Education Poll

[justin]

Tryan,

From your earlier post, it seemed you thought college was "WAY over priced".

Here is my most recent experience with college costs. I'm currently a master's student at local State U. I'm taking 1 class in the fall and one class in the spring. My university has estimated my expenses for the year (not including the summer!) to be $16,000. In reality, I'll be paying a little less than $2,000 for the entire year for tuition, fees and books (the true college costs). The $14,000 of extra expenses are for living expenses for 9 months. Note that this is for a part time student! I'm sure your alma mater's total expenses have a similar breakdown. Much of the "total expense" of college at a state school are the living expenses. These can vary greatly. If you take the frugal path and get roommates in a cheap crappy apartment, eat cheap (ramen ), and have a part time job and/or summer job to fill up your leisure time, you won't spend anywhere near the school's published living expenses.

That being said, it probably will cost the full "living expenses" amount to live an upper middle class lifestyle like many college students have grown accustomed to during their youth.

I remember in high school, the guidance counselor's office had a poster that said a college degree will allow you to earn $1,000,000 more over a lifetime than the average high school graduate with no degree.

How accurate that poster is, I don't know. But the $20-30k in state school tuition that most would pay is a good "investment" in my book.

 

[SteveR]

Do I Really Need a College Degree?
That would depend on personal career goals, but in general the higher the education, the higher the salary, and the better the career options and security. According to the Census Bureau and the U.S. Department of Labor, the median annual income for employees with a high school diploma was $23,000; for an associate’s degree $29,000; and for a bachelor’s degree $39,000. Holders of bachelor's degrees earn 60 percent more than workers with a high school diploma. In addition, employees with only a high school diploma were twice as likely to be unemployed as those holding bachelor’s degrees. Over a lifetime, the gap in earning potential between the high school graduate and those holding a bachelor's degree or higher exceeds $1 million, according to the College Board.

Source: http://www.back2college.com/library/faq.htm

Sort of backs up some other posters here.

 

[tryan]

Justin,

I am glad you can make the college finances work for you. Many other must also be "making it work" since these costs are a function of supply n'demand. Colleges are charging what people will pay. Society has put a premium on a college degree so we rush to get them ... and are willing to watch costs double and still gotta have it (smells like RE, gas ...) so we pay.

At the current trend college costs will nearly double yet again by the time my youngest hits the campus. My point is - "enough is enough" ... take the tuition $$ and use it as seed $$ to start a business.

At some cost the tables turn.

 

[retire@40]

Good luck getting a franchise with no money, no experience and no college degree.

You are correct about the money issue, but the whole point of buying a franchise is that for most of them you don't need any experience and for almost all of them you certainly don't need a college degree.

 

[justin]

You are correct about the money issue, but the whole point of buying a franchise is that for most of them you don't need any experience and for almost all of them you certainly don't need a college degree.

It sounds like you and I have been looking at different franchise opportunities. Most of the big name food establishments that I have looked at have certain requirements and qualifications to be met. Experience and/or education and financial.

 

[TromboneAl]

College...tremendously useful in developing critical thinking.

I'll second that. A lot of my intelligence would have been wasted without my higher education.

 

[playaman]

I am one of those persons who are probably "overeducated," having spent far more time pursuing the next degree than I should have. Yet, I know that those degrees opened doors that would not have opened otherwise -- even though few of my jobs over the years were related to my academic training.

As noted by several posters, students of all income groups can get solid educations at state universities. Yes, those schools are not as "prestigious" as some of the "big name" universities.

I counsel really bright students from families with modest incomes to go to public schools for their undergraduate work. A "name brand" undergraduate degree is seldom worth the cost differential. However, it often makes good sense to go for a master's at a "big name." The business community does seem biased toward such degrees in senior executives.