WWL>Topics>>2-4-14 10:35am Garland: on college tuition and debt

2-4-14 10:35am Garland: on college tuition and debt

Feb 4, 2014|

Garland talks with Mark Perry of the American Enterprise Institute about whether college degrees are worth the debt.

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Automatically Generated Transcript (may not be 100% accurate)

Well over the thing good about the latest Gallup started the -- four in -- college graduates one independent jobs that don't require college degrees in the meantime. But it grabs or in debt to 820000. Dollars and up in the and a bridge. It is torn and 1400. Dollars is just getting on the portable for a lot of families and -- law. Of young people. And we're trying to figure out -- or the alternatives. In New -- one of the changes that the experts economy. And we have one of those lecturer for master of finance business -- -- -- -- school of management University of Michigan. Also scholars the American Enterprise Institute protester and mark Perry park welcomed sure appreciate it -- Sure around -- here -- -- -- score and I'd I'd I'd -- last -- that more than a quarter a private institutions. Have seen a drop of 10% and more in institutions. Our community and students India lead institutions. Her -- forward more cultural liberal and Wesley. In my teased in their credit ratings downgraded by Moody's. Over doubts about the viability. Of their Hyde two we shouldn't hire or -- in the business. Went out. He guy you have listened to some of the segment with Glenn Reynolds and of course he's. Kind of a national expert on this and has studied it probably more than I have. But I agreed with his comments and and I think what's happened is is that we've really oversold. College education to our young people. And we've really under sold the alternatives and so that's where I see we're in the early stages of a shake out. And a shakeup in higher education with a lot of changes that I think are going to be coming. And as you mentioned yes some schools are in financial difficulties I think -- were in an unsustainable. Situation where sometimes -- and I've referred to it as higher education Bobble. Com the -- rising tuition rising costs rising textbook prices. And then as you have pointed out and Oakland pointed out and come out of school with a lot of debt they can't find jobs. So I think that we've oversold higher education to our young people and like I say we've under sold the alternative which are often two year degrees at a community college. In things like robotics and computer numerical control and all of the kind of exciting things going on with advanced Smart manufacturing. Directors lots of career opportunities outside of those -- require college degree. It's -- hope that we kind of we reduce our emphasis and and stop selling. College education to so many people the thinking -- everybody has to go to college and that's just not true I think we've done a disservice to our young people in America today. Where you you probably heard us talk about online education. One of her -- New Orleans. Created something called Colin -- And and it seems word burn well bill Gates's big back grown he's been on them dot com. Talking to the world many -- about it and it's videos very short videos explaining everything from. -- remembering math and English to. Trigger an elementary and in higher learning. But we've do you three heads of three major. All in line and program. That some of the big colleges started out where and all and said -- struggling at this point. And a reader of the Georgia Institute of Technology. Is offering an entirely online master's degree in computer science or 7000 dollars and that's -- Serbs to agree. Or do you see -- going in that direction. Sure I think we're in the early stages of a lot of what economists call creative disruption. And a lot of trial and error and experimentation. I think the old model of higher education as kind of falling apart and it's going to be replaced by new alternatives which include this. Computer science degree online from Georgia Tech for 7000 dollars. I also aware of -- -- in Texas it's called the Texas science scholar program. And they're offering a complete undergraduate degree for 101000 dollars with the University of Texas Permian Basin. So they've got that program going so I think those kinds of alternatives is what really is going to be worked will see more of those in the future. And less of the traditional. We don't got the online education con academy is a great example of kind of a new alternative to traditional classroom learning. Palm put actors a lot of exciting things happening now were really in the early stages of what is going to be a major kind of turnaround and in higher education in the future. -- let's elected to Democrats on Capitol Hill there are literally pushing legislation to give colleges skin in the game by. They're gonna claw back federally moving from coup with high as student loans dough ball rates of let go and work. Yeah well I think that's been part of the problem is that because funding and so readily available. Through student loans and scholarships and grants and so on -- that that that's what allowed the -- is to raise their tuition. You know what twice the rate of inflation. And so I think that's you know we have war if you subsidize something of course you get more of it we're subsidizing a lot of people to go to college and then. Colleges are in a position to raise tuition fees. So I think if -- were now looking at ways to make colleges. More palatable. And put put pressure on them to make their degrees more affordable so there is less need for student debt -- -- Part of the solution to this problem that we have right now too many students getting too many degrees graduating with too much debt. I think it was a slightly tongue in cheek article in the Atlantic. That basically says how the government to could make public color of colleges tuition Parikh. And -- and to all the details with all of the programs -- the Department of Education doles out the 62 point six billion dollars. Eldridge -- give cash. Did you see anything where they can. Eliminate. Programs will be pill -- whether it be. College distribution that would make for a better says. I think what's happening is that colleges are starting to -- be more sensitive to. Providing. Degree programs or certificate programs. That are actually gonna result in you know meaningful and gain full employment. So it might just be a shift away from training students may be too much to -- students and in the liberal arts areas. And really focusing more on science technology engineering. Business health care nursing. And then again and you know kind of advance manufacturing. Types of certificate program so I hope it works. Now sensitive to the fact we've got too many students graduating with degrees that are not really marketable. So I think part of that transition her part of the future. Will be for colleges and universities junior colleges to really focus on. Making sure that when they're accepting you know recruiting students and to their programs and charging them -- -- amounts to which and that that that's gonna pay off Purdue students. And not leave them what plots adept at not being able to find a job so I hope that we're heading in Cuba -- heading in. The right direction which shall mixed schools more affordable and be. You have better outcome per per students. Relive the trigger first break here I'm reading them lords and business owners. Good news complaining that. They have reasonable. Ability to hole that hire people -- read in bright and natural open and view of the others but the -- in a lot of sort of asking for battery is certification. Systems. Of people coming out of college let's talk about them compact. Governor Bill Gates seventy -- 530. Welcome back were worth thinking about so big that we've been chosen on many time. Maybe it's because I have a sixteen year old daughter in the year I'm looking at the -- of them looking more importantly. One subject -- today. That then insurers she's gonna make an up Monday of the holidays the cost -- -- -- -- now. What other debris can cheat death at that guarantees. There's going to be a job in that category in the future. Well. One thing to our broke last slide that. Businesses. -- colleagues agree often used by importers -- is an indication that. Holder have a reasonable bill would do it read right tool and I'm in view with the others. A lot of employees and importers are reading about grown -- of skills. That there's into the middle of -- grass towards. So they're calling ports -- have put patients systems in college. We have mark Perry proposed repugnant and business that augment. School of management at the University of Michigan professor would -- what it is this certification. System. Do you see that happening it will become provisions. Yeah as you say a lot of employers here that's all the time that there -- a little disappointed. In the basic skills of college graduates -- used to be a way to kind of screen out the applicants and somebody at a college degree you could. Assume you know a certain level of proficiency and basic grammar and communications and math skills. And I've been teaching college for almost 25 years now and I just kind of see. A gradual deterioration in just the basic skills that students come into college -- with nowadays and so they do. And get some additional training but and they ethnic employers her disappointed in just comes days the lack of just basic. Skill that they used to be able to take for granted and so if you point now. That equals C a on the increasing trend towards certification. Type credentialing and I'm looking at a web site here at the top five in demand IPC certifications. For 2013. So I think in the IP business computer science. That's been going on for awhile. Where they have these various certifications. Were you get training and then take an exam and get certified in certain computer skills and they're showing. Starting salaries you're all over 50000 so I think for people. Don't want skills that have a high market value I think gain some level of college media degree plus some additional certifications. Were put evidence. Very very great situation to be able to get to get tired and so outside of like he you know I think there's trend towards certification. As a way for employers to have certain credentials. That they know that the students have been trained in the skills. That they are looking for and you know another factor in all of this in the big pictures of potential which grade inflation. Or the last thirty or forty years that so many students Kamal. -- -- saturated with -- hands and -- 3.5 does that really mean anything anymore because everybody can get a 3.5 or someplace over three point also. That's another issue where I think the credentials. Really would tell the player this person knows what they're doing wears a 3.5 GPA today -- until many things. Well actually was -- enters it is looking at at what you're going to get a degree yen. From what it's going to be in the future but to give your good example I think who go to -- Reminds daughter graduated. A couple years ago and became a paralegal. Would be -- to go back to law school and Patricia become a warrior. While the paralegal work got eliminated. A couple of months after she was in the job because in Indian and there are -- Warner. That takes care of all of in this and so law of large law firm didn't lead and more. The last Gilles proposed rule. I think does not see a big threat from technology. But I -- -- combined this of things from. Praise for recognition. To robots doing police work and in real time and available today. Do you see in the way of apparent murder trial looking at something and saying yeah something like. A nurse. Doubt that robot will take that over or technology. That a good one to go to. Well I think of course you know all of the applied fields are gonna it's gonna be high demand from business majors accounting majors finance. Economics and and you get into a course in nursing and physical therapy and nurse practitioners so curled -- beat. In very high demand any engineering field any computer science field. Those are going to be in very very high demand and we will see increases in mechanization. And increased use of robots that -- one way to think about this in the big picture is to think about what happened to farming over the last couple hundred years and some of that is going to be happening in other. Industries but he used to take fifty or 60% of the population to grow enough food for the whole population now think about 2% of our work force. Is involved -- apartment because it's become so. Advanced with technology it mechanization and so on and so I mean. Certain industries manufacturing could be another example where that'll become increasingly automated and will use robotics and and you know advanced types of technologies that reduce the need for in the labor. So I think there will be some of that trend the patent that but that doesn't free up people from those jobs like in the people that used to be farmers or your great -- -- -- -- You're doing quite well now without being in -- for. From a drug called just had running out of time. But to thank you so much this is important so big and put will give. People like -- proposed rules so we can't fully understand or even partially understand -- I really appreciate it tells him. Program thank --