To college or not to college?

So as someone currently pursuing a masters degree you can probably guess where I stand on the question in the title, college then more college then more college etc. So when I came across this article advocating not going to college I read through what he had to say and thought oh man I have to say something. Now most of what needs to be said has been said over and over again in the comments on the article itself but I still had to have my 2 cents, this is the Internet after all we are all allowed to our 2 cents.

I will address each of his points one at a time.

1. More than 60% of people entering college take more than four years to graduate. So whatever you think your kids are going to cost you to go to college, add 20% to 100%.

He is right that most people take longer than 4 years to finish but that is because most 18 year olds don't know what they want to do when they grow up

"It's taking me more than four years basically because when I arrived here I didn't know what I wanted to do with my life. I floated between a couple of different majors and then tried for bilingual education. I love it and it's my dream job," Howerter said. "Now I just want to get my bachelor's as quickly as possible, and get my teaching certificates through a master's program."

What you major in is typically a life long decision and something that should be thought out carefully but most colleges want you to decide right away. While this might be a flaw in the system some schools are making a change and not letting you decide until after your first or second year so you have taken your core area classes and know what might interest you before you decide on a major. You also have to consider that an increasing of jobs now require, or would prefer, you to have a masters degree. This is college that also has to be added on but often times, especially in the sciences, a lot of this extra schooling is assisted by the University.

2. The cost of the average college tuition has gone up nine-fold since 1976 versus seven-fold for health care and three-fold for inflation.

A good reason for this is found by doing a quick google search for funding for universities. Universities are dependent on states for some of their funding and as this has decreased the cost has to be passed on to someone, not saying it is right but a university is a business after all. You want to slow the rate of tuition increase ask your state and federal representatives to increase funding to your state universities.

3. The differential in lifetime income between a college graduate and a non-college graduate over a 45 year career is approximately $800,000 (read on).

I can not speak for this number for sure but he doesn't cite a source so I have no idea where he got it from.

4. If I put that $200,000 that I would've spent per child to cover tuition costs, living expenses, books, etc. into bonds yielding just 3% (any muni bonds) and let it compound for 49 years (adding back in the 4 years of college), I get $851,000. So my kids can avoid college and still end up with the same amount in the worst case.

I really have no idea where that $200,000 amount came from. The college board states:

For the 2009-10 academic year, average tuition and fees range from $2,544 at public two-year colleges and $5,930 at public baccalaureate colleges, to $32,349 at private doctorate-granting universities. The average published price at private baccalaureate colleges is $24,040; at for-profit institutions it is $14,174.

Even if you take the largest number in there you end up with less than $130,000 over 4 years and if the student were to stick around for another year you end up with just over $161,000. And note that none of those numbers include financial aid etc. To see the college boards full report go here.

5. If smart, motivated, ambitious kids (the type of kids who get the most out of college) avoided college I'm sure the differential would be a lot less than $800,000 and may even be negative (i.e. they would make more if they avoided college and started going into the business world earlier).

And yet they already tend to anyway, see Bill Gates etc. The people who get the most out of college are the middle of the road kids. They have a good head on their shoulders but are not quite ready to go out and take over the world yet and in all likelihood will fill the jobs in middle management that they would not have gotten without college. There is also more to college than just getting a book education. This is where most students learn to live away from home, learn to interact with people from many different areas, and other skills that will benefit them not just in their chosen career path but throughout life in general.

6. The average debt burden of a college graduate is $23,000. Up from $13,000 10 years ago. Students with professional degrees can see their debt burden go higher than $200,000. Total student borrowing has topped $75,000,000,000. It's too much for young adults just starting their careers.

This isn't a reason not to go to college so much as a reason to reform the system and get more money to higher education. Also isn't this article about people sending their kids to school and the way it seemed earlier is that the parents were paying?

7. Alternatives to spending $200,000 per kid so they can waste four years of their lives:

Yes apparently college is a waste of four years of your life all you college graduates/college students out there.

Give them $20,000 to start one to five businesses. Most businesses fail but that's ok. The education from the process lasts a lifetime and the network you build when you start a business will lead to many future jobs and possibilities.

A third of new businesses fail within the first two years and half within the first 5 (source). And in many cases this is with people who know how to run a business having their business fail. I do not know if having an 18 year old without a college education in charge of a business is really going to pull in many investors who tend to still be wary of people over 25 with a college degree.

Travel the world. That would be an education that pays many dividends and is much cheaper. Your kids can then go to college with a much more mature view of the world.

Or you could let them graduate from college so they are more mature when they travel the world.

Work. They won't get the best jobs but they can make money, network, get a "hands-on" education, learn the value of money and go to college in their 20s when they can afford it -- and make every dollar worth it. Plus your kids will have a more clear idea of what they want to do in the world.

This is a good idea but if you can afford to send them to college why not help them out. I agree that summer jobs during undergrad were the reason that I made sure I worked hard in school. It is also not likely that they will have saved up enough by the time they are in their 20s to be able to afford college.

Volunteer. Let them see a side of life that is harder and where they can add value. An education like that is invaluable.

Another thing that you could have them do during high school or during their off time from college, they will learn just as much but not have to stop their education in the process.

Do nothing but read. Get the benefits of a college education without paying the $200,000. I'd be happy to support a child that wants to home school a college education.

You cannot home school college, and as I said earlier there is more to college than the degree at the end. Besides I doubt that your 18 year old is going to spend all their time at home reading.

This article tries to make college seem like a financial impossibility but there is plenty of financial aid available out there for those who look for it, yes at times it is in the form of loans but there are plenty of scholarships and grants as well. I had a year off in between my undergraduate and the start of my graduate degree programs and while I was working it was not in a job that payed very well or that was a direct use of my degree. It was still difficult after that year to start up education again. But that does not mean that if you have taken time off you shouldn't go back to school and there are plenty of good reasons to take time off but none of these are good reasons. Sorry for the length of this article but I felt it needed to be done.