VIEWPOINT / “Why go to College?” 

By W. Timothy Weaver. Ph.D.

This is the time of year when final decisions are being made by graduates and their families about colleges. With COVID-19 the question of going to college is compounded by additional factors. Given the likelihood that much of the instruction will be remote, it is worth the enormous debt burden I am incurring? Students and parents are rightly asking: Is college actually worth it, especially given these circumstances? What makes going to college so important? Which fields offer the best job prospects?

College as an investment is debatable. Once the net present value of money, the cost of lost earnings and the costs associated with borrowing are taken into consideration, the net payback for many degrees may be negative. But then there are other more difficult to measure benefits such as the skills of organization and discipline required to complete a college degree. There are the benefits of lifelong contacts with others that may positively affect career choices.

Perhaps the hardest to measure are the most important: Knowledge that helps you gain a deeper and broader perspective on issues that face all of us; a solid grounding in a field of study; and the ability to learn and relearn rapidly. The last is a fundamental work requirement in today’s economy. Finally, and not last because it is least important, there is the benefit of preparing for the next level of education—graduate school. The system is sequential and hierarchical. You can’t get a master’s degree in engineering until you’ve completed a bachelor’s degree in the field. This fact alone adds an immeasurable return on investment in an undergraduate degree. In sum, looked at as a purely financial question you get an answer, but that answer is incomplete.

Let us examine the issue of why attend college in more depth. Here is what my own analysis suggests (Contest for Educational Resources): Demand for higher education is not driven by overly zealous guidance counselors and parents. They are merely reflecting the reality of not going to college or some other form of postsecondary education. The demand is driven by something else–a poorly understood function of the educational system itself. The system functions to generate ever more demand for the credentials it alone awards.

How does it work? As each level of the system begins to matriculate a significant majority of each age cohort, there is pressure to go on to the next level, or be left behind. For example, at the turn of the last century, only a modest percentage of students matriculated from grade six into what became known as junior high school. Prior to 1900 completing a sixth grade education carried a relative advantage (ability to read, write and cipher), but as more and more completed that level of schooling, completion conveyed an ever smaller advantage in the workforce.

At that point, completing six grades of schooling provided no relative advantage at all. But it did convey another benefit–the necessary credentials to enter junior high school. As the percentage of completions at grade six grew to a majority, the matriculation into junior high school begins increasing quickly. That would be followed in time by a majority entering and completing high school.

Today, not completing high school is disastrous, but doing so no longer provides the graduate with a relative advantage in the job market. In examining income data by level of schooling completed, it becomes evident that income earned by high school graduates has fallen relative to incomes of those who complete one or more years of college. The payoff for completing high school? It helps provide the building blocks for success in college. Just as importantly, a high school graduation conveys the credentials necessary to go to the next level of the system–college or some form of postsecondary education where higher incomes are possible.

 

Why then go to college? Because not doing so leaves you behind for your lifetime in the ever more competitive workforce.

What college major will generate the most wealth with the next big thing? Remember in the film, “The Graduate,” when the father whispers into Dustin Hoffman’s ear, “plastics?” Well, if we had all gone out and bought stocks in plastic manufacturing companies, we’d all be rich today! The problem with forecasting is who and what to believe, and the key word is believe. In the sciences the art is a bit more refined because some breakthroughs in the lab today will turn into entire industries in the future. Estimating how long something takes from the lab to widespread use is a risky endeavor. From lab to household use can take up to 20-30 years. Another problem is picking the winners and losers.

Consequently, high school grads entering college tend to select their majors based on what is “hot” today, not 10 years from today. Often, this is a good decision. But, just as often, by the time the student graduates, the field has moved on to other big things. This is especially true in the sciences and technical studies. Perhaps, a better guide is asking yourself what do I literally love to study, what really arouses my curiosity? I have always told my doctoral students that if they did not love the topic they were pursuing, they would likely fail to complete their dissertation.

The best preparation for tomorrow is mastering the skill of learning and unlearning at a furious pace. A solid grounding in the basic theory and building blocks of any given field is the starting point. The ability to adjust is the key to a successful career. That is something you can hone in college, but if you do not have the capacity and willingness to make quick moves in anticipation of change, then you are in trouble.

As an historic example, when desktop computers first appeared, several mainframe computer companies scoffed at the idea such “toys” would ever be used in business. Digital Equipment Corporations, with hundreds of thousands of employees, was one of those companies. They no longer exist.

Today, the process of transitioning moves at lightning speed compared to then. Master the basics and you will be good.

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