Bertrand Russell once said, "In all affairs it's a healthy thing now and then to hang a question mark on the things you have long taken for granted." That statement is particularly true regarding the college purchase.
Of course, students need college degrees in order to be eligible for the best jobs. But it's important for students to cut their college costs and get the best value.
Throughout my new book, I expose the truth behind more than 30 Big Myths about college. In fact, I begin the book by listing what I believe to be the Top 10 Myths About College (and then use the rest of the book to expose the truth):
1. A college degree is worth about $1 million (or more) over a lifetime.
2. College graduates are financially "set for life."
3. Colleges have very little money and need every penny they can get.
4. Colleges are committed to giving their students a good education.
5. Colleges provide students with excellent career preparation.
6. Colleges give their students the support they need in order to graduate.
7. Prestigious and expensive colleges provide a better education and better career advantages than other colleges.
8. All kinds of financial aid are safe for students.
9. Graduate school always leads to an excellent payoff for students.
10. People have to go to college to get a "college education."
UPDATE: Why These College Myths Are Not True - Click Here
For more about my book on college admissions and financial aid, click here.
Sunday, April 6, 2008
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6 comments:
Marc,
Thanks for raising these issues.
I will write more later.
Suffice it to say, even with SAT composite scores in the 98th percentile nationwide, and significant scholarship money, our daughter will be attending a state school in the fall.
The reason?
Even after all of the scholarships, grants, her "aid" (subsidized loans) would leave her at least 26K in debt upon graduation.
She wants to be a public school teacher.
Last time we checked, public school teachers don't make a lot of money. So starting with a big debt wouldn't be the best approach.
While I agree we need to be teamplayers, I would argue that being teamplayers by rushing headlong to the expensive colleges in order to "keep up with the Joneses," may not be a wise move.
Anon,
Thanks for your comment! Please choose "Name/URL" below and give yourself a username for all your future comments. That way, you can differentiate yourself from all the other Anon's on here.
As for your daughter, I believe that you're making the right move. Resist the pressure to follow the Joneses, resist the pressure to borrow loans. Go to college for the least amount of money. And then use the money you have left over for all of life's other expenses, including buying a home, retirement, weddings, investments, inheritances, etc.
I think you will really enjoy my book. I have 800 footnotes that illustrate that your education decision is probably spot-on.
You have my undivided attention.
My gut has always told me that colleges are running one of the biggest rackets around.
I read an article about this topic about 10 years ago. A college president in the article said, "I don't know how much longer I can pull this off".
Marc,
I just got your book today and finished chapter one. I have to agree that even in my case, colleges, even some 2 -year schools in mostly rural areas, tend to want to sell the college education as the best way to prepare for the future workforce, but when you get there, you find out in a big hurry that the advice college instructors and professors give about what is out there and "how a college degree opens alot of doors" (like the employer is just going to roll over and play dead for you and your degree) is alot of bull manure.
I went to local 2 year college and was told by a friend of mine who was a foundation official at the school and other instructors how even an A.A.S degree will "up your income" and "get you noticed on your resume!" I graduated with a 3.42 GPA, Phi Theta Kappa, Cum laude in Computer Science (A.A.S degree) with 2 letters of recognition, all that and a dolar bill wouldn't get me a lousy cup of coffee!
I think it's time to hold the colleges' feet to the fire of responsibility on loans and wild promises that they know are nothing but empty lies.
Mike,
Thanks for your comments! I'd love to hear your opinions as you read more of the book. Post your comments on this blog, or write to me at the email address listed on the right side of this screen.
Well,
I must says these are the perfect 10 myths for any college.
Thanks for the information !
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