I ran across this interesting video by Bloomberg on why the cost of education is so high. Even though it is not my week to post, I thought I should share anyway. The video explains that the structure of higher eduction is the main source why education is so expensive. Since a college does not act exactly like a highly functioning competitive business, it is difficult to think purely in terms of efficiency. Since we are nearing the end of our college careers, this is a great video to reflect on. Was the investment worth it?
Well going to K is a little different being a private college and we pay around 2x as much as most students at U of M for example. Being worth it is also probably a more personal opinion question. You might be satisfied if you get a high paying job or into the field you want. Here at K, we are paying for a better education and the uniqueness of going to K instead of going to another good place but more common like Michigan. We also have better personal connections with alums I feel that can hopefully help you out later on in life. Initially after graduation, I think it will not seem worth it for a lot of people because it is so hard to get any job right now. Hopefully down the line you will get into what you want and will seem more "worth it" than it might seem after graduating.
ReplyDeleteDefinitely an interesting video. I enjoyed listening to him speak about the costs and how they can be put into an investment type analytic model. His point that 45% don't graduate and that out of the 55% that do, half of them don't really get jobs deserving of a four year degree. Just that statement alone it would seem like people would detract students from entering public universities given the job market and high costs. I really do think that just the perception of not only graduating abut just the job placement after graduation is just missed entirely. I really feel for those students whose parents may have saved for that education, spent the money, and have so little ROI. Now, hopefully this K education can prove this video by Bloomberg wrong.
ReplyDeleteThe statistics as given by the video are quite disappointing. 45% drop out of college. I believe not all of them drop out because of the cost. Out of 55% they are not disappointed with the education they get as they don't get the job they deserve. This will only provide incentive for some people to not to go to college and we might see increase in that drop out rate
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