Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, October 1, 2012
Is College a Lousy Investment?
By NCPA @ 2:59 PM :: 5347 Views :: National News, Ethics

Is College a Lousy Investment?

NCPA October 1, 2012

For decades, the idea that one must get a college education was ingrained into the mind of every youth. The benefits were clear: an education that would last a lifetime, a better job and higher earning potential than people without a degree. In recent years, there has been debate over whether these supposed benefits of college are still true. Indeed, the extra time and money spent pursuing a college diploma may leave individuals worse off than they were before they set foot on campus, says Megan McArdle, a special correspondent for Newsweek.

  • The costs of college are rising faster than inflation by 3 to 4 percent a year.
  • Between 1992 and 2008, the number of bachelor degrees awarded rose by almost 50 percent.
  • College graduates make 80 percent more than people that only have a high school diploma.
  • However, new graduates have bad job prospects -- about half of all recent graduates are unemployed or in jobs that do not require degrees.

Student loans are widely available and subsidized by the government, which makes it attractive for students to go to school and accept the loans as a means of paying for it. This has allowed universities to increase the costs associated with going to school because there is a very high supply of students that can now afford to go to school.

  • Schools provide high-speed internet, world-class fitness facilities, and other amenities in order to stay competitive with other schools.
  • In addition, there has been a steady rise of administrators to support all types of functions the schools have and an increase in salary for professors.
  • All these costs are then imposed onto the students who pay higher tuition rates.

Despite the higher costs, recent studies show that students are not learning much that would be valuable to them in the job market. Many students go to school thinking all they need is the credential of a degree, thus doing less work during their time in school.

Just as the housing market suffered from people that borrowed money to add "value" to their homes, so too will the market for higher education. On the current path, the student loan bubble will burst, causing chaos. One possible solution that deserves consideration is for the government and employers to advocate more apprentice-style programs. This would allow students to learn the skills necessary in their desired field of work without the unreasonable costs.

Source: Megan McArdle, "Is College a Lousy Investment," Newsweek, September 9, 2012.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT