How To Choose A College That Will Pay You Back

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Forbes

Business News, News, Entrepreneurship, Business

4.8 • 6 Ratings

🗓️ 22 December 2023

⏱️ 14 minutes

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Summary

As the cost of college continues to rise, public discourse around higher education has sparked debate about whether the investment is worth it. Considering that college graduates' salaries have been outpaced by the costs of a degree, it's no wonder that consumer confidence has waned. Any other economic exchange would warrant such scrutiny, so it's essential that we view college in market terms, not just as a social chevron. But what is the economic exchange between higher ed and would-be students? Prior generations were indoctrinated with the belief that a college degree promised a "good job" and good-standing status in society. However, the democratization of technology has reduced barriers to entry and created new opportunities for budding entrepreneurs and savvy creators to subvert these traditional paths and still obtain similar benefits that would typically come with having a degree. Some even argue that these outcomes are more likely to be achieved without the debt that so many students must accrue to get the degree and realize its potential benefit. Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes: http://forbes.com Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, I'm Ali Jackson Jolly. I am here with Dr. Marcus Collins, who is a clinical associate
0:09.3	professor of marketing, as well as the author of For the Culture, the power behind what we buy, what we do, and who we want to be.
0:18.0	Welcome, Marcus.
0:19.0	Hi, how's it going?
0:20.0	Yeah, it's going well.
0:22.0	I wanted to talk to you again about the elevated intentionality that students
0:30.7	are showing about choosing colleges that will pay them back, right?
0:36.9	So I, last time we were together, I referenced a piece of reporting that we did in which we found that half of college seniors
0:47.0	have said they will not pay more than 40K a year because of their fear of mounting debt and that if they pay more than that they won't get any social mobility.
1:00.0	So one of the things that you mentioned to me that you think that students should be thinking about and frankly universities as well is that the purpose of college like if you if you understand what the purpose is maybe that helps you make that decision a little easier.
1:18.0	So I'm gonna throw that out to you. What do you think the purpose of college is? Well I I think that college
1:26.0	thinks that the purpose of college is about the acquisition dissemination of knowledge.
1:31.1	You have some of the brightest minds in the world
1:34.4	who have dedicated their lives to excavating information so we can pull out truths
1:41.0	about the world. Whether it's the physical sciences, the social sciences, and everything in between. And they have dedicated their lives to this unbelievably rich research, and they take their research and learnings and findings to help better society
1:55.4	and they take those same learnings to help disseminated in classrooms as well, right?
2:00.4	So it's the written text, i.e. papers, and through lectures in classrooms so that people
2:08.5	get smart.
2:09.5	So that's what the institution is meant to do, acquire and disseminate knowledge. However, I don't think that that's
2:16.8	what the consumers, in this case, high school students, or even those who go back for graduate degrees, I don't think that that's what
2:25.2	they're looking for.
2:26.8	I think that for long, the university college experience was a social symbol of good membership in society, right?
	...

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