How College Is Like Sunscreen

The moral of this story is simple. Don’t put on sunscreen and you are going to get fried in the scorching hot afternoon sun. When it comes to your career and earning potential if you don’t get a degree, your job opportunities and earning potential is going to get fried.

From: How College Is Like Sunscreen – Derek Thompson – The Atlantic

College students are paying more. They are taking on more debt. They are accepting worse jobs after they graduate and earning less than they did just five years ago. So how could it possibly be true that college is more important than ever?

The answer is sunscreen.

College in today’s economy is like sunscreen on a scorchingly hot afternoon: You have to see the people who didn’t apply it to fully appreciate how important it is. The same way a blistering sun both makes sunscreen feel ineffective and makes it more crucial than ever, recessions can both make a college degree seem ineffective and make it more important than ever.*

One of the confusing things about college is that it’s hard to keep straight its price, cost, and value. The sticker price of college—that is, the published tuition—isn’t paid by most middle-class students, who receive grants, tuition breaks, and tax benefits. The average net price of a bachelor’s degree is still 55 percent lower than the sticker price today. For many students, tax benefits eliminate the full cost of an associate’s degree. College is much cheaper than advertised.

Published vs. Net Tuition: Bachelor’s, Associate’s Degrees

The upshot is that, shockingly, the New York Fed found that the average “total” cost of a four-year degree isn’t much higher than it was 40 years ago.

Now, what about the payoff? This is where the story gets even more complicated. But thinking about sunscreen can help.

It’s a myth that the average wage of college grads is always rising. In fact, college-grad wages have spent as much time falling as rising since the 1970s. Real college wages fell between 1970 and 1982, rose between 1982 and the mid-2000s, and now they’re falling again. But everybody else’s wages are falling even faster. The “college premium” is still near all-time highs.

Again, consider the sunscreen. When it’s skin-blisteringly bright outside, ordinary sunscreen won’t get you the same results. That doesn’t mean sunscreen “isn’t worth it.” It means that however singed you feel in the morning, everyone without sunscreen got totally fried. This is what’s going on in the economy: Globalization, automation, debt hangovers … it all adds up to a scorching hot sun toasting the wages of middle America.

College is an investment, and like all investments, its results vary on timing and luck. But the chorus of alarming stories about student debt and a glut of degrees tends to obscure the empirical reality that it is practically impossible to prove with data that college doesn’t pay off for the vast majority of Americans who finish their degree.


*Pedantry Preemption: This is a terrible metaphor, because college isn’t like sunscreen. Sunscreen is applied preventatively to maintain skin health while higher education is purchased as a ticket of entry into a category of college-level jobs, which makes it enhancing rather than preventative. Yes. There are lots of other ways that college isn’t like sunscreen (e.g.: it cannot be sprayed, it does not make your eyes sting, etc.). This is a metaphor about opportunity costs.

Click the link to read the entire article: How College Is Like Sunscreen – Derek Thompson – The Atlantic.

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The 20 Happiest Jobs For New Grads

Getting a great job is a priority for college grads but being happy in those job is just as important and landing it.

According to CareerBliss.com and the Huffington Post:

Current grads looking for work that will leave them smiling most days should find a tech-related job, new research finds. Jobs in the STEM field (science, technology, engineering and mathematics) continue to set the pace for happiness, especially those in software development, according to a new study from CareerBliss, an online career community. To help new grads determine which jobs are giving young professionals the most career-related happiness, CareerBliss analyzed more than 25,000 independent company reviews. Topping this year’s rankings of the Happiest Jobs for the Class of 2014 are java developers, which are programmers who use a specific language associated with client-server Web applications.

Following java developers on the rankings are embedded software engineers, who help program the embedded software in the electronics and other devices, and .NET developers, a programming language specific to Microsoft. As a whole, jobs in the technology sector dominated the rankings. “Technology is constantly morphing, leaving a great deal of opportunities for new and rising talent,” said Heidi Golledge, CareerBliss co-founder. CareerBliss evaluates the key factors that affect work happiness, including the person one works

via The 20 Happiest Jobs For New Grads.

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Skip College and Forfeit $800,000 In Earnings – Says New Federal Study

SAN FRANCISCO (Reuters) – Over a lifetime, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate, a study published Monday by the Federal Reserve Bank of San Francisco shows.

That’s after accounting for the high cost of college tuition and the four years of wages lost during the time it takes to complete a typical undergraduate degree, the researchers found.

“Although there are stories of people who skipped college and achieved financial success, for most Americans the path to higher future earnings involves a four-year college degree,” wrote Mary Daly, the San Francisco Fed’s associate director of research, and Leila Bengali, a research associate, in the latest Economic Letter from the regional Fed bank.

In short – “college is still worth it.”

Click the link to read entire story Skip college, forfeit $800,000: Fed study – Yahoo News.