Former Education Secretary William Bennett has never shied away from controversy and has now waded into the debate over the cost of higher education with a new book with the provocative title, "Is College Worth It?"
In it, Bennett argues that only 150 out of 3,500 U.S. colleges and universities provide an education that is worth the investment it requires. He points out that nearly half of those who start a four-year education drop out.
Among 2011 graduates, he says half are unemployed or significantly underemployed. If you aren't attending a handful of colleges, including California's Harvey Mudd College, MIT, the California Institute of Technology, Stanford, Harvard or Princeton, it's not worth the money, he argues.
Another view
Blogger Zac Bissonette, writing at Yahoo Finance, argues that Bennett is wrong – that most of the time getting a college education will pay off. He agrees that college may not be right for students who didn't perform well in high school. However, he says college is worth it if you opt for a lower-cost in-state public college, minimize debt, study hard and make connections.
At ConsumerAffairs we have heard from a number of students who don't think college was worth the cost. By and large, these students have attended one of the growing number of for-profit colleges.
“I had attended the University of Phoenix and graduated only to learn that I had over $7,000 in student loans - half what the school advisor had explained to me,” Bob, of Portland, Ore., posted at ConsumerAffairs.
Gail, of Mason City, Iowa, writes that she incurred more student debt to attend Kaplan University than she can pay back.
“The student loans were consolidated and I was on the income-based plan,” she reports. “Now I need to contact legal aid to get help, because they put me on a standard plan. I was never given any help in finding a job, so I'm working for two temp services.”
Can't make the payments
Sarah, of New Oxford, Pa., writes that her husband is unable to make his student loan payments to Sallie Mae.
“They will allow him to defer the loan for $150 for three months, but the $150 does not go towards paying off his loan,” Sarah wrote in a ConsumerAffairs post. “We have told them we could squeeze $300, but they will not lower to that amount, and will not accept partial payments."
Lori, of Colver, Pa., attended DeVry University, another for-profit school catering to mostly adult students, and writes that she spent a lot of money without getting a degree.
“This past July I was informed that I no longer had enough in loans to finish my degree,” she write. “My entire degree as a part-time online student was to cost $58,000 and as of July DeVry had billed me over $73,000. That is with 28 credits still remaining and 8 transferred credits.”
Public colleges cost much less
The cost of a for-profit school is similar to that of an established private, non-profit institution and almost everyone who attends one pays for it with student loans. State-supported schools – particularly community colleges -- cost much less and can often be paid for by working a part-time job.
Even so, getting a degree won't guarantee a job, at least not right away. A new study by the consulting firm McKinsey & Co., along with the online student hub Chegg, finds that many young people coming out of college are overqualified for today's job market, yet are completely unprepared for its challenges.
More than half the graduates in the survey said they would do things differently if they had it to do over again.