There was a discussion on LeoThreads about college and the importance of upper level education. Unfortunately, when it comes to the United States, it is mostly a scam.
This is not a novel viewpoint. Many have expressed this sentiment over the years. It is easy to make blanket statements. For this reason, let us delve into some specifics.
The University of Miami is the chosen school. It is selected because it is a private institution that is well known. It also has a curriculum that is in alignment with most others.
So let us start with the pricing.
Here is what a single year cost is.
A year costs undergraduates over $88K. The school website does state that 85% of the college body does receive financial aid.
So for sake if discussion we will settle on $50K. Hence, a 4 year degree costs $200K from the University of Miami.
We will presume most students take out loans for this. That means that a degree has to be worth $200K plus interest. This is above what those minus the degree can afford.
Are there some majors that it is worthwhile? Certainly. Yet as we will see, there is a lot of junk.
Schools and Colleges At The University of Miami
Here is a list of the different schools and colleges at the University of Miami:
- School of Architecture
- College of Arts And Sciences
- Miami Herbert School of Business
- School of Communication
- School of Education and Human Development
- College of Engineering
- Rosenstiel School of Marine, Atmospheric, and Earth Science
- Frost School of Music
- School of Nursing and Health Studies
- Pre-Professional Tracks
Worth The Money
There are a few that everything under this is worth the money.
They are:
- School of Architecture
- College of Engineering
- Rosenstiel School of Marine, Atmospheric, and Earth Science
- School of Nursing and Health Studies
- Pre-Professional Tracks (these are the pre-medical)
The Age of Information
We live in the Internet era. When we look at the money that kids are spending, especially since it is debt, the question is whether it is worth is since the knowledge can be acquired online.
The scam comes in the fact that so many degrees are pretty much worthless. Some of the other schools listed have a few majors that are worthwhile.
We then compound this issue with technology. Are some of these jobs even going to be around?
Let us take a look.
College of Arts and Sciences
There some majors that require school. These are, not surprisingly, the sciences.
But then we have these which one has to really ask whether they are worth $200K+:
- Africana Studies
- American Studies
- Anthropology
- Art
- Art History
- Classics
- Economics
- English
- French
- Gender Studies
- Spanish
In total, there are 39 majors, only 14 are worth a damn. The rest can be learned online. I also included computer related studies as the worthwhile even though most of that can be done online. I am not sure the University of Miami is going to teach more about artificial intelligence as opposed to getting a job with some startup.
Nevertheless it was included.
** Miami Herbert Business School
This is mostly a waste in my opinion. Again, all the information is online for basically free. There is no doubt that businesses, right now, do require the degrees. However, if that changed, which it will, then this could be eliminated. If nothing else, most of this can be done with online certification.
Accounting, finance, marketing, and human resources can all be done with online programs.
I mean, seriously, does someone need a degree in real estate? What does that even mean?
Of the 19 here, only 1, legal studies is worth anything and that is because it is likely a pre-cursor to law school.
School of Communication
Another useless school. There are 10 degrees and most are a total waste of money. Journalism for example. Spend $200K or open up a blog?
Content creators do not require a degree these days.
School of Education and Human Development
Sports Administration and Exercise Psychology? Come on, this is highway robbery
5 useless majors
Frost School of Music
Here we have 13 degrees that are, most likely, a waste of money. While music is a wonderful pursuit, how many who are making money in that industry went through college? There are a lot of other avenues that are equally as beneficial and do not cost $200K.
The College Scam
If we look at this as a return on investment, how many of these degrees are a sunk cost. These kids have little chance of recouping the money.
Please bear in mind that I am not saying they are not required by many companies. That is certainly still the case. However, we have to make then aware they are not going to get the money back. A handful might but the majority will not.
I am a prime example. Fortunately, I am old enough that when I went to school, total costs were about $15K per year before any scholarships. This brought my total way down.
That said, the degree has no applicability in the world today. In fact, it never did.
The fact that these schools can take money knowing these kids will never recoup the costs is criminal. Yet in the U.S we keep telling these kids that they have to go to school.
We can saw the University of Miami is typical of most universities. There are some valid reasons to spend the money. Education is wonderful is it teaches something worthwhile. This is especially true in light of the ability to get college level materials online.
$200K for some of this stuff is an absolute crime.
This is the college scam in the United States.
