I think you know that the cost of college today is very high. How do you think Is It Worth It?
We will deal with this issue on this infographic.
20 million: number of student in U.S. enrolled in colleges, 2013.
Under 3 million: number of students in U.S. enrolled in 1953
$800,000: difference in lifetime earnings between college graduates and high school graduates. [Some say it’s more than $1 million]
3.6: percentage of unemployed college graduates in 2013.
7.5: percentage of unemployed high school graduates, 2013
Economic woes: In 2012, 1 in 3 college graduates had to take a job that required a high school diploma or less, including:
• more than 16,000 parking lot attendants,
• 83,000 bartenders, and
• 115,000 janitors
81: percentage of adults who thought college was a worthwhile investment in 1980.
57%: of adults who think college is a worthwhile investment, 2013.
Why is college so expensive? :
• Some families will pay anything to send their kids to college.
• Many colleges will try to get as much money as they can.
• Three, the federal government endlessly subsidizes the increases in college and higher education. And so the price keeps getting higher.
• There’s an academic arms race.
Is a four-year degree needed to succeed? :
• No. By the year 2018 there will be 14 million jobs available, well-paying jobs, which will require more than a high school diploma but less than a college diploma.
• Right now, a graduate of a community college, which is a two-year college, on average, makes more than a graduate of a four-year college.
What are some alternatives to going to a four-year college?
• Community college
• trade school
• Work for a year and think about it is another alternative.
• Join the military where you earn great trade skills.
• There are 115,000 janitors in America with B.A.s. It’s fine to be a janitor, but you didn’t have to spend that kind of money to be a janitor.
4 year college cost…and debt [average cost for a 4 year college and the average debt after graduation from a 4 year college] :
2003-04: $68.764, debt: $17,560
2004-05: $73,004, debt $18,221
2005-06: $77,312, $19,351
2006-07: $92,728, $20,300
2008-09: $103,032, $22,526
2009-2010: $107,632, $23,540
Earnings and unemployment rates
Doctoral degree: 2.5% unemployment rate, $1,624 median weekly earnings
Professional degree: 2.1%, $1,735
Master’s Degree: 3.5%, $1,300
Bachelor’s Degree: 4.5%, $1,066
Associate’s Degree: 6.2%, $785
Some college, no degree: 7.7%, $727
High school diploma: 8.3%, $652
Less than a high school diploma: 12.4%, $471
WOW: 19% of college presidents say they believe that the U.S. system of higher education is the best in the world. And just 7% say they think it will be the best in the world 10 years from now.
Pros and Cons: College costs. Is the ROI worth it? :
• Four years out of the workforce
• Student debt
• Your major may not be your career
• Higher earnings
• More options
• Edge in the job market
Successful businessmen without college degrees:
• David Geffen, billionaire founder of Geffen Records and co-founder of DreamWorks. Dropped out of college after one year.
• David Karp, founder of Tumblr. Dropped out of school at 15, then homeschooled. Did not attend college.
• Dustin Moskovitz, multi-millionaire co-founder of Facebook. Harvard dropout.
• Jerry Yang, co-founder of Yahoo! Dropped out of PhD program.
• Kevin Rose, founder of Digg.com. Dropped out of college during his second year.
• Larry Ellison, billionaire co-founder of Oracle software company. Dropped out of two different colleges.
• Simon Cowell, TV producer, music judge, American Idol, The X Factor, and Britain’s Got Talent. High school dropout.
• Rachael Ray, Food Network cooking show star, food industry entrepreneur, with no formal culinary arts training. Never attended college.
• Richard DeVos, co-founder of Amway. Served in the Army and did not attend college.
• Sean John Combs, entertainer, producer, fashion designer, and entrepreneur. Never finished college.
Successful businessmen with MBAs:
• Michael Bloomberg – The great profits of Bloomberg’s financial data and media company.
• Lee Shau Kee – Originally following the footsteps of his father in gold and currency trading, Kee later moved into real estate, founding a business with seven partners.
• Mukesh Ambani – Controls 45% of Reliance Industries – operator of the world’s largest oil refinery.
• Jorge Paulo Lemann – Lemann originally did poorly at Harvard, only to return to business school and graduate quickly.
• Thomas & Raymond Kwok (& family) – After the Kwok brothers were arrested on bribery charges last year, the scandal caused their stocks to plummet. However, their stocks have since recovered.
• Luis Sarmiento – He controls more than a quarter of Colombia’s financial industry
• Forrest Mars, Jr. – The Mars family have found sweet success through Mars, the world’s largest confectionery company.
• Phil Knight – Athletic company, Nike’s, “Just Do It” is one of the most recognizable advertising slogans ever made. Knight began selling shoes out of his car during track meets.
• Len Blavatnik – His investments have ranged across completely different industries, including music, oil, chemicals, and fashion.
• Ernesto Bertarelli – CEO of Ares-Serono in 199..