I got a Masters degree back in 1994 because “it was the thing to do” and that’s what large corporations were looking for, “educational credentials,” to see if you were “qualified” for the job in this critical area. However, what is happening in reality?
Education tuition at schools are costly, my own CU Boulder in state tuition costs around $2,000-$7,000 per semester just for tuition and fees (graduate school costs around the same). That’s around $28,000 full time for a two year program “Associate” degree and $56,000 for a Bachelor’s degree. And if you get a Masters, add another $28,000 to your debt.
Read this article, Faulty Towers: The Crises in Higher Education at The Nation.com and see what you think.
But when I wrote to arrange the introduction [for a potential graduate student with a professor], he refused to even meet with her. “I won’t talk to students about graduate school anymore,” he explained. “Going to grad school’s a suicide mission.”
Could you take the same money ($28k, $56k, or even $84k) and time and start your own business? I’ve read that others have started a business for under $1,000. You could take that amount of money and live off of it and work all the hours you want to get it started. Parents, have you thought of this idea? Instead of college, starting a business?
Even when I attended graduate school in the 1990s the same issue was applicable then as it is now: Academia is all about theory, not about the practical application. How does one apply the theory in the real world?
For my money today, it’s better just to start your own business and calculate the “costs” of failure as your “grades.”
Besides, both Bill Gates and Steve Jobs never finished college and look where they are. But then again, they get invited to colleges to talk about their successes to students that are there to learn.
Update 5/23/2011: Read this article I Want a Refund! Grads Who Would Return Their Degree by the TheFiscalTimes.com. Yes, grads would return their degree for a refund.