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A growing talk track today is about how “college is a waste of money”. Often these are preached by some individual who dropped out of school and went on to become an incredibly successful individual. The problem however is that the debate is slightly more complex than this.

College is a Great investment for many, and it is an Awful investment for many. It simply is not all good or all bad. College is not a final goal. It may be an intermediary step to get you to your final goal, but it in itself is a midstream activity. Way too many students walk into college thinking the degree is their goal, but a degree is just a piece of paper. It really isn’t that “hard” to get a degree- yes it takes a lot of work, but virtually anyone willing to put forth the work can get a degree from SOMEWHERE in SOMETHING. Our society often misleads our students telling them you need a “Degree” to get a good job, but this concept is laughable. There are extremely high numbers of college graduates who make a whole lot less than many high-school diploma-led careers. Blindly going forth with an investment, be it in stocks, bonds, a business, or your education is silly- it’s like playing the lottery, throwing money into a number and crossing your fingers that it’ll pay off. Just like most business startups without a plan, if you go to college with no plan, odds are your going to fail and you won’t reep the reward from your investment.

If the “degree” is just a piece of paper, the question any potential student really needs to ask is “why” would they go to college. What would it do for them?

This is where we get into the “why” you should go. I wouldn’t teach college students if I didn’t believe in the institution of college. That does not mean I think it makes sense for everyone, or even most people. College is by its very nature a decision to give up 4 or more years of your earning potential to instead, for many students, borrow from your future earnings to dedicate yourself to schooling. It only makes sense to pursue if there is a positive Return on Investment. I wouldn’t put money in a treasury bond if the government said they were going to keep it all and not give me anything back for it, would you? Instead the treasury tells you what return you will get for that treasury bond purchase, and you decide if it’s a worthwhile investment for the amount of risk you get.

Some benefits end up being fairly easy. If for example, your absolute dream is to be a veterinarian, you’re going to need a specific degree set. Typically as an undergrad you may do zoology, biology, or anatomy, and then a graduate degree in veterinary medicine. However, it is not always quite that simple. Is this career truly your dream? Have you spent time with vets to make sure it is what you want to do for the rest of your life?  Validate that it truly is your dream, as there are other similar careers you might prefer, such as veterinary technician or Horse Trainer. These don’t have the same educational requirements and are often more affordable to attain- but more importantly, they may be careers you enjoy more!

Some other passions, such as “art” may actually be better served by investing several years as an apprentice. In this role, you can learn first hand from an expert, and help create your actual work. By the time 4 years rolls around, you aren’t “starting” your career with a massive load of debt, instead you’re in the meat of it, all without 4 years of debt on your hands to pay back.

But if your true passion is in a career in which a specific degree is necessary, which isn’t true for most students per the National Center for Educational Statics, than you know you should go to college. Even if it doesn’t pay off financially, you are realizing your dreams and goals and that is your true goal in life, is it not?

When I look at degree statistics however- and talk to students who state things like “I’m not here to learn, I’m just here because I need a degree to find a job” (true statement from a student), I realize that many students are just going to college because they “should”. They get this idea from someone in their life, be it a teacher, a parent, or the social collective. These are the individuals I really worry about, and the ones which would benefit from figuring out if college is right for them. Even for those who become “engineers” or “doctors” for the supposed great pay need to take a moment to figure out what they are getting themselves into, to make sure it is worthwhile.

While most conversations about colleges are geared towards the students education, less attention is paid to the other side of the coin: To the professors who teach the courses and generate research.

In fact, while my ultimate plan was to be a tenured PhD Entrepreneurship faculty, while I was doing an environmental scan for the industry (as every entrepreneur should), I determined the climate was awful for this path. Tenured jobs are in a huge decline both due to social pressures and collegiate cut backs. Socially, there’s been a huge push back against tenured professors, with the argument that professors should only retain their jobs if they remain quality teachers. Colleges are cutting back permanent professors with the inclusion of adjuncts, due to their much cheaper nature. Forbes reports over half of faculty are now adjuncts. Colleges are in the “business” of maximizing revenues while minimizing costs (but don’t call that profit because most are after all, “non-profits”! Unfortunately,  that term doesn’t mean what most people think it means).

On top of these two factors, college attendance is projected to decline due to the high costs and reduced benefit brought about from the number of people completing degrees in college. After all, basic economics- High supply, static demand, equals decreased price, known in this case as “salary”. Therefore the benefits of a degree are in decline. If the cost is high and the benefit is low then basic economics suggests demand, in this case for a degree, will decline. What makes things tricky is that many colleges grew and new universities sprouted up to meet the influx of demand that was en route through the late 90s and into the great recession of 2008. There is frankly too many schools and too many professors for the shrinking enrollment.

Does this sound like an industry for a career future you are interested in? probably not, which is exacerbating the death of the college professor. You see, when many of the smartest potential professors determine it’s not a good career field, and that is coupled with cost pressures driving the pay of adjunct professors to disturbing levels, our education system is going to lose the one thing that makes college worthwhile. Glassdoor.com reports Adjunct Professors make an average of $42,451.  Not starting salary, but overall average salary. For someone generally expected to have advanced degrees and a lot of experience, that is not a number that instills confidence.

I personally teach not for this “unimpressive pay check” but rather because I love to help students and see them excel in life. It is out of this passion for helping others that I launched the “MillionaireWho” education network, as its very clear to me that there are some skills that aren’t even covered well in schools for those who do attend. I still teach, and still believe it’s a great way to learn for those who will benefit from it.