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You have to look at the major... someone with a major in acting, most likely isn't going to have a good ROI vs someone with a major in computer science.
As pretty much confirmed in earlier posts, the financial lifetime ROI on a college education IS significant. There are always annecdotal stories about people with an 8th grade education... making millions, but, the odds are about the same as those of a little leaguer' playing professional sports.
Another inescapable advantage of a college education is the 'options' it provides later in life when family, bills and circumstances often make 'going back to school' impractical. Like it or not, most companies also hire and promote more people with college educations, than those without. Also, few young people accurately choose their ultimate career field ... in high school. A college education gives one the 'option' to go in another direction or seek an advanced degree that is more focused (typically paid-for by the company).
Sure, there are many young people that make ill-advised education decisions and wind-up with some off-the-wall liberal arts degree ... and a boatload of debt. But, that's where parents need to step-up and 'be parents' ... and influence their children to make 'good ROI' decisions (decisions that the kids otherwise, have no experience or foundation for making successfully).
One final point with regard those 'I paid my own way through college ...and my kids can too' types. Times have changed and the cost of college has far out-stripped the earning capacity of a non-college-educated youngster (even if they work a full-time job ... which somewhat defeats the purpose of going to college). Not everyone will benefit from college -- and some may have some significant college loan debt, but, look around at people with varying education degrees. Would you rather live or have your kids live the typical 'high-school education' lifestyle ... or the 'college-educated' lifestyle? --- That's pretty much a no-brainer!
College isn't just about earning more, it's also about intellectual growth. Courses like philosophy or psychology might be "useless" in terms of employment opportunities, but I think they can really open one's mind.
That's why college should be free.
Even if college was about, ah, 'opening ones mind' why should it be free?
Even if college was about, ah, 'opening ones mind' why should it be free?
Because each person is entitled to it. Society as a whole owes each individual certain things.
An individual is owed a home, clothing, food and entertainment; as well as a non-violent and caring community. So that each individual may grow to functioning in society as a productive member, society owes each individual a college education.
The "total cost" is very high based on their formula. It also seems like there is nothing to account for kids who stay in the NE will earn higher but also have a higher cost of living.
Quote:
Weighted Total Cost for a Graduate in 2011: Utilizing the percent of graduates who graduate in four, five, or six years (as reported by IPEDS), we calculate the average cost based on the number of years it actually takes students to graduate. This cost is calculated in three steps:
Of those who graduate, we find the percentage that graduate in four, five or six years.
We calculate the four-year, five-year, and six-year cost by summing the total cost (defined above) from 2008-2011, 2007-2011and 2006-2011, respectively. For public schools, this is done for both in-state and out-of-state students.
Lastly, we calculate a weighted average by first multiplying the percent who graduate in four, five or six years by the four, five or six year cost respectively and then summing across these three products.
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