Seth Godin and Mark Cuban, two pretty successful guys with an uncanny ability to predict the next big thing, have each written blog posts about the coming meltdown in college education. Both of them point out:
- College has gotten expensive far faster than wages have gone up.
- The average college education alone doesn’t automatically lead to a successful post-college career.
- It’s far too easy to get student loans and far too difficult in today’s job market to earn a salary after graduation that is high enough to pay them back.
I think they’re right. The last generation knew that virtually any sacrifice they made to attend college would pay off. Today’s students don’t enjoy that guarantee. So here’s my advice.
1. Families should be cautious about taking on large debt to send a student to college.
From student loans (there is currently more outstanding debt for student loans than there is for auto loans or credit card loans), to parents borrowing against their homes, that’s a financial gamble that many families can’t afford to take. If you want advice about how to attend college debt-free, check out Zac Bissonnette’s Debt-Free U, the best book I’ve read on the subject.
2. It’s more important than ever for students to have remarkable college careers.
Every student should take road trips, go to great parties, and have plenty of good old-fashioned fun while you’re in college. But there’s no reason you can’t do those things and also graduate with four years of remarkable learning and a resume full of experience to help you land a good job. And you don’t necessarily need to attend a prestigious or expensive college to do it. Here’s a past post profiling a student who’s a perfect example of this.
I’m not arguing you shouldn’t go to college or pay to attend an expensive school. But like any investment, your college education is one that should be made with caution. And unlike other potentially expensive investments, the student can and must do a lot to influence the return.
It’s not the name of your college or the price of your degree that will make you successful. It’s what you do while you’re there.
Egomet Bonmot says
There was a famous study done less than a decade ago comparing the life outcomes of students who went to Harvard with students who were accepted there but didn’t go. The study found no statistical difference between the two groups using any of the researchers’ dozen or so metrics for success. Four years of Harvard education made absolutely zero difference in a young person’s life outcome. Being Harvard *material* did.
A word to the wise…