College just doesn't work. They don't know what jobs will be available and they are way too far behind the professional sector to teach about them anyway, with rare exceptions that aren't economically favored for, institutionally.
The system forces schools to increase enrollment by assigning a tuition price based on attaching a loan to it. It's basically for profit. Then, the loans can't be forgiven in bankruptcy when the outcome of the education platform fails to produce an income that supports repayment.
To get an education that doesn't completely screw you over, you need to be a minority with a scholarship or actually have rich parents and attend for fun. But in either case, your only benefit financially is the hope of connecting with other students whose parents are richer than yours.
Exceptions for subjects with artificial barriers of entry (medicine, law, etc., and each of those has its own set of problems, mainly the price of education).
(Speaking about the United States, but probably a lot of this applies to many places.)
I disagree with the sentiment that the rich are dissuading college enrollment. I'm not rich. I don't hire college grads. They are broke, entitled, and lack work ethic. After 5 in a row, I started giving opportunities to smart kids, from good families, who exhibit an appreciation for hard work and good moral character. Those people learn in a month what takes a college grad 6. They appreciate opportunity, instead of expecting it.
As I should have always known, a good person is far, far more valuable than a piece of paper certifying victimhood.
Zhang, L., Liu, X., & Hu, Y. (2024). Degrees of return: Estimating internal rates of return for college majors using quantile regression. American Educational Research Journal. Prepublished March 12, 2024.
"We estimate the internal rates of return (IRRs) for individuals with college degrees in 10 broad majors compared to high school graduates. Our analysis shows significant differences in the age-earnings trajectories and IRRs across college majors. Specifically, Computer Science and Engineering majors have the highest IRRs, exceeding 13%, whereas Humanities & Arts and Education majors have the lowest IRRs, around 5% for male and 8–9% for female college graduates. Furthermore, the quantile regression analyses show that IRR is generally higher at the high end of the earnings distribution. Finally, we observed a slight decrease in IRR during the study period, which is consistent with the flattening and even decline in college wage premiums following the 2008 Great Recession."
I really have found college valuable, but I also self-funded and have no debt. This is pretty much the arrangement I'm trying to set up for my kids too - when I had a blue-ish collar job (bush pilot is a blue collar job no?) I didn't think school had a lot of value, but then again, looking in hindsight, I'd unironically say that the most "valuable" (scare quotes intentional here) course I took was art history. Not because I learned anything that was economically useful, but it gave me a new way to view the world and literally changed some of the decisions I made with my life?
I agree with the idea of giving opportunities to smart kids from good families who work hard and are ethical. But I also think it's pretty damn hard to get good at certain things outside of a classroom? I don't know, I have mixed emotions.
Still, despite my misgivings with traditional education, I think there remains some good that comes from going to a place where your only job is to learn.
I'm teaching my kids how to build a business, and how to learn chemistry and deep science through self learning programs, like Aleks, and the like. Same curriculum as I got in college.
But none of the loans and none of the "go work for IBM" mentality that taught me how to be a loser for way too long.
A few years head start on actual business building is way more valuable than a 250 kid lecture hall with a teacher who never built anything in their life.
The future belongs to entrepreneurs, and that's even more true now with LLM built businesses.
Get them a face to face sales job for a bit. It does a lot for one's character to learn how to break the ice and be personable. And it teaches work ethic.
The system forces schools to increase enrollment by assigning a tuition price based on attaching a loan to it. It's basically for profit. Then, the loans can't be forgiven in bankruptcy when the outcome of the education platform fails to produce an income that supports repayment.
To get an education that doesn't completely screw you over, you need to be a minority with a scholarship or actually have rich parents and attend for fun. But in either case, your only benefit financially is the hope of connecting with other students whose parents are richer than yours.
Exceptions for subjects with artificial barriers of entry (medicine, law, etc., and each of those has its own set of problems, mainly the price of education).
(Speaking about the United States, but probably a lot of this applies to many places.)
I disagree with the sentiment that the rich are dissuading college enrollment. I'm not rich. I don't hire college grads. They are broke, entitled, and lack work ethic. After 5 in a row, I started giving opportunities to smart kids, from good families, who exhibit an appreciation for hard work and good moral character. Those people learn in a month what takes a college grad 6. They appreciate opportunity, instead of expecting it.
As I should have always known, a good person is far, far more valuable than a piece of paper certifying victimhood.