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WWL>Topics>>2-26 9:10am Tommy, college costs

2-26 9:10am Tommy, college costs

Feb 26, 2014|

Tommy talks to Dr. Richard Vedder, the Director of the Center for College Affordability and Productivity, about weighing the costs and benefits of colleges

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Automatically Generated Transcript (may not be 100% accurate)

Doctor Richard better joins is right now. Help sort all this saudis director of the center for college affordability. And productivity morning doctor. Let -- arm and it is has changed the marketing effort when it comes to he didn't kids to go to your college and the -- is somewhere in the midst of all of this gets lost okay well what do you what do you majoring in. And what do you do when you get out and I get pay for this education. Yeah we. I think there's a growing consciousness on the part of people. That calling cup cricket is -- it is not cheap. And the bigger and bigger debt there's been a lot of publicity about it. The colleges have been very poor in the past about publicizing what you're getting yourself into. And you mentioned some really interesting and I think important means. We don't really -- we distinguish much between majors and the reality is -- even live in the single college. Some majors. Oh lead to much better. Post graduate results -- labor market outcomes and other majors didn't. Major in engineering is likely to graduate from college make it may be -- 60000 dollars a year right out of the gate. Whereas. A graduate in state. Anthropology. You know why have a tough time getting -- job because the world isn't being down the doors for anthropologist right now. A let's say -- -- -- -- Be it French literature or for example and you decide to at a major in French literature literature or for whatever reason or language that's -- wanna do. And you decide what you know line I'm gonna go on a lot of schools have college tour is where they go look at all of the prestigious colleges seeking to determine where he wanted to go but. How do you balance that is apparently there's somebody trying to pick a school with. Today chances aren't going to make a tremendous amount of money when you get out and hey is it all about. You know cost benefit area how to how do you when he comes it was scale. What weight do you put on well you know why they went to Notre Dame went to. And a Michigan pick another school I don't know. Yeah yeah and you mentioned the term cost benefit well in intensity is a cost benefit analysis but part of the benefits. For some people. Our money. That is an adult -- and optionally not being a non higher. Salary yourself. The person who ran man and and majors and French literature and by the way I think that's a great. Subject. Actually stated French literature Paramount in college myself. Am not saying there's anything wrong with enough -- -- you -- expectations have to be real. -- but people nature French literature are not gonna make a lot of money. Eight in French literature they might you know transition to becoming stockbrokers something. And do it quite well. -- Yes people making their decision have to meet practical like six. If you want to majored French literature let's look at this it is more of lack of a consumption. A decision like going down by a car. Something like that -- were doing that for the enjoyment not for the practical advantages it has in terms of career. And they are you know there's a lot of people who can't afford to do those kinds of things that but there's some cans and so if someone who wants to majors. Voted to lane in major and French literature. And spent quite a bit of money in the process. They got the money buying but that's. The rare -- are more people. Have to be more -- a practical matter consideration. They don't have the resources to devote to -- is happening now a good time studying. A subject a little practical value. Now having said that I would I'd do one thing and one thing a lot of the so called humanities majors in the real world in not later on in life. Doing becoming quite successful because they learned a lot of things they learn how to write well they learn how to think critically and so forth blocked the majors. In mid career are doing is about as well as business administration. Majors are not they're not practice -- blocked they they end up. You know selling stocks. Or doing something else but that it made me learn how to think and Hitler a lot about logic and so forth things that you learn so. The majors sometimes. Is indeed that we need more data things. We really did people I think parents ought to know. What what they get into and the government doesn't help very much they're talking about it but they haven't done much yet and I think we need more information. Within. Majors themselves. You're gonna be a nurse if you're going to be a an engineer if you're going to be take another one they're better schools or go to -- Is that because of networking because of -- the reputation he's always -- there there are great school for psychology. They're great school for engineering and -- we -- right down to it in and then you look at it. At the end of the the year is a years and graduate. Does it really matter. Yeah others in other errors from the data available would show that graduates of you know the more prestige is more expensive school. Do a lot of average make a little bit more than. One of those two. Sale -- a less prestigious school. But it's is that well whistle and some very very expensive private colleges. Don't do any better than that and put it in today at Louisiana contacts. LSU. Unity can do as well and LEQ if you -- -- -- -- -- -- -- -- -- -- and it's there been a lot of successful people money issue and public in numbers sure. So I guess the other question is com. This prestige and then trying to -- words here but where does it come from does it come from. -- the people have gone and I've been successful -- and their related with that to the school. Does it come from things is -- success on the football field where role. Blah blah -- university area I know about them and national championship three years roller do you. People at -- other people for jobs know enough about. You know at school becoming prominently teach the curriculum subjects. It's the culmination of all the things. But a big supporters of sports would like you to believe it mostly sports but there's a lot of fancy schools that means to liberate reputation. University Chicago Emory University. No one hears about it -- sports are well you'll. Be sure there's a there's a lot of them. So and there is networking and it is true reputation partly comes from an acceptable long you know you hear about. People who went just local telephone -- successful people never graduated from our general Bill Gates for apple. But he that you are bird you know -- -- Where need to attract college he'd try to get proceed. A it is cameo appearance it was a good movie -- Yeah yeah and so no reputation. Matters. And it's a little hard upon what determines -- a reputation he could kind of by reputation up two point rich school. That have large endowments in the you know receive money. Tend to have better reputations. And it's not a perfect relationship but they you know they buy it very famous professors and con man. Are there by that football teams in basketball team so yeah. All these things matter. I bottom line you advising a seventeen or eighteen year old -- tell him to follow their heart. Or the look ahead and follow whatever it is that where the jobs are going to be. Well I think people have to do a little bit below that you can't ignore the job market. But at this same time we don't want is them you're going to be miserable like on but I you have to put a lot of debt be realistic and put some. Pot into cannot get a job when it. I appreciate your time dye Carol we talked to me again. OK a lot of --

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