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Is College a Scam? The Debate on Higher Education

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Recent media attention has sparked a significant discussion about higher education, leaving many to question whether college truly lives up to its promise. Public figures such as Charlie Kirk and Ben Shapiro have taken a stance, arguing that for numerous careers, a college degree may not be essential. The costs involved, including years of coursework and substantial financial outlays, often seem to outweigh the benefits. However, the debate is highly individualized, as Jonathan Meer, an economics professor and research associate at the National Bureau of Economic Research, points out.

Individual Circumstances Matter

Meer emphasizes that suggesting that everyone should fit into a single mold when it comes to college is a misguided approach. "If you are a highly capable student, well-prepared, ambitious, and ready for college, it can be an excellent investment," he says. One of the major issues identified by Meer is the high number of people who begin college but fail to complete a degree. He suggests that by focusing on which professions actually require a college education, this problem could be addressed. "There are specific skills that are highly valuable and difficult to acquire or demonstrate except through higher education," Meer explains. "But we need to be more discerning about who truly needs to attend college."

Reforms in K-12 Education

Meer believes that many of the issues in higher education could be mitigated through reforms in K-12 education. The goal should be to better prepare students to enter the workforce directly after high school, rather than simply pushing them towards college. By doing so, students will be better equipped to make informed decisions about their educational and career paths.

Opportunity Cost and College Debt

Despite the overarching issues in education, Meer argues that the opportunity cost of spending years pursuing a bachelor's degree is relatively low. "This is a time in your life when you can take risks," he says. Regarding college price, Meer notes that while the list price has increased significantly in the past 20-30 years, the net tuition price has remained relatively stable on average. Most people do not borrow a large amount or borrow very little for college. For example, the average federal student loan debt for a college graduate in the US is $37,853, while at Texas A&M, it is $25,305 in the 2022-23 academic year.

Major and Job Opportunities

Economics senior Aidan Valdez agrees with Meer and highlights that the risks associated with college depend on an individual's chosen major and the job opportunities available after graduation. "For engineers and business majors, it is relatively easier to take on the risk as they are likely to secure a six-figure job," Valdez says. For him, college did not meet all his expectations but exceeded others, especially in programs where Texas A&M excels, such as engineering and agriculture. While he might have considered alternative paths if they were more readily available after high school, his college experience has had a positive impact on his future. "I don't think college is not worth it, but I do believe it isn't essential for everyone," Valdez concludes. "Each person should choose the path that best suits them as an individual."

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