Is College a Scam?
According to Statista.com, there were approximately 18.58 million college students in the U.S. in 2022, with around 13.49 million enrolled in public colleges and a further 5.09 million in private colleges. The figures are projected to remain relatively constant over the next few years. The average college tuition in the United States increased last year, reaching around $42,000 for the 2023-2024 school year. That sounds like a very lucrative business for the colleges, but does it provide a prosperous future for prospective students? Let’s find out.
Photo by Robert Bye on Unsplash
THE MONEY ISSUE.
Unlike most colleges in Europe, the cost of education remains a significant financial struggle for most families in the United States, who often underestimate the final cost. According to the 2023 Fidelity Investments survey College Savings & Student Debt, 1 in 4 high school students believe the total cost of attendance for one year of college equals $5,000 or less. This number is far below what they're likely to pay at public and private four-year colleges.
The reality is different. Depending on the field, tuition for college degrees can cost up to $100,000, and that’s not even including the cost of living at the site.
The problem is that most of these colleges are run as private companies. While many families can’t afford them, the government has started loaning students the money. This has backfired. While private banking institutions have vigorous criteria for loaning money, the government seems to have a much leaner policy on loans. Government handouts invite colleges to keep raising tuition. Over the past 50 years, college costs have risen four times the inflation rate—four times!
We have reached a point where some of the private colleges are not even investing their income in student education but are spending it in miscellaneous ways.
The Wall Street Journal reported that it's gotten worse: The University of Oklahoma bought a monastery in Italy for study abroad students, and the University of Kentucky built a theater where students play video games.
"Why not raise tuition?" asks the typical college president. "Uncle Sam pays the bill!"
However, this 'free money' is not without its costs. It's a loan, after all. This means that either the family is burdened with a hefty price tag, or the student is saddled with a government loan that can take decades to pay off. This financial pressure often forces graduates to immediately seek employment, regardless of their career aspirations or personal interests.
THE TIME ISSUE
College studying hours are from 9–5 for at least 250 days a year for five years. Even by the most conservative estimations — where you subtract for holidays, bunks, and more — that adds up to around 6000–7000 hours. Some degrees, like medical school or PhD studies, can take up to 10,000+ hours.
Therefore, the only investment is not just money but a significant amount of time dedicated to your studies. However, according to one survey conducted by the National Survey of Student Engagement, most college students spend an average of 10–13 hours/week studying, or less than 2 hours/day and less than half of what is expected. Only 11% of students spend over 25 hours/week on schoolwork. Why is that?
Students who go straight to college seem to be less motivated to start studying again immediately.
More freedom and distraction than they had during the high school year, living at home.
They are not genuinely interested in the coursework and the field they chose to pursue.
That brings me to the most significant issue surrounding colleges…
THE CHOICE ISSUE
The adult brain does not develop fully until we turn twenty-five. That means that we are asking teens and young adults to know exactly what they want to do with their lives at an age when they have not experienced life enough. And that notion is backed up by evidence. Today, nearly half of the students given loans don't graduate even after six years.
Ben Wildavsky, author of the new book, “The Career Arts: Making the Most of College, Credentials, and Connections” says,
“The Achilles’ heel of what I think is overall a very successful higher ed system is we have very, very bad completion rates,” said Wildavsky. “And so that I think contributes to the fact that you have a lot of people who have not had a good experience. Forty million Americans have some college and no degree, which ends up with the worst of both worlds, which is debt and no degree … a lot of people have not had a good experience.”
This comes down to the rush after high school to figure out the rest of your life and choose a degree—any degree. Why? We have done this as a Western society for decades, and it gives most parents peace of mind that their children will do' at least something.’
WHO SHOULD GO TO COLLEGE?
Photo by Honey Yanibel Minaya Cruz
After researching the significant financial, time, and emotional burdens involved in choosing and paying for a college, who should take on this task? The answer should be that less than 65% of all high school students are now enrolled in colleges in the United States. However, some people can benefit from a college education and a formidable degree to enter the workforce.
Students who pursue specific careers, which can only be achieved by a college degree. For example, medicine, law, engineering, computer sciences, and various academics.
Students who have a clear vision of how a specific college degree can contribute to their personal growth and future pursuits. For instance, I was a dedicated athlete throughout my teenage years. However, upon learning about the grave issue of human trafficking, I was inspired to pursue academics. My degrees in Political Science/Public Law and Human Rights Law have not only equipped me with the knowledge to combat trafficking but also fostered my personal growth.
Students who may struggle with self-discipline and the rigors of a structured routine can greatly benefit from the environment of a college. While this may not be the most preferred reason for pursuing higher education, it is a valid one. Colleges play a crucial role in instilling responsibility, discipline, and readiness for future careers or societal roles in young individuals.
AND EVERYONE ELSE?
Everyone else should explore other options first. There are formidable alternatives to going into a college immediately after graduating high school. It has been statistically shown that pursuing alternative routes has proven more successful than getting a degree you didn’t even want or need. So instead of spending hundreds of thousands of dollars on gender studies or communications, just because you had to choose something, check out my article on alternatives to a traditional college route here.
