John Stossel’s “The College Scam”

January 29, 2009

Read it here.

Stossel’s on the mark in criticizing the often quoted $1 million lifetime earnings bonus from a college degree.  It’s an example of a misleading statistic that’s taken as conventional wisdom.  Much of the difference in earnings derives from individual characteristics rather than the college degree. 

Consider the woman Stossel featured in his article, Rachele, who paid $24k/year for a human development degree based on, “I was told just to take out the loans and get the degree because when you graduate you’re going to be able to get that good job.”  Did she research the job market for someone with such a degree? I’m guessing  that’s what people who earn the million dollar lifetime bonus would do.

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