Is College Worth It?

When the former Secretary of Education writes a book questioning the worth of a college education today, I'm intrigued.  He and his co-author present dynamic, well thought out suggestions for improvement.  He also strongly believes in caveat emptor (let the buyer beware), and offers valuable tools and information that students and parents can arm themselves with when they make decisions about schools, careers and loans.

If you're in the market, I recommend arming yourself with this book.

$50,000 debt / $120,000 debt from Ohio Northern U. / $70,000 debt Bowling Green U.

53% of full time students took out student loans in 2007-2008

Average debt load per student upon graduation is $23,300

25% owe more than $28,000

10% owe more than $54,000

Those in their 30s owe more than any other age group, on average $28,500.  Followed by those in their 40’s, on average $26,000.  More than 15% still paying back at age 50.

 

Student loans can’t be discharged in bankruptcy

And graduates are facing a weak job market with heavy debt.  So are those who don't finish college, but have already incurred heavy debt - the percentage of students who don't finish within 6 years is growing.  What are the marketable careers today?
 

“Higher education is not under-funded.  It is under-accountable.”

Barack Obama said in 2012, “We are putting colleges on notice.  You can’t assume that you’ll just jack up tuition every single year.  If you can’t stop tuition from going up, then the funding you get from taxpayers each year will go down.  We should push colleges to do better.  We should hold them accountable if they don’t.”

Marco Rubio and Ron Wyden introduced the Know Before You Go Act in the Senate. A bill to amend the Higher Education Act of 1965 to update reporting requirements for institutions of higher education and provide for more accurate and complete data on student retention, graduation, and earnings outcomes at all levels of postsecondary enrollment.

 This has been stuck in congressional committee since May.  Here's the link to more information - contact your congress people to get this bill out of committee and passed!  http://www.govtrack.us/congress/bills/113/s915

Is College Worth It?

By William Bennett and David Wilezol