College Value, Part 2

In part one, we heard from Frank Bruni of the NY Times. Now, the engineers are speaking out. In IEEE's Tech Talk blog Prachi Patel asks, Is College a Good Investment?

Does it make economic sense to invest in a college degree? If you’re studying engineering or can get yourself into a private research university, especially an Ivy League school, the answer is a whopping ‘Yes!’... On average, engineering schools had ROIs of $603,362, more than double that for liberal arts schools ($245,943), and more than triple that of business schools ($141,014).

“As a general rule, I would say graduates in the top quarter of their class at a high-quality high school should go on to a four-year degree program, while those in the bottom quarter of their class at a high school with a mediocre educational reputation should not (opting instead for alternative methods of credentialing and training). Those in between should consider perhaps doing a two-year program and then transferring to a four-year school. There are, of course, exceptions to this rule, but it is important for us to keep in mind that college is not for everyone.”

I would add that motivation is a much bigger factor than anything else. If you were in the bottom quarter of your high school class but have decided to do anything to graduate from an Ivy League school, then you probably will.

But if you had all the benefits of an upper-middle class upbringing and as a result skated through high school, you may want to reconsider taking on all the Ivy League debt without a conviction to do well. It is the hard work and drive often found in Ivy League-type performers that accounts for their higher return on investment--not necessarily the name on the diploma.