I have taken a serious interest in post-secondary education as three of my grandchildren approached high school graduation. I would like to share two experiences I had recently that highlight the widely disparate outcomes that can result from post-secondary decisions.
Earlier this fall I visited Ohio University in Athens, Ohio where one of my grandsons is a sophomore. They have an outstanding journalism school that has produced ten Pulitzer prize winners. I had a chat with one of his roommates—also a sophomore. Howard in on a track that will lead to a journalism degree in four more years. (Today seventy-five percent of college students require more than four years to graduate.) His total cost of attendance will approach $150,000. I don’t know how much student debt he will accumulate. I don’t know how financing his education has impacted his parents’ retirement. Assuming he can find a job in the journalism field his starting salary will likely be in the range of $32,000.
More recently I stopped by Sinclair Community College in Mason, Ohio. I talked to Ted, a student in the Industrial Maintenance Technician program. If he is successful in completing the program, he will have a full time job with benefits paying about $38,000 by next summer—total investment: $5000 and nine months. After getting this credential “under his belt” there is nothing to stop Ted from adding to his skill set and his paycheck by completing an Associate’s degree in Applied Science in one more year. If he chooses the right employer, he could then earn a bachelor’s degree tuition free. (The prospective employers are standing by anxiously hoping that Ted is going to make the grade.)
I understand that some young people yearn to be journalists and some enjoy working with their hands. That’s not the point. In our society the expression, “college is for everyone,” has almost become a sacred text. The reality is that for some professions (journalists, teachers, and social workers readily come to mind) the return on investment (ROI) in time and money no longer makes much sense.
Some of my friends take exception to my reducing this post-secondary education decision to a financial equation. They use the time tested arguments that college will expand the student’s mind, develop critical thinking, improve creative and verbal expression skills, etc. However there is data supporting the premise that college is not what it used to be fifty years ago, and, clearly, the cost is beyond the reach of many. Add the risk incurred if debt is required and caution is advised.
Most young people are going to need some kind of credential to become financially self-sufficient. The question to ask is, “Does that credential have to be a bachelor’s degree?” These two young men showcase the dramatic disparity of ROI between two different post-secondary education decisions. In my opinion a lot of our young people would be better served by ceding the Saturday afternoon football games and exploring their options with a local community college.