the precious and costly privilege of the vote lay before them?
It’s not just about whether college is worth the investment monetarily, but what are we doing to make sure the education received is worth the money invested for all concerned because that includes “the community, the nation and the globe where those individuals will develop, play, work, purchase, and vote…” (Grossman). I found myself agreeing with much of what James Grossman said in his response to WalletHub.com’s request for input on their article, “Is College Worth It? Experts Pick Sides” as he focuses on the greater value of an educated citizenry in terms of what’s best for society. Executive director of the American Historical Association, James Grossman goes on to succinctly state, “Higher education is a public good,” and sums up what most neglect in estimating the value of the investment, specifically that higher education “is a public instrument to promote democratic citizenship and informed participation in a market economy.” In other words, America, by its very nature, is not for dummies. We are “[a] nation where millions of voters and uncounted public officials are unable to appreciate the complex relationship between jobs, technology, trade, and outsourcing stands to benefit from more pervasive higher education” (Grossman).
In conclusion, I agree and disagree with Dale Stephens. I do not refute the many stated issues we have with the current version of the higher education system in the U.S. Yet, I have learned so much this past year, not solely in the classroom, but about me and my abilities to persevere. Subsequently, what I learned feels nothing short of revelatory. The discipline, devotion and persistence consistently required to accomplish this goal, unearthed inherent talents lain dormant for too long. What I have to offer now is far greater than ever before, and those dividends will only continue to payout.
When we consider all the criteria for analyzing the investment of time and money, it boils down to this: is it the right path for the student regarding their personal goals, values and concerns? In the end, the question is about quality of life. We must ask ourselves, will I have a better quality of life overall by going to college than by not? This educational excavation simply served to further solidify my conviction as to the benefits of a higher education despite the many challenges. Pay dirt hit.
Works Cited
Daly, Mary C. and Leila Bengali. "Is It Still Worth Going to College?." FRBSF Economic Letter, vol. 2014, no. 13, 05 May 2014, p. 1. EBSCOhost, search.ebscohost.com/login.aspxdirect=true&db=f5h&AN=95942404&site=ehost-live.
Grossman, James. "Individual Return and Public Good." Perspectives on History, Mar. 2017, p. 48. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=121908553&site=ehost-live.
Kadlec, Dan. "Here We Go Again: Is College Worth It?." Time.Com, 10 June 2014, p. 1. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=96521650&site=ehost-live.
Nichols, Tom. "Our Graduates Are Rubes." Chronicle of Higher Education, vol. 63, no. 20, 20 Jan. 2017, p. B3. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=120789341&site=ehost-live.
Kiernan, John S. ”Is College Worth It? Experts Pick Sides.” WalletHub.com, February 3, 2017, https://wallethub.com/blog/is-college-worth-it/31935/
What self-possessed 19-year-old wouldn’t abstain from enrolling as a full-time student for two years for $100,000? I’m referring, of course, to the reason Dale Stephens is able to monetarily sustain his UnCollege project; he received a Fellowship grant from Peter Thiel, the co-founder of PayPal. Thiel, according to author Naomi Schaefer Riley, is also a higher education bubble-buster. In her article entitled, “What is a college education really worth?” Ms. Riley reports on Thiel’s unique social experiment, not from a participant’s point of view as with Mr. Stephens’ piece, but rather as author of a revealing book uncovering many similar issues hidden behind higher education’s faculty doors. According to Naomi, Dale and 23 other recipients were offered $100k to work on their own projects instead of taking the expected path of getting a college degree as “the” means to a better life. Thiel Foundation’s VP for Grants, Mike Gibson, encapsulates Fellowship recipient’s experience in saying, “They have been handed the funding and they enjoy the mentorship needed to pursue their dream” (Kadlec). The caveat for being the recipient of said one hundred grand – and there always is one – is their projects had to be a scientific and technological innovation. I love the idea that a billionaire is footing the bill to have the brightest and best working on ideas to benefit society, so let’s hope Thiel’s money-funnel produces more than egos. Doing the analysis for these two articles, along with the accompanying research, opened my eyes to the complexity of an issue I thought cut-and-dried (I am very pro-college), and I realized just how far I might have to dig to hit pay dirt. As I searched for current information on the value of a college education, my research led me to four umbrella concepts under which most authorities writing on the subject gravitate: statistics, general challenges, personal and social benefit, and value received for investment. The research involved in these general concepts, along with my own personal experience, form the underpinnings of my conclusion as to why college is a still a great choice, today more than ever.
Dale Stephens also did his own research. Case in point: in Dale’s article he suggests that college students may not be receiving a great value for their investment. He quotes statistics suggesting that compared to how expensive college has become contrasted to 30 years ago, we are churning out no better students. In fact, the statistics he quotes refer to “36% of college graduates showed no improvement in critical thinking, complex reasoning or writing after four years of college,” – startling information, indeed. So, if these 36% were no better at critical thinking after four years of college, what makes him believe they will be good entrepreneurs, where critical thinking is imperative to making good decisions? Dale refers to himself and his generation as “the disruptive generation creating the ‘free agent economy’ built by entrepreneurs, creatives, consultants and small businesses…”. I wonder who will work for this whole new generation of small business entrepreneurs. Not everyone is or wants to be an entrepreneur. Someone has to work for these new tech-oriented businesses, and I just bet this new breed of small business entrepreneurs will want their employees to be problem-solvers of the first order. As a matter of fact, Karen Misjak, Executive Director of Iowa College Aid, reports a recent study wherein most employers find the communication, critical thinking and problem-solving skills learned in college more important attributes than the specific area of study (Kiernan). For most college graduates, however, those skills are not the only benefits they hope to glean from four years at University.
When discussing the benefits received on investment regarding expected earnings, there are strong statistics that support those expectations. (Of course, this hinges on getting the job in the first place.) In other words, from a strictly financial investment point of view, what is the ROI, and can you bet on it? John S. Kiernan, Senior Writer and Editor on WalletHub.com’s blog, asks experts to weigh in on both sides of the issue in his posted article, “Is College Worth It? Experts Pick Sides.” He quotes 2015 data from the US Census bureau showing there are more graduates (with at least a bachelor’s degree) than ever before, ringing in at 32.5% of Americans over age twenty-five, up from just 4.6% in 1940. This figure directly reflects the importance placed on having a degree in today’s society. The 2016 figures from the Bureau of Labor Statistics also reveal that college graduates earn nearly two times that of high school grads with no college experience (Kiernan). Yet another compelling indicator, examined in the light of purely economic repercussions, comes straight out of the Economic Research Department of the Federal Reserve Bank of San Francisco. Mary Daly, senior vice president and associate director of the FRBSF, and her research associate, Leila Bengali, deliver the message from the glass-half-empty perspective – there is supporting evidence, according to Bureau of Labor Statistics findings in 2012, that the unemployment rate for high school graduates is twice that of college grads (Daly and Bengali).
The foregoing statistics overwhelmingly seem to indicate that having a degree is beneficial for garnering work, if not downright mandatory. As Ms. Misjak points out in Kiernan’s piece, employers clearly want the degree, and what it implies, on the resume. My own experience reflects this as well. My first foray into higher education was right out of high school, but I got sidetracked with life (it happens), and did not complete my bachelor’s degree. Now, after traveling a twenty-year career path in the spa industry, I find myself seeking employment. I decided to expand the scope of my search, and set my sights on other industries. It quickly became apparent that employers weed out the chaff from the grain by requiring prospective employees to have a minimum of a bachelor’s degree before they will consider you as employable. In other words, don’t bother applying without a degree! So, I have returned to school to get the necessary degree, not just to get my foot in the door, but to keep it from being slammed in my face. I am not alone in this conclusion. Most concede the necessity of a university degree to be competitive in today’s job market – the veritable gauntlet we must pass in order to be deemed worthy whereby we earn a seat at the adult’s table – albeit a very expensive seat. Yet, even with the high price tag, for most of corporate America, the bachelor’s degree remains the ground floor entry point, the down payment on a lifetime of increased earnings (Daly and Bengali). However, a bachelor’s degree is not an employment decree – it is not job security. Ask any graduate with a B.A. in English. But what does it get them? According to a commonly held belief, it gets them a foot in the door; it gets them the interview.
While looking to discern what a college degree is worth, we might also need to examine the caliber of college graduates our institutions of higher education are turning out. The quality of this high-priced education is under scrutiny, not just from those opting out, as in the case of Dale Stephens, but from those on the inside. Is the college graduate of today positioned to take on the mantle of their civic duty and participation as voting citizenry? Tom Nichols, professor at the U.S. Naval War College, reveals his estimation that “students are too often wasting their money and obtaining the illusion of an education,” as a result of the fierce competition between colleges enticing students with experience-over-substance offerings; they are misleading students as to the quality of the education they will receive, and he calls it “academic malpractice.”
In his article, “Our Graduates Are Rubes,” Nichols doesn’t pull any punches as he sums up the problem, as he sees it, stemming from the dumbing down of higher education. In the competition for tuition dollars, universities resort to marketing their unique brand of a “college experience” over the quality of the imparted education. “Faculty members often act as retailers for their courses rather than educators,” Nichols laments. He further contends that students, as newly empowered consumers in such affairs, “see themselves as faculty peers or take correction as an insult…[where] unearned praise and hollow successes build a fragile arrogance in students…”. I can only imagine what a professor must endure with regard to walking the fine line of political correctness when issuing corrective comments on a student’s paper. As with any client-consumer relationship, this puts the consumer (read: student) in charge. Yet, while they may be in charge, many academics are dismayed at the instability of the 21-century undergraduate, who require that their feelings be accepted instead of the truth (Nichols). This new normal, he believes, also puts colleges in a “degree-granting arms race.” In short, Nichols thinks students are too often wasting their money taking feel-good fluff classes created by the college to entice these student-clients to attend. They leave with degree in hand, but what have they learned? He sums up his argument by saying, “If they’ve spent four years casually judging their professors, showing disrespect to their institutions, and berating their classmates, they cannot be expected to respect or listen to their fellow citizens.” Because of this, Professor Nichols calls for unilateral reform in our institutions of higher education, so as not to diminish real expertise, and he calls for a simultaneous return of college campuses to their rightful place for intellectual exploration.
Reform seems imminent. But will the market right this imbalance by simply deciding not to over pay for the privilege of being under educated? Are the degrees being handed out today truly inflated as Tom Nichols would have us believe? Or are our graduates ready to be knowledgeable citizens prepared to take on the responsibilities of living, not just in a capitalist society, but in a democratic one, where the precious and costly privilege of the vote lay before them?
It’s not just about whether college is worth the investment monetarily, but what are we doing to make sure the education received is worth the money invested for all concerned because that includes “the community, the nation and the globe where those individuals will develop, play, work, purchase, and vote…” (Grossman). I found myself agreeing with much of what James Grossman said in his response to WalletHub.com’s request for input on their article, “Is College Worth It? Experts Pick Sides” as he focuses on the greater value of an educated citizenry in terms of what’s best for society. Executive director of the American Historical Association, James Grossman goes on to succinctly state, “Higher education is a public good,” and sums up what most neglect in estimating the value of the investment, specifically that higher education “is a public instrument to promote democratic citizenship and informed participation in a market economy.” In other words, America, by its very nature, is not for dummies. We are “[a] nation where millions of voters and uncounted public officials are unable to appreciate the complex relationship between jobs, technology, trade, and outsourcing stands to benefit from more pervasive higher education” (Grossman).
In conclusion, I agree and disagree with Dale Stephens. I do not refute the many stated issues we have with the current version of the higher education system in the U.S. Yet, I have learned so much this past year, not solely in the classroom, but about me and my abilities to persevere. Subsequently, what I learned feels nothing short of revelatory. The discipline, devotion and persistence consistently required to accomplish this goal, unearthed inherent talents lain dormant for too long. What I have to offer now is far greater than ever before, and those dividends will only continue to payout.
When we consider all the criteria for analyzing the investment of time and money, it boils down to this: is it the right path for the student regarding their personal goals, values and concerns? In the end, the question is about quality of life. We must ask ourselves, will I have a better quality of life overall by going to college than by not? This educational excavation simply served to further solidify my conviction as to the benefits of a higher education despite the many challenges. Pay dirt hit.
Works Cited
Daly, Mary C. and Leila Bengali. "Is It Still Worth Going to College?." FRBSF Economic Letter, vol. 2014, no. 13, 05 May 2014, p. 1. EBSCOhost, search.ebscohost.com/login.aspxdirect=true&db=f5h&AN=95942404&site=ehost-live.
Grossman, James. "Individual Return and Public Good." Perspectives on History, Mar. 2017, p. 48. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=121908553&site=ehost-live.
Kadlec, Dan. "Here We Go Again: Is College Worth It?." Time.Com, 10 June 2014, p. 1. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=96521650&site=ehost-live.
Nichols, Tom. "Our Graduates Are Rubes." Chronicle of Higher Education, vol. 63, no. 20, 20 Jan. 2017, p. B3. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=120789341&site=ehost-live.
Kiernan, John S. ”Is College Worth It? Experts Pick Sides.” WalletHub.com, February 3, 2017, https://wallethub.com/blog/is-college-worth-it/31935/
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