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Hey Broke People, Stop Overpaying For College!
| July 30, 2010 | Posted by Roshawn Watson under Uncategorized |
By: Lauren Bailey
Recently, Shawn wrote an article for Fortune Watch entitled “Should Cost Be a Factor When Selecting a College.” I was glad to finally see such a pragmatic perspective. This is because the facts are undeniable: even in an uncertain economic climate, we’ve placed an inordinate value on getting into the “right” college. And if your child has any academic aptitude, then the “right” college invariably means an exorbitantly priced one.
Are The Rankings Fixed?
Many parents today will read and no doubt take seriously the so-called authority on the subject of college selection–the annual U.S. News and World Report college rankings. I implore all parents to put this publication out of their minds immediately. Although the rankings use some sort of criteria, a mumbo jumbo of numbers and equations that, as it so happens, allows for the most expensive universities to come out on top, it does not follow that these “top schools” are somehow substantively better.
I need only point out the handful of people who “made it big”, whether we consider financial, intellectual, or public merit, who did not complete a degree at an expensive, private university. Bill Gates: Harvard dropout. Warren Buffett: Started out at the more prestigious University of Pennsylvania University of Delaware Ball State University
An Infinitely Better Approach
As active, informed consumers, I propose a wholly different criteria for college selection. The first factor that should be taken into account, as with almost every major purchasing decision, is cost. Ask yourself: Which school is most worth money? Which can I reasonably afford? Then, potential students and parents should embark on serious research to determine which school has the best, most knowledgeable professors in the specific field of study that interests your child. Third, location and general learning environment is important, too, because a student cannot successfully study if she is not pleased with her surroundings. All other considerations–like prestige, student population, etc.–should be secondary.
Of course, expensive universities often have great facilities, resources, and the potential for more post-grad employment connections. However, unless your child has serious aspirations for the Presidency of the United States
So don’t needlessly strap yourself or your child with mountains of debt because after all, student debt can be far more of a career success hindrance than receiving a degree from a “second-rate” state university.
This guest post is contributed by Lauren Bailey, who writes on the topics of online colleges. She welcomes your comments at her email Id: blauren99@gmail.com.
Lastly, if you like this post, please subscribe (upper right-hand corner), click here to get my eBook FREE, and Propel it, RT it, Stumble it, and tag it on Delicious.
Questions For The Reader
Can there be a student without a loan today?
Have student loans been a hindrance to you?
Should Cost Be a Factor When Selecting a College?
Originally titled: Fetishizing a College Education: An Inexplicably Accepted Form of Living Beyond One’s Means
I think that college should be a much more complex decision than most people make it. You have to consider how much it will cost, opportunity costs, how much graduates in your prospective field from THAT school make, and is your field in demand (and will it be in 5 or 10 years)!
I think that if people did this, there would be a sudden drop in applications, because many would realize that college didn't enhance their life enough to justify the cost!
My recent post 12 Tricks to Make Us Spend Big
I really couldn't agree more. I am VERY pro-education but am against wasteful spending (even if for education) because often has detrimental impact on the quality of people's lives. There are so many people who end up delaying the birth of a child or buried with student loan debt, that it makes sense to include cost into the decision of which school is right for you.
All I can say is that I agree with Shawn. Choosing a college is a compley matter, but in the las analysis, the long term burden of debt can far outweigh the benefits of an expensive school over a less costly alternative. With the exception of a few "name" schools, most colleges offer a strong educational foundation.
Hey Barb, I saw this analysis as well. I actually was wondering if Lauren would include that in this article. I think people are finally beginning to rethink completely becoming overwhelmed with debt just to go to particular schools. I most certainly didn't know all of this prior until about 4 years ago. Friendly Regards, Shawn
Lauren makes great points. I have never understood why people are so willing to dig such a deep debt hole to get a degree from a prestigious school. I do know that there are parents who choose to impress their neighbors by having their children go to a name schoo;. There is a bit of competition along these lines.
I take a step back even and suggest that more people consider community college for the first two years. The classes are smaller, the credits transfer and in many instances the teaching is better. You're not taught by a graduate student but typically by someone who has real world experience which can give the much coveted contacts.
In terms of Lauren's number one criteria the cost of an AA degree is about $6,000 all in.
My recent post Google Insight – A Useful Tool For the Do-It-Yourself Investor
@DIY Investor – The whole issue of trying to outdo the neighbors is certainly relevant. People take such pride in their schools and their family's pedigree. For a culture that seems to deify education, we need to make sure that the degrees make financial sense too. With regards to the community college, I don't really have any issues with them either. I think the average state school is still going to provide a quality education for a reasonable price as well. For most fields, that's all that is necessary.
Friendly Regards,
Shawn
Thank you for submitting this article to my weekly contribution. I hope to see another article in the next edition on Wednesday, 4 August 2010.
My recent post Financial Independence Compilation
You are more than welcome. Thanks for hosting the carnival and including this one!
Thanks for this guest post. More people need to be saying what needs to be said about choosing colleges: choose what you can afford. In my 40 years as an engineer, I seldom found that people with prestigious degrees advanced any faster than those with degrees from State Universities. Once that piece of paper called a diploma is earned, most employers are interested in what that employee can do to help his firm. The pedigree is mostly irrelevant.
You are more than welcome for the guest post. Thanks for your comment! Your observation provides A LOT of insight. We have really been sold a bill of goods regarding school pedigree. Lauren did a fabulous job.
By the way, congrats on being cited/mentioned on WSJ online. That's quite an honor and undoubtedly reflects the excellence that you bring to the PF blogosphere! Friendly Regards,
Shawn
Start saving up now for your kids college so they won't have to go through it.
Saving up before entering college is much okay. Choosing the best school and spending less from it will be benefited. There are a lot of schools out there that offers standard teaching with cheaper tuitions. Also take note that education is your ticket to prosperous life .
The first factor that should be taken into account is to the stop overpaying. I have to get education in college and i was the perfect students while some time get help into this site and it was my right decision to get it because get quality of preparation services. I am very thankful for this service.