I was raised with the belief that money is no object when it comes to getting an awesome education.
My family wasn’t rich, but they sent me to the best private school in town. My mom drove me to school each morning in a dented 12-year-old Corolla that cost less than one semester’s tuition.
No one questioned whether my school was an expense or an investment. School choice was never subject to return-on-investment scrutiny.
At Any Cost?
As an adult, I’ve begun to question my family’s “at-any-cost” devotion to education. Maybe colleges should be subject to cost-benefit scrutiny, like any other investment?
Zac Bissonnette reaches a similar conclusion in his book, Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents.
Zac argues that college is worthwhile (compared to only having a high school degree), but the marginal utility of Fancy University vs. Budget College may not be worthwhile.
He makes a compelling case that many of our deeply-held beliefs about attending college are misguided, such as:
The notion we should pay for an out-of-state college or a study abroad program for the worldly “experience.” It’s only four years, Zac says. Suck it up, deal with it, and move somewhere awesome (or travel the world) when you graduate.
The notion that attending a top-tier undergraduate school will help you enroll in an Ivy League graduate program. Zac says that excelling as an undergrad – perhaps by conducting groundbreaking research, launching a small company, or publishing a book – will help you get into a great grad school, far more than a trophy diploma.
The notion that we need to spend hundreds making “campus visits” before selecting a college. Zac argues that this could emotionally sway us to pick one campus over another – “the dorms have hardwood floors! The cafeteria serves pulled-pork sandwiches!” – and it doesn’t make sense to pay tens of thousands extra based on these emotional factors.
“Your child does not want to put himself in a position where he’s living in a dilapidated studio apartment in a bad neighborhood in fifteen years, dutifully sending Sallie Mae checks every month to pay for the wonderful dorm room he stayed in,” Zac writes.
Zac also argues that guidance counselors are encouraged to sway students to attend esteemed (and expensive) colleges because it makes the high school seem more prestigious – “graduates from our high school go on to attend Northwestern, Vanderbilt and Wellesley!”
(I’d love to hear a guidance counselor’s opinion on this statement. Anyone?)
The Bottom Line
I don’t agree with everything he says – but I don’t have to. Zac makes a compelling case that’s worth reading, especially if you have a college-bound kid.
The book is brim-packed with useful facts about the financial aid application process. If you want to learn more about how financial aid works (what increases your eligibility? What ups your expected contribution?), read Zac’s entertaining explanation.
This book is aimed at parents, but Zac writes with a punchy, irreverent humor that appeals to adolescents.
This Book is For You If: You want to read a case for why an in-state school or community college might be a strong choice – or if you just want to learn how the FAFSA works.
This Book is NOT For You If: You’re easily offended – Zac’s positioning is so strong that it might make you mad. Also, avoid it if you’re turned off by irreverent/slap-stick humor.
Check out more than 70 other reviews of Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents.
Thanks to Brendan Adkins and Michael 1952 for the photos.
I attended college for $21k, no loans, in 8 semesters. I didn’t have scholarships or anything. I just made the choice to go to a small (3k when I enrolled) university and get my degree. I worked 3 jobs, joined a fraternity, was involved in campus and local government, all while maintaining a B average. I got the whole college experience of a larger school on a budget. Plug Alma Mater: Eastern New Mexico University go Greyhounds! It’s hard to explain to high school seniors that they will have just as much fun and still get a quality education. Not to mention the small classes (largest class was 40 for Gen Ed Biology) in which your professors actually know your name and are always available for extra help.
Sorry if it comes off braggy, didn’t mean it that way
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I could see the argument for going to a less prestigious college if you aren’t planning on becoming a CEO in a Forture 500 company. If those are your aspirations, however, you have a long road ahead of you and the fancy college might be worth it.
@Lance — Precisely. If you want to be a venture capitalist with Kleiner Perkins, or work for a major investment bank, you’ll have a much easier time if you attend an Ivy school.
I read Debt-Free U last year and it did make me mad.
I went to a super-expensive private college that my parents paid for with debt. Just as I don’t know first-hand what it’s like to attend community college and public school (though I do know secondhand, as that’s what my siblings did), Zac has not experienced the difference in quality that an elite education provides and the support and networking opportunities afforded by being surrounded by high-achieving classmates.
But the book did make me think and gave me a bit of a complex about having attended private school on loans instead of my state’s flagship university like many of my high school classmates for a few weeks. I guess I’ve come to the same conclusion my parents did (harsh as it may seem): an elite private school education may be worth it for a truly high-achieving and motivated student, but public school will be more cost-effective for the majority of students.
@Emily — That’s really well-said. If I could “like” your comment, I would.
I did a post recently on the economics of college education that I think is relevant to this discussion.
http://www.offroadfinance.com/2012/05/03/the-college-formula/
What about people that go to college because they are supposed to, but would do better in the field they enjoy by going to a tech or other specialty school?
That would save money, and they would be appropriately qualified for their field of interest.
We are cranking out too many college grads that can’t do anything and end up as assistant managers at a department store (when that job would do fine with a high school degree, or maybe an associates degree). Plus, they are saddled with their college debt.
@Ken – I agree. Plenty of people go to college because someone tells them that they “should,” when in fact their dream is to be a mechanic, a contractor or a real estate agent. None of those jobs require college degrees, all are beneficial to society, and all can be lucrative if you manage your career the right way. I think society’s notion that everyone MUST go to college is a little too narrow.
I think that’s the main problem. That people go to college because they think it’s the right thing to do – or because someone told them, that they have to go.
For a lot of people, college isn’t necessary, so my recommendation is to always think long and hard about whether you really need a college education or not.
@Aino – I agree. The notion that you “MUST” go to college is, in my opinion, outdated.
seems to me that this is a book worth reading if not for the sense of humor he seems to have.