ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Rise of 'College is a Scam' Narrative Reflects Changing Attitudes Towards Higher Education

Soaring tuition fees are prompting students to reconsider college education.
PUBLISHED MAR 13, 2024
Cover Image Source: Photo by Gül Işık | Getty Images
Cover Image Source: Photo by Gül Işık | Getty Images

According to a study by Harvard Business Review the percentage of U.S. adults ages 18 to 29 who view college education as "very important" declined from 74% to 41% in just six years. People are increasingly turning away from traditional college degrees in favor of alternative upskilling methods, with the "college is a scam" idea gaining momentum.

Cover Image Source: Polina Tankilevitch | Pexels
Image Source: Photo by Polina Tankilevitch | Pexels

“The Achilles’ heel of what I think is overall a very successful higher ed system is we have very, very bad completion rates," said Ben Wildavsky, author of "The Career Arts: Making the Most of College, Credentials, and Connections."

"Forty million Americans have some college and no degree, and that ends up with the worst of both worlds, which is debt and no degree … a lot of people have not had a good experience," he added.

The trend of major companies such as Apple, Tesla, IBM, Delta Airlines, and Hilton no longer mandating a college degree for job interviews is a significant factor driving the shift away from traditional higher education. These companies recognize that abilities, skills, and mindsets are cultivated through experiences rather than solely through formal degrees.



 

Amidst soaring tuition fees, which currently average $36,436 per student per year for a college degree in the United States, students have turned to loans to finance their education. However, students are increasingly hesitant to pursue college if it means accumulating significant debt.

"Some of these loans aren't even that large, but they're crippling to an individual, and they're keeping them from coming back," Courtney Brown, vice president of impact and planning at the Lumina Foundation, a private foundation that focuses on education beyond high school, said via Money. 



 

The widespread availability of the Internet has led many to believe that formal enrollment in educational institutions is no longer necessary for personal growth, giving rise to the term "college is a scam," which gained traction online last year.

“I definitely think when we talk about "college as a scam" and that narrative, we need to disaggregate what we mean by college. A lot of people think that going to college means getting a degree. In a lot of cases, it doesn't have to be that way," said Jyotishi, of New America.

Pexels | RF._.studio
Image Source: Pexels | Photo by RF._.studio

However, a closer look at the statistics presents a different perspective, highlighting the benefits of completing a college education. According to the U.S. Bureau of Labor Statistics (BLS), college graduates in America earn 68% more per week than individuals with only a high school diploma. Additionally, college graduates are also half as likely to experience unemployment. The data further reveals that workers aged 25 with a college degree earn an average weekly income of $1,432, significantly higher than the $853 earned by those with a high school diploma.

MORE ON MARKET REALIST
Many who didn't like Seacrest at first seemed to have come around through the season.
14 hours ago
The guest couldn't believe her ears when she heard that her old gift from a friend was worth $10,000.
16 hours ago
The presentation from the founders of "Bear Minimum" managed to move multiple Sharks.
17 hours ago
While the expert on the BBC show did his duty of sharing an appraisal, the guest did not budge.
19 hours ago
Fans couldn't believe how quickly the contestant solved the Bonus Round puzzle.
1 day ago
The entrepreneur was called a clever negotiator by all sharks although most of them dropped out.
1 day ago
The guest was in tears after learning that her family's prized possession was worth over $100,000.
1 day ago
The guest got incredibly lucky to find a Benny Andrews painting while looking at junk.
1 day ago
The guest was shocked to learn that someone would pay $20,000 for Queen Victoria's undergarments.
2 days ago
The guest's family heirloom turned out to be exactly as valuable as he thought.
2 days ago
The guest who assumed it was an ancient Chinese artifact said it felt like 'a stab to the heart'
2 days ago
While all the sharks burned calories, most were unwilling to burn their money.
3 days ago
In an interview with CNET's Patrick Colin, Harrison showed off his vintage tech items.
3 days ago
The item, which didn't seem too useful as a cup, turned out to be a significant piece of history.
3 days ago
The player had everyone on the edge of their seats as time was running out.
4 days ago
The member complained that the store had half-eaten boxes of food on the shelves for customers.
4 days ago
The owner of Michael Jordan's three rookie cards from 1986 to 1987, who got them for $12, was hoping to get $1,000 for the set.
4 days ago
The ring with a rare Kashmir Sapphire turned out to be worth a lot more than the guest anticipated.
4 days ago
The host once again got candid to open up about one of his greatest fears.
4 days ago
The guest's $1,500 investment went up by nearly 10 times in value.
5 days ago