TITLE:
The Economics of a College Education
AUTHORS:
Allan Ornstein
KEYWORDS:
College Tuition Costs, College Student Debt, State Universities, Underemployed College Graduates, Benefits of a College Education, The Value of a College Education
JOURNAL NAME:
Open Access Library Journal,
Vol.4 No.11,
November
14,
2017
ABSTRACT: Given the cost of obtaining a college education in the US, resulting in the average debt for undergraduate students ($26,000) and for masters’ students ($50,000), the question arises whether college (tuition and room and board) is worth the cost. Not all college students find jobs. There’s a growing number who are under employed or unemployed. Those that do find jobs often do so at reduced salaries in the mist of stiff competition. The author raises the question whether the benefits of a college education outweighs the costs. The Ivy League colleges are institutions that have traditionally promoted privilege and power by educating the children of the upper class, not only in the US but also around the world. The history of admission into these elite colleges is reflected in the conflict between applicants who exhibit academic merit or ability versus privilege, social connections or alumni legacy. Hence the admission process has now become a balancing act between the academic student versus the well-rounded student, a euphemism for those students who lack academic qualifications. What criteria should be used for admission into Ivy League colleges? What form of excellence should govern the process? Who decides on the form of excellence? Should special consideration be given to poor or minority students in order to enhance diversity?