Korean Job Discussion Forums

[madoka]

The value of a college degree is a middle-class article of faith. But exclusive new research suggests it may be far less than previously thought.

If there's one truism that goes virtually unchallenged these days, it's that a college degree has great value. Beyond the great books, beyond the critical reasoning skills, and beyond the experience itself, there's another way that a college degree has value: Over the course of a working life, college graduates earn more than high school graduates. Over the past decade, research estimates have pegged that figure at $900,000, $1.2 million, and $1.6 million.

But new research suggests that the monetary value of a college degree may be vastly overblown. According to a study conducted by PayScale for Bloomberg Businessweek, the value of a college degree may be a lot closer to $400,000 over 30 years and varies wildly from school to school. According to the PayScale study, the number of schools that actually make good on the estimates of the earlier research is vanishingly small. There are only 17 schools in the study whose graduates can expect to recoup the cost of their education and out-earn a high school graduate by $1.2 million, including four where they can do so to the tune of $1.6 million. At more than 500 other schools, the return on investment, or ROI, is less�sometimes far less. College, says Al Lee, director of quantitative analysis at PayScale, "is not the million-dollar slam dunk people talk about."

. . .

A college degree has become mundane and ordinary," Vedder said. "We used to send kids to college to become lawyers and doctors. Now we send them to college to work at Walmart."

A. Jordan, who graduated with a degree in political science from the University of North Carolina in Wilmington in 2008, knows about the devaluing of the college degree all too well.

As a stewardess in the private yachting industry with nothing but a high school diploma, she says she earned triple what she's making now in her administrative support job in Winston-Salem. She's making so little money with a college degree, she's considering returning to school for her master's. "Philosophy, political science, and other degrees of that nature are not giving you concrete skills," Jordan wrote in an e-mail. She declined to use her full name, citing possible career repercussions.

The rest of the article is at:

http://finance.yahoo.com/college-education/article/109946/college-big-investment-paltry-return?mod=edu-continuing_education

[DeMayonnaise]

[chellovek]

Money shmoney.

I'd do it all again.

[Senior]

[Senior]

[CentralCali]

When I first started at university, I wanted to study Architecture. Dropping out, joing the military, traveling and living overseas, and graduating from Defense Language Institute all contributed to my decision to return to university and get my AB in Linguistics. I'd do it all over again without hesitation. It's been six years since I graduated and I still am fascinated by every aspect of Linguistics. I'm much luckier than so many of my university friends who hated their major and hate their jobs now.

[Fox]

No news to me. No one who studies philosophy does it for the money. It's not a job, it's a lifestyle.

[DorkothyParker]

$40,000. At least that's what I PAID for mine. Why? Suppose I could have found it discounted elsewhere?

[sallymonster]

My degree in history is so useless that when I'm done in Korea I will likely go back to school for something else.

My degree did get me into Korea, though!

[recessiontime]

This isn't exactly news anymore, as there are tons of articles, documentaries, blogs calling college a waste of money. I'm sure you got more out of a degree if you had it a decade ago but it's value is quickly dropping. It's so abundant that it's becoming like air and water, everyone is entitled to a college degree now as long as they promise to pay for the cost of it one day.

[DorkothyParker]

Also my University is ranked 3rd in my state. That might sound okay, but I think there are only three universities (not colleges) in Idaho.

I am so lame. Maybe I can get by on my good looks and charm.

[DeMayonnaise]

[OiGirl]

I've never done any work other than teaching, so have no idea what I'd do and how much I'd make without my degree(s).

[Fox]

[pkang0202]

Anyone who says a Bachelor's degree means nothing are the same people who wouldn't be caught dead omitting that they graduated from college on a job application.