College Isn't Worth a Million Dollars
Miller is particularly troubled by the financial situation in higher education, especially a financial aid system that he considers to be a byzantine mess that, especially as tuitions continue to soar, is ultimately failing to fulfill its primary purpose: expanding access to a college education to those who need it most. And not only do college officials show no serious signs of trying to fix the system’s flaws, he says, but Congress and others keep passing laws that just pour more money into it and even add to the complexity.
Part of the reason they do that, Miller argues, is because they believe college is such a valuable asset for individuals and for society. And they think that, in part, because of the widely embraced assertion that college is worth a million dollars in the bank. If a degree has that much value, how can we as a society not do everything possible to make sure everyone has a shot at the golden ring?
But what if the college premium doesn’t exist, or is greatly exaggerated?
I'll be the first to say college is damn expensive. Unless one has the GI Bill (as I do) or a really good scholarship (as my daughter does), one pays a lot of money for a very long time.
There are also jobs out there that do not require a college degree but pay quite well--for example, in my own field (telecommunications) there are many people earning well into six figures based on their training and certifications, regardless of whether or not they hold a college degree.
The main point this Miller fellow makes is that the often-repeated canard "a college graduate earns $1 million more over his/her career than someone with only a high school diploma" is incorrect. His calculations say the real figure is only about $280,000. ("Only" $280,000?!) Not a million dollars, certainly, but still not chump-change.
I didn't really need to go back to school. I've got a very well-paying job that I'd have gotten anyway, no need for a Master of Science degree. I went back to achieve a goal I set for myself a long time ago. For me, the "worth it" isn't measured in dollars.
Anyway, it's an interesting article, and raises some issues that hit close to home for anyone who has to pay for college.
