Good news for all of you out there who are wondering how in the world you're going to pay for your children's private college education(s) or who turned down Yale because you couldn't afford the hefty price tag.
According to an article in today's WSJ, it turns out that when looking to fill entry level jobs, employers actually prefer state schools to Ivy League universities because "their big student populations and focus on teaching practical skills gives the companies more bang for their recruiting buck." In addition, "Recruiters say grads of top public universities are often among the most prepared and well-rounded academically, and companies have found they fit well into their corporate cultures and over time have the best track record in their firms." If you have a second, the entire story is worth a read.
A WSJ poll of recruiting executives showed that of their top 25 colleges, 19 are state schools, one Ivy League, and the rest private.
Top Five:
1. Penn State
2. Texas A&M
3. University of Illinois
4. Purdue University
5. Arizona State University (A big shout out to one of my alma maters)
Two other schools of note: BYU came in at #11 and Ohio State at #12.
One of the most fascinating quotes was from a Harvard economics professor who said, "We have none of the basic bread-and-butter courses that serve you well in much of industry." So what exactly do the courses prepare you for, then? I know, many of the elite schools portray undergraduate studies as the time to explore the world and expand the mind through a good liberal arts education, but it seems to be worth a little less if you can't find a job afterward. Granted, I doubt many Ivy Leaguers have trouble finding work, but you get the point.
Today's story is doubly interesting, juxtaposed against another article from The Atlantic Monthly that my sister sent me a few weeks ago, stating basically the opposite - that the undergraduate system "favors research over teaching and vocational training over liberal arts." The authors of a new book entitled Higher Education? argue that students should use their college years to build a solid intellectual foundation and focus less on industry-specific skills. Instead of hopping straight from college into a job, everyone should take a few years and work at somewhere like Old Navy and figure out what they really want to do with their lives instead of pursing a major that will either yield few employment options without an advanced degree (can anyone say sociology major?) or a field they don't really enjoy, but that they think offers the highest salary (think fresh faced Wall Street types).
Andy and I have discussed this subject extensively, both being products of a large state school for our undergraduate educations (Go Aggies!), then pursuing advanced degrees at different universities (me public, him private). We also have seen the experiences of our siblings, some of whom went to small private colleges and others larger state schools. We've come to the conclusion that while there are advantages to each, much of the true "college experience" and post-graduate opportunity boils down to grades and extracurricular involvement. We'll counsel our children to work as hard as they can to get scholarships, and that rather than accumulating piles of undergraduate debt, a good option is to go to a well-respected school where you can come out with few or no student loans and then invest more on graduate studies.
Of course the choice of school is ultimately up to them, but we'll have the same amount of money set away for each child's college education and when it's gone, it's gone. That way there isn't a two-tiered system where mom and dad foot the entire bill and there's resentment because one sibling's education cost $200,000 and another's only $20,000. As I write this I realize how absurd it probably sounds to the majority of the rest of the world - the have nots. What a blessing to be able to get a college education in the first place. We truly do lament our high-class problems, sometimes.
Where do you stand on the subject of higher education? What have you thought about for your kids? Do you wish you'd have made another choice for your own college experience?
7 comments:
Great post! Aaron and I have talked about this and totally agree that we will counsel our child to avoid major debt for his undergraduate education. I also will talk alot about potential earnings vs. debt load and having realistic expectations in that regard. That's so important but I want to do so in a way that doesn't discourage a specific career.
Chris and I have talked a lot about this as well. I agree that smart, driven people can thrive in any academic environment and that larger universities have a much broader range of subjects and fields for college students to explore, especially those pertinent to professional life. However, for both of us private education has proven to be invaluable. We both went to schools that are highly specialized and our school names have given us instant "street cred" throughout our careers. We also felt that the education we received was more challenging and rigorous than what we had experienced during summer school courses taken at state and other large universities. Another advantage that worked for us was being surrounded by an "elite" student body. My classmates in college were brilliant academics and musicians and consistently made me feel simple and mediocre. This feeling of inadequacy pushed me to achieve (though I realize that type of motivation doesn't work for everyone). Finally, the $20K I took out in student loans taught me about debt and how to manage my money responsibly. I have been gainfully employed since graduation and paid off my loans early, so it worked out for me. These days kids have much more extreme debt upon graduation and it isn't clear they can dig out, esp. after receiving a liberal arts education.
We don't have a policy for our kids per se and want to encourage them to be who they are and find the type of education that will work for them. We hope to be able to support them in that endeavor, whether it be a private school or community college. Time to start saving!
Margaret,
Thanks for your thoughts - I miss our conversations! Will you send me your email address? It seems to me be missing from my contacts list.
Fascinating...Guess I'm happy that J just defended at a Public University! I always thought it interesting that a lot of my students at VT actually did their generals at a community college and then went to the state school once they needed to start specializing in their chosen degree. It was the only way they could afford a degree.
Steve has always said that an ivy league undergraduate degree is ridiculous. (Particularly when he gets "those parents" who are worried about seminary hurting their sophomore's shot at getting into Harvard.) We're both of the opinion that you save those for your graduate work---if at all. And I'm with Trine's -- You have to consider the earnings vs debt load. Some paths justify the price tag....my profession generally wouldn't! Thanks for sharing the fascinating facts!
I'm for seeing pictures of the afore mentioned children who will all too soon be grown up and leaving for college, public or otherwise. Please? :) I'm pretty sure it was last week that I dropped you off at USU and Rikker had to drive because I was crying too hard to see. Time flies while you're not looking. Miss you all!
P.S. I have a sociology degree, but then I was pretty sure I was going on to law school. Guess we'll never know if it was a joke. It (and the criminology/delinquency emphasis) certainly helps bolster my juvenile law specialty now.
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