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The Economics of a College EducationDOI: 10.4236/oalib.1103812, PP. 1-13 Subject Areas: Economics, Education Keywords: College Tuition Costs, College Student Debt, State Universities, Underemployed College Graduates, Benefits of a College Education, The Value of a College Education Abstract
Given the cost of obtaining a college education in
the US, resulting in the average debt for undergraduate students ($26,000) and
for masters’ students ($50,000), the question arises whether college (tuition
and room and board) is worth the cost. Not all college students find jobs.
There’s a growing number who are under employed or unemployed. Those that do
find jobs often do so at reduced salaries in the mist of stiff competition. The
author raises the question whether the benefits of a college education outweighs
the costs. The Ivy League colleges are institutions that have traditionally
promoted privilege and power by educating the children of the upper class, not
only in the US but also around the world. The history of admission into these
elite colleges is reflected in the conflict between applicants who exhibit
academic merit or ability versus privilege, social connections or alumni
legacy. Hence the admission process has now become a balancing act between the
academic student versus the well-rounded student, a euphemism for those
students who lack academic qualifications. What criteria should be used for
admission into Ivy League colleges? What form of excellence should govern the
process? Who decides on the form of excellence? Should special consideration be
given to poor or minority students in order to enhance diversity?
Ornstein, A. (2017). The Economics of a College Education. Open Access Library Journal, 4, e3812. doi: http://dx.doi.org/10.4236/oalib.1103812. References
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