College Is For Suckers

All the books I’m reading lately are telling me I’m a fool to have a day job. I believe them. In case you haven’t heard, those of us twenty or thirty somethings are in a “new economy” where gaining promotions, pay raises, and job security through one salaried gig is about as likely as marrying someone rich without a prenup. And besides, who wants to work for the man anyway? I worked my butt off in college, and all I got was a stinking JOB with bosses, rules and defined hours.

In The Four Hour Workweek by Timothy Ferriss, the young author tells you how you can “escape the 9-5, live anywhere, and join the new rich.” Timothy is described as a serial entrepreneur and ultra vagabond. With a successful online product, he has managed to earn a nice income while outsourcing the majority of the grunt work. This leaves room for him to accomplish other lofty goals such as writing a best selling book or training for the world record in Tengo. A Harvard Graduate himself, he says most of the role models he used in his book didn’t go to Ivy League schools and some even dropped out of college.

I just read another book called Grindhopping by Laura Vanderkam. According to Laura (who also has a college degree) you do not need to endure the long hours, low pay, and paper-pushing tasks that are given to entry level employees. She encourages you to go after your dreams regardless of your age or education level. A successful freelance writer herself, she cringes when she hears about people who go back to college for graduate degrees in writing. “Getting an MFA doesn’t make you a writer.” She says. “Writing makes you a writer.”

The more I read these career books, the more I feel like an ass for having a day job -and worse yet the student loan debt to go with it. I wish I had known that before spending over 50k on degrees I don’t even use. These books represent a new generation of young entrepreneurs who are free to manage their own career. The message is simple; Get paid for doing what you love and be your own boss. (Don’t feel too bad if you haven’t figured out how to do that yet. Many of us are still learning.)

Making your own income is a good goal to work towards. Meanwhile, be careful what you wish for. If you are plunking down heaps of money for a degree that will land you a JOB, you just might get one.

Reefs did an economic study on the actual monetary payoff of a college investment. Their analysis (which includes data from the US census bureau) shows that college is a financial mistake for more than half of the American young people today. (See their article) I realize that I am going against the grain by stating that college is for suckers. I also point out that college makes sense for SOME people. But MOST people don’t take the time to consider their reasons for going to college or their actual college ROI including their student loan debt. The people at Robertson Education Empowerment Foundation actually did the math for you! Why rely on conventional wisdom when deciding to invest thousands of dollars and years of mounting debt on college?

More than half of the undergraduate degrees awarded in China are in the fields of science, technology, engineering and math, compared to 16 percent in the United states.

As Reported by WJBC

Some Illinois State University students were not in class today because the science lab at the university was closed for a death investigation.
Part of the third floor of the Science Laboratory Building was closed for about two hours when the mother of a man in his 30s found his body in the chemistry lab shortly before 8:30 a.m. Coroner Beth Kimmerling says the man, who she wouldn’t identify, graduated with a master’s degree in Chemistry. His mother says he had been despondent because he hadn’t found a job in a year and had school loans he couldn’t pay. Kimmerling says the man had made some statements to his mother last night about possibly harming himself.

ISU Police Chief Ron confirms there were no signs of foul play. Kimmerling says she’ll know more when toxicology tests are back in a few weeks. Meanwhil, the administration is making sure students know counseling is available.

 (From CampusProgress.org)

 A new report from ACT, the college-prep testing company that administers the popular alternative to the SAT, finds that even when high school students take the federal government's recommended four years of English and three each of social studies, science, and math, only 26 percent are ready for college level work. I don't always agree with standardized testing advocates, but as The New York Times reports:

Have you ever consulted the financial aid department at your college? Seven major universities and Citibank agreed to a settlement after being busted for operating a ring of "preferred lender" kickbacks. These kickbacks, in the form of cash incentives, lavish gifts, and fancy parties are being paid of course by the students. Investigations show that many college financial aid office phone lines are actually a direct line to a  "preferred" for-profit lender. The student loan industry is an 85 billion dollar-a-year racket.

 WHAT IS GRADE INFLATION?

Grade inflation is the increase in the number of high grades over time. Since the 1960s, As and Bs are given too readily at American Colleges, Universities and High Schools.

DOES THIS MEAN STUDENTS ARE GETTING "SMARTER?"

No. In fact, evidence suggests that, for the most part, students have actually gotten slacker. Grade inflation is a reflection of standards that have gotten lower.  

WHY?

Many teachers fear giving low grades because it reflects poorly on their performance.  There is a tremendous amount of pressure for ALL students to go to college (no child left behind) so many high schools become "SAT training camps" instead of real learning institutions. As a result, kids make it into college with increasingly poor grammar and reading skills. Colleges then, have to lower their standards (and even offer remedial education) for incoming freshman.

WHO CARES?

Apparently nobody –unless you are the holder of an increasingly worthless college diploma. With grade inflation, college has essentially become a very pricey extension of high school. Of course you can argue that grades don't really matter since most parents plunk down their life savings for their children to go to college to be "well-rounded" and "learn to be better people."

Unsatisfied, misled, and angry, some students are taking legal action to settle the score with their colleges. Here are a few noteworthy headlines…

Headlines:

Student Sues CDI College For False Advertising

Florida Student Sues College For Slander

(and my favorite…) 

MBA Sues Over Useless Education