America's Most Overrated Product: The Bachelor's Degree?

Is a college degree really worthwhile? For many, the answer seems to be no:

I have a hard time telling such people the killer statistic: Among high-school students who graduated in the bottom 40 percent of their classes, and whose first institutions were four-year colleges, two-thirds had not earned diplomas eight and a half years later. That figure is from a study cited by Clifford Adelman, a former research analyst at the U.S. Department of Education and now a senior research associate at the Institute for Higher Education Policy. Yet four-year colleges admit and take money from hundreds of thousands of such students each year!

Even worse, most of those college dropouts leave the campus having learned little of value, and with a mountain of debt and devastated self-esteem from their unsuccessful struggles...

Colleges should be held at least as accountable as tire companies are. When some Firestone tires were believed to be defective, government investigations, combined with news-media scrutiny, led to higher tire-safety standards. Yet year after year, colleges and universities turn out millions of defective products: students who drop out or graduate with far too little benefit for the time and money spent. Not only do colleges escape punishment, but they are rewarded with taxpayer-financed student grants and loans, which allow them to raise their tuitions even more...

College is a wise choice for far fewer people than are currently encouraged to consider it. It's crucial that they evenhandedly weigh the pros and cons of college versus the aforementioned alternatives. The quality of their lives may depend on that choice.

Read the whole thing.

I used to be a huge proponent of everyone who is able going to college. Now, I'm not so sure this is such a wise choice for many. Even more so with law school.

The choice of major is vitally important in determining whether or not college pays off financially. See my previous post Expected Salary By College Major for salary stats of various majors.

Also, if you're considering going back to college, it might be worthwhile to read my post: Some Career Advice If You're Thinking of Returning to School.