Is College Worth the High Cost?

Money at 30: Is it Time to Deemphasize College?

college campusBefore I get into the topic at hand, I’m excited to announce that Money at 30 now has a home of its own at Moneyat30.com. While I look forward to posting in-depth yet light-hearted takes on personal finance over there on a regular basis, I will also still be maintaining my weekly column over here on Dyer News — so really it’s the best of both worlds.  Anyway, when I was in the process of building and fleshing out my new site, I wrote an “about me” section I ended up titling “My Story.” In it, I share a number of both random and pertinent facts about myself, including one I don’t believe I’ve actually discussed on my blog before: I am a college dropout. Yes, after a year of university and a smattering of community college courses, I bid adieu to the classroom many years ago with no real plans to return, thus leaving me degreeless.

I suppose this fact never really meant a whole lot to me until this most recent election. See, when the pundits began incessantly talking about “uneducated white men,” I suddenly realized that was a demographic I, by their definition, was a part of. That might sound too obvious to qualify as some sort of revelation but it actually was surprising to me. After all I don’t feel uneducated. In fact (and not to brag but) I’ve been described by others as “smart” on numerous occasions and I actively seek out new information on topics that interest me in order to further my, albeit less formal, education. So am I really “uneducated” simply because I don’t have a college degree? This pondering led me to another, larger question: is college overrated?

The case for college

From the time you’re a child in elementary school the messaging regarding higher education is clear as day: you go to college so that you can get a good job and make more money. And they’re right — studies show that, the higher the level of degree you have, the more you’re likely to make in salary. In that aspect, many see higher education as in investment in your future. Of course the problem is that the investment has gotten more expensive over time, but we’ll get to that later.

Beyond the pure economics or it all, college is also touted for the life skills and experiences it provides students as well as the networking opportunities one can gain that will help them as they transition to their career. Again, these are all valid points that I wholeheartedly to agree with. But the question I’m proposing isn’t “is college a great way to prepare for a career?” but “is it the only way?”

The student debt crisis

As mentioned, lately the coverage colleges and universities have been attracting relates less to the pursuit of education and more to the financial costs of such a pursuit. As you’re surely aware, the rising costs of tuition and books coupled with the all-too-recent recession have led to a student debt crisis. Not only are some students in over their head with obligations that will take them years to pay off but other are also still struggling to find employment using their degree, making repayment even less realistic.

Although this was a hot topic during the election cycle, the new administration has yet to make it much of a priority. Additionally Education Secretary Betsy DeVos recently reversed course on guidelines introduced by the Obama administration intended to help protect borrowers, with DeVos saying the guidelines held “a lack of consistent objectives.” As a result it’s unclear if or when the student debt crisis will improve, which may beget an upcoming slate of students who are reconsidering their options.

school libraryWhat qualifies as education?

Speaking of Secretary DeVos, one of the initiatives her appointment was said to stand for was school choice. While this is a term usually associated with charter schools and voucher programs, it also recognizes that the face of education and how students obtain knowledge is rapidly changing. For example public universities such as Arizona State have introduced online degrees for students across the country, joining a trend set forth by for-profit institutions previously.  

In addition to these accredited, degree-granting schools, there are also a number of places to take in college-level lectures and courses online. Whether on paid sites like The Great Courses Plus or on free services such as iTunes U or YouTube, there is now a wealth of information available to anyone with an internet connection and interest in learning. This begs the question, what makes traditional higher education much different? 

What experience is worth

You might expect a premium to be placed on those who have experience relevant to the position they’re applying for regardless of whether or not the candidate has a degree, yet that’s not always the case. Even on sites like Craigslist you’re likely to find a majority of job listings require some sort of college degree regardless of past experience. Granted, many also require some amount of experience as well (which also happens to be a catch 22 in some cases), but — speaking very loosely — it seems that degrees are necessary to even get considered by many employers.

How can this change? 

Perhaps due to start-up culture that reveres college dropouts like Facebook founder Mark Zuckerberg or to Millennials looking to help escape the student debt crisis, anecdotally there have been efforts by employers to look beyond the traditional degree when looking for candidates. Going back to Craiglist for a moment, among the strict “Bachelor’s required” listings are posts that ask applicants to demonstrate their skills by completing a small test task instead of merely regurgitating their credentials like some sort of Sorkin character. In my humble (and supposedly uneducated) opinion, this technique makes far more sense in certain fields and, I believe, leads to better hirings.


Let me be clear that there is, without a doubt, value in higher education. That said, with the myriad of knowledge sources available to us and the student debt crisis still raging, perhaps it’s time we rethink the extreme emphasis we place on college. Because, while attending university or other institutions should certainly be a choice afforded to Americans, those (like myself) who forgo should be given a chance to prove themselves as well. By opening our minds to what should qualify as education while also taking experience and skill into account when hiring,  I believe we can easily make that happen.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Bilt and Alaska Airlines logos and app and ticket

Alaska Airlines Becomes Latest Bilt Rewards Transfer Partner

Bilt Rewards is bringing in a new travel partner — along with some unique options for members. About the partnership: Bilt has announced a new partnership with Alaska Airlines. As a result, Bilt members will now be able to transfer their points to Alaska's Mileage Plan at a rate of 1:1. Alaska joins a slate of numerous other airlines and hotel brands that customers can transfer points to, including Air...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Experian Boost on phone

Experian Boost Review: How Does it Work? Is it Worth it?

Building credit has long been a Catch-22 as getting approved for credit often means already having credit established. Luckily for consumers, in recent years there have been a few innovations that have addressed this issue in different ways. One such option is Experian Boost, which comes from Experian — one of the three major credit bureaus in the United States. While you may have seen the ads for the service...

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...