No one receives good payment merely for finishing college. Employers do not reward workers just for having passed enough classes to earn a degree. They reward workers for their productivity. Going to college might increase a person’s productivity, but it’s neither necessary nor sufficient for that.
Let’s consider three students to make that point.
Student A was diligent in high school and enrolls in college with an excellent academic foundation. He concentrates on his work and substantially raises his level of knowledge and skill. After graduating, he finds a good job in his major field and continues to advance. For him, college was worthwhile because it helped augment his human capital.
Student B got through high school with a minimum of effort. He has little interest in academic pursuits, but still he enrolls in a college because he’s heard that getting a degree will boost his earnings. Thanks to grade inflation and the weak curriculum, he finally gets a degree in some undemanding field. After graduating, the best job he can find is working in a computer retail shop, selling computer peripherals, such as mice, keyboards, and thumb drrives. He has nothing show for his college years but a piece of paper and lots of debt.
Student C was a good student in high school, but instead of enrolling in college, she earns several badges and certifications in things she’s interested in, such as computer programming and Portuguese. She assembles an online portfolio with those and other material showing what she can do. Shortly after her 20th birthday, she’s offered a job by a Brazilian importer that needed a capable American representative.
To conclude, having that degree was a competitive advantage in landing a job, but success always depended on personal performance rather than educational pedigree. College itself isn’t an investment, just one way of increasing your value.
George Leef is Director of Research at the John W. Pope Center for Higher Education Policy. He is a gradufate of Carroll University in Wisconsin and Duke University Law School