Is college still worth the cost?
In many instances taxpayers are helping to finance the cost of higher education. The US Department of Education thinks that assistance should only go to students in programs where the degree will lead to a higher salary otherwise the degree is not worth the investment. Under proposed regulations programs that do not meet earnings benchmarks could lose access to federal loan programs.
This proposal would mean that programs in theology, the arts, museum studies and possibly even teacher ed programs would be at risk. For that matter, some of the liberal arts programs like psychology, criminal justice and mass communication don’t deliver much in the way of dollars upon graduation either.
In the dark ages the common belief was it made no sense to educate women because they were going to marry, have babies and drop out of the workforce. The more enlightened folks argued that an educated mom would be a better mom for all those babies. We know how that argument ended up.
In the early years of higher ed, only the wealthy went to college to study and learn, not to earn. Those who needed to earn went to trade schools or in the field of education “normal” schools. Some of that notion may be returning because with higher tuitions, many young people are skipping higher ed and going to trade schools. They too are examining whether the cost of tuition and debt is worth the economic outcome. Higher education enrollments are declining.
For decades colleges justified themselves by marketing their programs as the pathway to higher incomes.
The question before us is that the main reason to support young people in higher education. Is the value of higher ed measured only in dollar return on the investment. Is economic value the best measure of educational value? Do we need a well-educated populace to sustain our democracy? Like those babies of well-educated moms, are we all better off with more well educated folk even if the dollar return on investment is not that great?