In previous blog posts on this topic, we have explored concerns relating to how expensive a college education has become; how many students are graduating with considerable debt; and how difficult it is for some graduates to find good jobs – all preparatory to a final discussion on the underlying question: Is college worth it? Before we take that question on, however, we must review a fourth concern:
Not enough college students are graduating, leaving them in debt and without a degree.
This is the most serious and significant of the four topics we have been discussing.
To begin, there are many studies regarding the economic impact on individuals with college degrees in comparison to those with just a high school education.
In his March 17 column (“Better Colleges Failing to Lure Talented Poor”), David Leonhardt of The New York Times wrote about a study that found that only 34 percent of high-achieving students in the bottom quartile of family income enrolled in one of the nation’s 238 most selective colleges, as compared to 78 percent of high-achieving students in the top quartile of family income.
One conclusion is that elite schools, for all their rhetoric, are failing to recruit an economically diverse entering class of students.
In Part I of this post, we discussed how the “high cost/high aid” model of price and cost in higher education has led to growing educational debt and a widening achievement gap between affluent and low-income students. This week, we’ll talk about how (and why) to change this model.
But first: consider the following hypothetical conversation between an admissions officer and two prospective students, as he explains the college’s financial aid policy: