November 23, 2014

Scrolling Headlines:

Micheletto apologizes to fans, aims to regroup following 11-1 loss -

Saturday, November 22, 2014

Vermont throttles UMass hockey 11-1 -

Saturday, November 22, 2014

UMass guard Trey Davis: ‘There’s a lot coming at me right now’ -

Saturday, November 22, 2014

UMass ‘big four’ neutralized by Notre Dame in 81-68 loss -

Saturday, November 22, 2014

UMass basketball can’t corral Grant, Irish in 81-68 loss -

Saturday, November 22, 2014

Frustration haunts Minutemen in 5-3 loss to Boston College -

Saturday, November 22, 2014

UMass hockey drops 5-3 decision to No. 12 Boston College Friday night -

Saturday, November 22, 2014

UMass hockey prepares for nationally ranked Hockey East foes BC, Vermont -

Thursday, November 20, 2014

Food scientist proposes way to improve health via breast milk -

Thursday, November 20, 2014

Miles Teller and J.K. Simmons shine in ‘Whiplash’ -

Thursday, November 20, 2014

Masculinity: A feminist’s perspective -

Thursday, November 20, 2014

UMass women’s basketball uses size and speed en route to its first win against Maine -

Thursday, November 20, 2014

Why Melissa McBride is the best actor on television -

Thursday, November 20, 2014

‘Gienie’ in a bottle: Patriots, Browns, and Seahawks highlight week 12 picks -

Thursday, November 20, 2014

UMass women’s basketball secures first victory of the season against Maine -

Thursday, November 20, 2014

Revisiting ‘The Hobbit’ trilogy as the final installment looms -

Thursday, November 20, 2014

Establishing the rules of classroom attendance -

Thursday, November 20, 2014

UMass hockey’s Troy Power reflects as his 100th career game approaches -

Thursday, November 20, 2014

Sophomore swimmer Meriza Werenski excelling in increased role -

Thursday, November 20, 2014

SGA senator plans survey on bigotry -

Wednesday, November 19, 2014

The long-term price to pay

As graduating seniors prepare to walk this May, many of them step toward an uncertain future. With the Bureau of Labor Statistics pinning the unemployment rate at 8.8 percent as of March, the job market can be a daunting place. This fact might be easier to deal with were many of those graduates not strapped with the burden of student loans. Student loan debt, which has outpaced credit card debt for the first time last year, is likely to top a trillion dollars this year, according to the New York Times article, “Burden of College Loans on Graduates Grows.”

This grim future begs the question, is a higher education worth the years of coming payments and the potential postponement of a first home, starting a family and future savings?

According to the College Board, it takes 15 years from the time of enrollment before the income from a bachelor’s degree combined with net student loans begins to out-earn what a high school degree would get you. After those 15 years, you may finally see your full salary, but that doesn’t necessarily mean you will even have a high-grossing occupation.

In fact, some of the biggest names in modern technology were college drop-outs. Sir Richard Branson of Virgin, Dean Kamen inventor of the Segway, Michael Dell of Dell computers, Bill Gates of Microsoft and Steve Jobs of Apple never earned a college degree.

Yet, these individuals are valued in the billions. Peter Thiel, co-founder of PayPal, hedge fund manager and adventure capitalist, recently created a program called “20 Under 20.” The program, which received 400 applications from youth under 20-years-old across the globe, will choose the best and most promising 20 individuals to receive $100,000 to drop out of school and create their own business instead. According to Thiel, while the press has found this highly controversial, “plenty of students, their parents and people in tech have been wildly supportive.”
The Princeton Review ranks business administration and management/commerce as the number one most popular bachelor’s degree. Students seeing college merely as a means to a successful end result may choose this major as a surefire way into the business world. After all, any $100,000 dollar investment like a college education should pay off, right? Right?

Not necessarily.

I spoke with a couple students to keep touch with how the UMass community feels about earning a four-year degree, despite acquiring loans. Meridith Vaughn, a sophomore in the Isenberg School of Management says, “It’s all about the internships.”

Taking business classes does not necessarily prepare you for the hard and fast world of real business.

Stefano Perti, a sophomore marketing major, agrees with this statement. “Our classes are only worth the cost of the books we have to buy. If you want to know how business works, the best way to do it is to get an internship [and] get some real practice,” he said.

The skills necessary to succeed – and to pay off the average $24,000 of debt, according to the Project on Student Debt – cannot really be taught in the classroom.

Instead, a student must attempt to find an internship, often highly competitive, to earn those skills. With individuals like Bill Gates and Steve Jobs making a killing every year, is it truly necessary to have a degree? Why not delve into the business world straight away, saving vast amounts of money and gaining the hands-on experience that employers are looking for?

However, there are definite benefits to earning a degree. According to the College Board, the median earnings of bachelor’s degree recipients working full-time year-round in 2008 were $55,700, which is $21,900 more than the median earnings of high school graduates. Perhaps then the question is not whether a higher education is worth the expense as a whole, but rather if it is worth how much we pay for it. With the price of education at the University of Massachusetts and Chancellor Robert Holub’s recent announcement of a $28 million deficit between funding and expenses, the gap will most likely to be made up by increased fees and the state of student debt can only worsen. Coupled with an uncertain economy and any future debts that might arise, we must ask ourselves when the education that we hope will someday put us in the green, inevitably puts us permanently in the red.

Melissa Mahoney is a Collegian columnist and can be reached at mmahoney@student.umass.edu.

Leave A Comment