Is College Worth It?
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 20 March 2019
⏱️ 29 minutes
🧾️ Download transcript
Summary
#245 With more and more college degrees being granted and higher student loan balances, when does it make sense to go to a highly selective college or to college at all? What can increase earnings more than just having college degree? Thanks to TripActions and Shipstation for sponsoring the episode.
For show notes and more information on this episode click here.
- [0:17] The price paid by parents for their children’s prestigious degrees.
- [3:28] David’s college experience.
- [5:14] Does ambition or a selective school earn more?
- [7:44] The influence of family background.
- [9:32] The importance of college networking.
- [10:30] Overcoming discrimination.
- [12:12] College degrees as hiring filters.
- [15:45] How much student debt should you take on?
- [20:28] Student loan forgiveness.
- [23:36] Is college worth it?
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money. How it works, how to invest in how to live without worrying about it. |
| 0:10.0 | I'm your host David Stein. Today's episode 245. It's titled Is College |
| 0:15.3 | Worth It? Last week there was a lawsuit filed against dozens of well-to-do parents, prominent law and business |
| 0:26.9 | figures, two Hollywood actresses, and they were charged with using bribes, fake entrance exam scores such as on the SAT, |
| 0:36.7 | faked athletic achievements to get their children into college. |
| 0:41.0 | The Wall Street Journal reports, quote, |
| 0:43.0 | one New York law firm, co-chairman, allegedly |
| 0:46.0 | paid $75,000 to an emissions consultant |
| 0:49.7 | so his daughter could fly to Los Angeles |
| 0:52.1 | and take the ACT in a private room last December, |
| 0:56.0 | accompanied by a proctor who had been paid to correct her heirs. |
| 1:00.4 | Another family allegedly made a $400,000 contribution to a sham charity in 2016 with a portion of the funds funneled to the then head tennis coach at Georgetown University in exchange for having their daughter tagged as a recruited athlete. |
| 1:17.0 | She was admitted to the school. |
| 1:19.0 | Andrew Lelling, he's the U.S. attorney for the District of Massachusetts, said there can be no separate |
| 1:26.2 | college emission system for the wealthy. |
| 1:30.1 | But in fact, there is. |
| 1:31.6 | He went on to say we're not talking about donating a building so that a school is more likely to take your son or daughter, which they are, which would be a separate college emission systems. |
| 1:43.0 | But he said we're talking about deception and fraud. |
| 1:47.0 | It's getting much more difficult to get into these highly selective schools. |
| 1:54.1 | Harvard University accepts only 4.6% of its applicants. |
| 1:58.2 | That's down from 8% in 2008. |
| 2:01.3 | Princeton accepts 5.5% of applicants down from 9.3% in 2000. |
... |
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