Education is a business

Much has been said about the student loan crisis in the United States. Correcting the problem of a lack of financial literacy education for all K-12 students will only solve half of the problem. Managing individual college costs is one side of the higher education coin. What is the other side?

You’re a senior in high school in Texas. You took the Advanced Placement History exam and received the highest score. At the high school college/career fair marketing event, you talked with a very charismatic professor from Rice University. He said that with your AP exam score you would be eligible for a 50% scholarship if you entered his program. After four years you will receive your B.A. degree in Ancient Mediterranean Civilizations. What do you do with that degree?

Dr. Sajay Samuel, in his 2016 TED talk on “How college loans exploit students for profit,” asked a similar question. What do you do with a degree in Canadian Studies? (University of Washington)

The reality is that colleges and universities are in the business of education not in the business of job placement.

The other side of the coin is the economic value of a college major, a topic colleges and universities don’t talk about. Students have had meager financial data on hand to help them choose between majors. Fortunately, Georgetown University has published a report titled “The Economic Value of College Majors” to help students now make informed choices.

Mike McCarty

Spokane