Go to college, pick a useful major and graduate in order to get a decent paying job with benefits, preferably dental and medical. Sounds like well-meaning advice from elders, but it’s no longer just good guidance — it’s a way of survival.
Earning a degree is not about furthering one’s education, it’s simply smart economic reasoning. Today’s college is not just for academic exploration, but for workforce preparation. Degrees show employers what we are capable of — learning. It’s not necessary to know the history of South America for a job in business, but what is needed is the ability to quickly learn something and do it well.
A college education is an investment in human capital, and, more specifically, human labor. A more highly educated workforce is more productive, which is why many employers demand college graduates. According to the College Board’s Education Pays survey in 2006, a more educated workforce leads to more economic growth as more worker interaction leads to higher productivity, more effective management and quicker integration of technology.
Technology continues to advance at a rapid pace, creating a growing desire for knowledgeable workers. Thus, science- and technology-based degree holders have the opportunity to make the most money and are in the fastest-growing field.
Outside those fields, the highest demand is for graduates with specializations. Professional schools lead the way to even higher salaries because of a much smaller pool of candidates with such training. Wide discrepancies exist between bachelor’s degree holders, but someone with an advanced degree can make more money.
As more companies require college graduates, more students will want to gain that type of education. According to basic economics, what happens when demand goes up and supply stays the same? Price goes up. The total cost for four-year institutions grew an average of 5.7 percent during the 2006-07 school year, which comes to a 35-percent increase in overall tuition over the past five years, as reported in the survey. As a result of a higher demand for a college education — made evident by the growing number of applicants each year — tuition continues to climb.
Tuition rates also climb because of a lack of competition. When everyone wants to go to an Ivy League school, they charge as much as possible. Although there is a wide selection of colleges across the county, a monopoly of education remains — which means that to get a good job, one has to pay to play. A well-known school is what many employers and professional schools look for, and cost often reflects reputation. Yale University costs more than Phoenix University for a reason.
Young students are suffering from the rising costs; nearly two-thirds graduate from college owing money. We dive deep into debt for a degree and pay for it in the years to come. According to Experian Group, a credit reporting company, all types of debt are up among 20-somethings, including student loans, credit cards and installment debt.
So not only does a college education benefit employers (a more productive workforce) and the schools (rising tuitions), but we pay for it and pay for it dearly, drowning in debt in the meantime. Where do we benefit?
By getting a diploma, we are investing in job security. Nationally, unemployment is much lower among those holding bachelor’s degrees (2.3 percent) than those who only finished high school (5.4 percent). Degrees also typically ensure a higher pay: In 2005, median earnings for college graduates were $13,900 higher than median earnings for high school graduates.
So as universities become more economically oriented, wealth is on the mind of the average student. In the 2006 annual UCLA survey of college freshmen, nearly three-quarters thought it was very important to be financially well off. And when the average grad has loads of debt, satisfaction tends to be lower. The best things in life are free, but money is what’s on our minds.
Overlooking the huge price tags, universities are centers for research and the undergrads are simply decoration. Schools make huge amounts of money off of discoveries and professors are there to make them, and sometimes teaching is underemphasized. Especially in the math and science departments, professors — who are leaders in their fields — often stand in front of lecture halls with students staring blankly at the chalkboard. The best in his discipline may be the worst teacher. The focus here is on research — where the money is to be made — and not always on education.
The university is not what it used to be. There are no protests raging with students lighting themselves on fire and the government isn’t gassing students. There are no top research scientists on our campus figuring out how to defeat the Soviet Union. Instead, the universities are highly bureaucratic cogs of our society, degree machines, where lucrative discoveries are the focal point. Higher education is a fantastic economic investment for any young person — just don’t think it’s only about your education.
