Time to Rethink a Myth

Maybe parents might want to consider the effects of pushing their children to get a college education:

Cyndee Marcoux already was stretched thin, thanks to the $80,000 in student loans she racked up after getting divorced and going back to school a decade ago. Her breaking point came in 2010, when her daughter defaulted . . . → Read More: Time to Rethink a Myth

College Is Officially Meaningless

From the Washington Examiner:

D.C. students would be required to apply to college or trade school and take the SAT or ACT under the most sweeping education legislation passed by the D.C. Council since a 2007 law set the stage for former Chancellor Michelle Rhee’s aggressive reforms.

Under the Raising the Expectations for Education . . . → Read More: College Is Officially Meaningless

Here’s The Problem

In case it hadn’t been made clear before:

No Child Left Behind requires all students to be proficient in reading and math by 2014. Obama’s action strips away that fundamental requirement for those approved for flexibility, provided they offer a viable plan instead. Under the deal, the states must show they will prepare children . . . → Read More: Here’s The Problem

The Cost of Signaling

Like this isn’t an attempt to split a non-existent hair:

The segregation model predicts that as the society gets wealthier, the dollar cost of college will get higher. The signaling model would not necessarily predict that. In fact, it would predict that the market would try to find less expensive signals.

It’s like Kling . . . → Read More: The Cost of Signaling

What’s The Point of Financial Aid?

I suppose that the original intent of financial aid—most particularly scholarships—was to attract good scholars who would be likely to become famous and thus increase the prestige of the university. By offering intelligent, driven individuals an opportunity to be educated for reduced rates or for free, universities could be assured that they would attract . . . → Read More: What’s The Point of Financial Aid?

Paragraphs to Ponder

From Thomas Sowell:

Statistics are often thrown around in the media, showing that people with college degrees earn higher average salaries than people without them. But such statistics lump together apples and oranges — and lemons.

A decade after graduation, people whose degrees were in a hard field like engineering earned twice as much . . . → Read More: The Value of a Major

Book Review

Tabarrok focuses on four policy areas in which changes could yield very positive results. He kicks off the short eBook by focusing first on patent reform, noting that many areas of patent coverage (software, technical processes e.g.) have low innovation costs and, as such, are not worthy of patent protection. In fact, his recommended . . . → Read More: Launching The Innovation Renaissance by Alex Tabarrok

Compelling Proof of the College Bubble

From the New York Review of Books:

In Academically Adrift, Arum and Roksa paint a chilling portrait of what the university curriculum has become. The central evidence that the authors deploy comes from the performance of 2,322 students on the Collegiate Learning Assessment, a standardized test administered to students in their first semester at . . . → Read More: Compelling Proof of the College Bubble

Why Not Default

Seriously, what’s so difficult about allowing student loans to be discharged in bankruptcy?

Today, President Obama is effectively giving college students and their parents his middle finger. Whereas Jobs’ prank was harmless and symbolic, the President’s plan to bail out student loans will derail the  entrepreneurial dreams and financial security of countless young people. . . . → Read More: Why Not Default

In Case You Had Any Lingering Doubts

If you weren’t sure about the existence of a college bubble, here’s proof:

[Source]

When the number of psychology majors increase by 135% over25 years, you can be reasonably sure that there’s a college bubble because a) psychology is not a science, it’s a form of bovine fecal matter and b) economies don’t need . . . → Read More: In Case You Had Any Lingering Doubts