In today's economy, is it really worth it to pay top dollar to go on to a private institution or go straight into the workforce? It use to be a universal truth that those who went on to college are guaranteed to add more value to their paychecks, but with today's unemployment rate sitting at 9.1% and the increasing number of college grads having to decide to continue on with education (grad school) or take a job that a few years ago, would have been unheard of for them to take.
This article reflects the opinion that there is no education bubble and that students who go on to college will get the return on there education.
In my opinion, education expenses are too high for what they are promising. I know many recent graduates that have taken service jobs or jobs that they wouldn't have necessarily have pegged as their "dream" job, in order to start making a dent on their student loan or because there has been no other offers.
I am hoping by the time I graduate, I will have some different options, but knowing that the unemployment rate has been staying at a steady 9% isn't giving me much hope.
This article actually reflects what we learned at class last Thursday.
ReplyDeleteI think in the future, the college drgree will just continue depreciating. Except for the increasing needs for high-degree like MA or more, the will be more needs for physical labor. At the same time, immigration and other importes labor are going to rise too. The future of college graduates are going to be more and more uncertain.
I agree that getting a job is much harder for college graduates these days, but we should remember to think in context of the US economy. Those without a college degree will have a hard time finding a job that will award enough pay to raise a good-sized family. Those with a college degree, although many do not, have a much better chance of obtaining a higher-paying job. All we can do is to hope that the economy revives and also to take the extra step with the expectation that a degree does not guarantee a job.
ReplyDeleteEven though the unemployment rate is still high I still think that with a college degree will give you a better chance and opportunity to fight. With a college degree it will give you different tools to help you survive. It is better to be prepare in the long run. There are many options if education is expensive you can go to a community college or study online.
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ReplyDeleteI agree with the author of this article in saying that higher education has not become a bubble. It was interesting to learn in class the other day that more college degrees will only lower its value, but let us keep in mind that we were studying conventional economics and that too with a very simplified model. The world around us is much more complicated than that. Even though skeptics might argue that college education is too expensive in comparison to the returns it gives it, I feel that this argument does not apply in today’s world. Assuming that you are not Bill Gates or Mark Zuckerburg, how many employers would be willing to give you a job right after high school? Not too many, I would guess. This means that college is not just about academics, its about other intrinsic values that we gain in the process of accomplishing the academics. For example, values like hard work, time management, writing skills etc. Not to forget networking. It is this combination of academics and other values that makes a college degree valuable. And think about it, it is on us to get the maximum out of college. So let’s stop worrying about about the unemployment rate and get to work. Thinking about economic theory, things do come back to normal in the long run!
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