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THE GREAT COLLEGE DEBATE –– Does a bachelor’s degree still make sense in the face of skyrocketing tuition and a dearth of jobs for some grads? A Luckbox panel of higher education experts share their thoughts.
James Altucher Preston Cooper Mitchell E. Daniels Jr. Richard Detweiler Arne Duncan Barbara Gellman-Danley Tim Summers
What’s the value of a college education, and is it worth the investment?
Mitch Daniels: We produced a study [with
the Gallup organization] looking at the longterm value in intervals after college. A principal finding was it matters less where you go but how you go. Does the student choose a path that is likely to make him or her more valuable in the future? That’s not true of everyone. Some have gone to the wrong college in the wrong way at the wrong price. They might not have made the best choice on what to study and where to study it or may not have applied themselves in the best way. Cost control is only half the equation. It is value we are after. We’re out to produce higher education at the highest proven value.
Preston Cooper: The value of a college education depends on a number of factors. The most important of these is your major. Students who major in engineering, economics, computer science, nursing or business are extremely likely to fully recoup their investments, and then some. But those who study art, music, philosophy or psychology have a much lower chance of earning enough over their lifetimes to justify the amount spent on college.
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