Check out my Atlantic interview with political scientist Suzanne Mettler, who is doing some of the best thinking on exploding college tuition, student debt, and for-profit colleges.
Should we pay attention to those studies about how little money liberal arts grads earn in their first year out of college?
With the liberal arts, there’s long-term payoff. By the time you are 40, you are doing much better. As a college professor, I could ruminate on that. There’s been a reframing of higher education in the media in the last few years. The media looks at higher unemployment among college grads and says, ‘Maybe a college degree is not worth it.’ That’s wrong. You’re always better off to try and get more four-year college degree recipients. But then of course, we have to look at what sector of education are people attending? Is it a valuable degree?
Your book suggests that in many cases, people are better off not going to college at all than attending a for-profit college. 13 percent of college students are now enrolled at for-profits, yet they make up nearly 50 percent of student loan defaults. The industry says this is because they take a risk on less well-prepared students. They blame the students themselves when they drop out or fail to get decent jobs. What did your research turn up?
No. That’s an inadequate explanation. To the contrary, there are various scholars who’ve looked at this. As I show in my book, students who grow up high income and have low test scores are about as likely as students who are low income with high test scores to graduate college. What I’m trying to emphasize is the financial part of it. The major reason why students drop out and don’t complete college has to do with finances and with their varied ability to stay enrolled and afford it. That’s true across the board, whatever kind of institution the student is attending.
At the for-profits, the graduation rates are 22 percent. We know schools with more low-income students are going to have lower graduation rates. Studies control for that factor and still find particularly low graduation rates at the for-profits. They don’t have student support services and they don’t emphasize learning. They charge very high tuition. You could get the same kind of degree at a community college or four-year public for a much lower cost.