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Liz

The Higher Education Bubble Is Bursting — And That's A Good Thing

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Liz

The Higher Education Bubble Is Bursting — And That's A Good Thing

 

Investor's Business Daily

10 September 2018

 

Excerpt:

 

Useless Degrees: A good indication of a tightening labor market is the fact that several major corporations have dropped their college degree requirements. College just became an even bigger waste of time and money for many.

 

Job recruiting site Glassdoor recently reported that companies like Google, Apple, IBM, Bank of America no longer require that applicants have a college degree.

 

Neither do companies like Costco, Whole Foods, Publix, Chipotle, Home Depot, Starbucks. (Does it really take a college degree to know how roll a burrito, pour coffee, or stack giant jars of mayonnaise?)

 

When jobs were scarce and unemployed workers plentiful, requiring a college degree might have made some sense, if only to easily weed out most applicants. When workers are scarce, companies can't be so picky.

 

But in any economy, there's a downside to college requirements. Limiting the worker pool to graduates feeds into the notion that everyone has to go to college, when many kids shouldn't. It also eliminates opportunities for the two-thirds of people without a degree, many of whom would probably be better workers than pampered graduates holding a degree in sociology and lugging a mountain of debt.

 

Further fueling this college bubble has been an upward spiral of federal grants, aid, subsidized loans and tax credits. College Board data show that federal college aid shot up 93% between 2001 to last year, after adjusting for inflation.

 

Not surprisingly, colleges and universities have been happy to take advantage of this artificial demand by raising tuition with impunity. Over those same years, public college tuitions climbed 72%.

 

Fueling Paper Pushers

 

Where did all that money go? As economist Mark Perry notes, mostly to overhead. College administrator jobs have climbed much faster than student enrollment.

 

In the rush to enroll as many students as possible, colleges clearly have been lowering their standards. Walter Williams points out that only 37% of today's high school graduates are proficient in reading and 25% in math. Yet colleges will enroll more than half of them. "It's inconceivable that college administrators are unaware that they are admitting students who are ill-prepared and cannot perform at the college level," he says.

 

*snip*

 

Full Story

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Bubbajoebob

 

Fueling Paper Pushers

 

Where did all that money go? As economist Mark Perry notes, mostly to overhead. College administrator jobs have climbed much faster than student enrollment.

 

And full-time faculty jobs have increased less than student enrollment. Lots of classes being taught by adjuncts, graduate students, and other part-timers.

 

 

In the rush to enroll as many students as possible, colleges clearly have been lowering their standards. Walter Williams points out that only 37% of today's high school graduates are proficient in reading and 25% in math. Yet colleges will enroll more than half of them.

 

This is probably part of why so many employers require a college degree, even if a college education isn't required for the job: a college degree means the applicant can probably read and do basic math. A high school diploma used to mean that, but hasn't for decades.

 

 

But left out of the article is that state support per student has decreased lots over the past 30 years. Total state tax money to universities has increased, but the number of students has increased much faster. Even without the increased cost per student because of administrative bloat tuition levels would have had to increase.

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oki

Simple solution

 

1. Schools should be required to post average hire rate, starting salaries, salaries in 5 years 10 years 15 years 20 years.

2. Final costs per X degree.

3. Average time to repay loans for X degree.

 

When people see the costs, vs the average pay vs how long they are indebted for many of the B.S. coarses will disappear.

Plus, schools will then have to become more competitive and get rid of dead weight or else close.

 

 

Oki

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Bookdoc

I don't remember the exact figures but the administration and counselors are the great bulk of the increased staffing. The faculty is the last priority and even then you have all these required courses in SJW nonsense. Colleges need stiffer entrance standards (bring back the old SAT/ACT) and some sort of testing to eliminate the unqualified. However, there's no money in that so colleges will still take anyone who can borrow the money. I graduated college in 1972-back then they still flunked people out and even kicked them out for disciplinary reasons even if you had rich parents.

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Howsithangin

I shouldn't laugh. Really, I shouldn't. :lol:

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scotsman

Tony B Liar and his govt decided to make a target of 50% of UK schoolleavers (16-18) going into further education, either local college or straight to university (in the UK, a college is one educational/academic level lower than university, and teaches at the level of 1st/2nd yr university). So we have been left with a generation (late 90s to late 00s) of students who would have been better off either not going to uni, but doing the 1/2 yrs of local college OR not going at all to either. And have been saddled with massive student debts.

 

This was nothing to with education standards, but the last shot of a class war that dates back to the first Labour govt in 1964. Labour socialist govts of the last 55 yrs were obsessed with getting rid of what they (wrongly) saw as elitist education and wanted a level playing field, even if that hurt working class students and kids. The most infamous was to try and destroy the 'grammar school' system, which was a system which took in not only middle class students, but also the brightest working class students. By selection, using an exam at age 11, which all students in the UK took. It was a huge boon and help to a generation of post-war students from poorer backgrounds. Did Labour care?. Not a jot.

 

By the late 90s/early 00s, UK degrees and uni courses were being devalued and joked about. As kids did joke degrees, just to spend four years at uni on mainly the taxpayers expense. Media or 'meeja' studies, golf management were two of the derided courses. Vague and pointless and of no practical or academic use after graduation. Run up four years of large debt, learning how to study the social influences of The Simpsons or Star Wars....... :rolleyes:

 

In the 00s and early 10s, we were left with a lack of young people who were trained in practical subjects and were left with a lack of young practical workers: joiners, painters, carpenters etc. Thankfully, this has begun to change and we have seen the rebirth of apprentices in practical subjects as above. As we used to have in huge numbers up to the 80s. And simply more kids just going out at 16-18 to the workplace and earning good money and experience. We have also seen a partial reflowering of the grammar school system, which was crippled but never destroyed.

 

Plenty of UK kids still go to university, but more and more go to college for just 1/2 yrs or simply leave school and go out to work.

Edited by scotsman

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