Colleges are ultimately in business to sell a product, that is, a greater earning potential (arguably not the only product). However, as the cost of education slowly climbs, “customers” are hesitant to shell out the money without substantial promise that they will see return on their investment. The many factors that come into play when considering the worth of a college degree make choosing a college-if choosing any at all-that much more difficult. This chapter sorts these factors into two loose evaluation categories, “fit” and “value”.
1.One major factor that is used to measure the value of a degree from a particular college is the average income of its graduates. For instance, applicants are often hesitant to go to a community college, since the average income of graduates is often lower than that of graduates of a four-year college. But another factor may be conflicting with “value”, and that is “fit”. The anecdote about Carey and his passion for automotive technology illustrated this point. Suppressing your interests and aptitudes (sacrificing “fit”) in order to pursue what America’s economy favors (“value”) may ultimately prove counterproductive for some. Carey, for instance, wasted two years in Ratford before switching back to Northern Virginia Community College. Incidentally, Carey’s decision to return to Community College paid from an economic standpoint as well. The average starting income for graduates or the Community College was actually greater than that of graduates from Ratford.
2.Making the data on the average starting income and 10-year-post-degree income of each institution readily available would make it much easier for applicants to make calculated and informed decisions. For instance, had Carrey known that staying in Ratford would not have put him in a much better financial situation than graduating from Community College, he might not have transferred there. However, some institutions, particularly private universities, appose this proposal. Perhaps because such data may “elevate the standing of public colleges” as applicants see that public and private graduate earning potential is not markedly disparate. This of course resonated with me as a Brooklyn College Student. And I certainly believe that attending a public college in no way squashes your chances of achieving financial stability.
3.Selingo is worried that pinning values to colleges based solely on graduates’ incomes may drive colleges to sacrifice quality for rank. They might scale down on the humanities and admit applicants on the basis of their earning potential (white, of a higher income bracket, and expressing interest in the STEM fields). I found this point especially intriguing, but I was unsure how to resolve it. Even if the incomes were listed along with some other evaluation criteria (such as available majors), the prospect of earning twenty thousand more at college A than college B would certainly pull an applicant to a certain school (even if this means sacrificing “fit” for economic “value”), and business-minded colleges would use that knowledge to operate their institutions accordingly.
4.Another major factor in evaluating colleges that Selingo mentions is completion rate. Unfortunately, many Freshman do not make it to graduation. Brooklyn College has attempted to reduce the number of dropouts by putting emotional buffers in place. For instance, freshmen join “learning communities” where they are encouraged to befriend their classmates. And peer-mentors share their experiences and tips in order to ease the anxieties of the newbies.
5.I found the chapter’s discussion on college majors to be particularly relevant to me. As I accumulate more credits, the pressure to choose a major builds. In an effort to learn more about the available options, I have gotten into the habit of asking every new person I meet in college what they are majoring in and whether their experience is a positive one. Surprisingly, the answers I’ve heard do not suggest that potential income is the major guiding factor in choosing a major. Interest seemed to trump earning potential. For instance, I’ve spoken to peers who are majoring in English and Art (the “no-no” majors if you want to make a decent salary) who speak passionately about what they’re learning. And my friends who are majoring in math all gush about their multivariable calculus and theoretical math classes (not the fact that their major supposedly has the highest earning potential). I don’t believe riding on passion alone is the ideal way to go, so I’m hoping to complete a major that is the right “fit” for me and that will deliver financial return.
In choosing a college and a career path, the two factors, “fit” and “value” are at play. Until this point I have been describing these factors as separate and perhaps even oppositional, but they do at some point converge. If a college is not the right fit, you will unlikely see return, financial or otherwise. And if your college doesn’t offer you the guidance that will help you follow through or your choice of study doesn’t land you a job, your enthusiasm for that institution will probably quickly wane.
