So many kids are debating about going to college- and which college to attend nowadays.

That’s related to the sky high tuitions these higher education providers have been charging.  (I have a post in the queue that will be addressing this specific issue.) Sure, costs are an issue (even if you are part of the gilded 1%ers), but the truth is the return on investment for a college education has changed- dramatically over the past two decades.

When I went to college, I chose a second tier (a well regarded institution that was just outside of the top 20 curricula in the US) college.  Brooklyn Poly (which has been eradicated by NYU in the ensuing years) provided a great education (“this is how things work, with a little bit of theory thrown in“) to kids at the lower economic levels.  (Tuition, which was most reasonable back then, was tuned to the average family income.)  Most of the kids going to Poly were graduates of one the super high schools of New York City- and, many of those kids were the first in their family to attend college.

(My return on investment was infinite.  I was lucky enough to be named the Samuel Ruben Scholar of Chemical Engineering, which let me ride free.  But, even had I paid the tuition, which was under $ 4000, including texts and fees, it could have been very rewarding.  EXCEPT- the year of my graduation, jobs dried up.  Instead of having our entire class proffered two or three positions among which they could decide, my compatriots were getting layoff notices even before their graduation date.  [It is why about ½ my class ended up going to grad school.])

It’s that sort of uncertainty that hinges on kids today.  With so many folks unsettled about our (terrific) economy, they worry that they won’t have a job- or a job with a good salary- when they graduate.

Given the bloat that most universities have amassed over the past three or four decades (bloated administrations, large building sprees, etc.), tuitions now range from $ 40 to $ 100K.  Unless one is going to be a chemical engineer, with a starting salary around $ 100K, it will take many years to recognize a return on investment- or a means to reduce one student loan debt (never mind eradicating it).

There are other negative factors- acceptance rates have now plummeted to single digits, so the chance of getting into a school of one’s choice is even more difficult. In-state schools still offer bargain rates (compared to the rest of the pack, with higher acceptance rates; but choosing a state school like Michigan if you are from Virginia will run close to $ 60K a year (fully burdened; and that’s true for other state schools when one is out of state), which means no out-of-state bargains exist.

And, what happens if one can’t get a job after graduation.  Or, one is awarded a job that pays $ 35K?  How will one pay down that student loan?  And, many a student is going to need a master’s degree to clinch the job they want- which means even more tuition and fees.

Moreover, we are finding out the concept that hard work and taking advantage of every opportunity the college one attends pay off well- regardless if it is an Ivy League or a State School.  Yes, that still works in today’s environment.  (I have always believed it was better to be the big fish in a small pond, besides. And, I did get to go the top Ivy League [MIT is an honorary member of that group] grad schools, even though I went to the second tier Brooklyn Poly as an undergrad.)   And, there is less stress and pressure to compete with one’s peers than if one is attending the Ivy League institution.    But, it is also true that a degree from an Ivy League institution (if you are in the top 30% or 40%) will get you more notice.  (Remember that means about 60% won’t be in that top margin, too!)

So, what will you be choosing?