Is College Worth the Cost

There is an interesting article over at Yahoo Finance titled: Tech Billionaire Reid Hoffman: College Is Worth the Cost, But Be Thoughtful About It.  This subject matter gets discussed endlessly and everyone has an opinion! I like the content of this article because these folks are successful and have had actual experience.

Consider this: The student who graduated in the class of 2009 had an average of $24,000 in student loans. However, that’s just an average, some students are accountable  for sums totaling $100,000. Venture capitalists James Altucher, managing partner at Formula One, and Peter Thiel, billionaire co-founder of PayPal, have both been outspoken opponents of going to college.

As tuition costs continue to rise, both Altucher and thiel believe there are better options to college that don’t cost as much and provide an equal or even greater future benefits. Thiel, who graduated from Stanford University, made headlines last year for offering to pay some of the best and brightest under 20 years of age $100,000 to not go to college and instead start a business. My thought: this could be an exceptional opportunity for the right person.

On the other side of the argument is Reid Hoffman, who is the co-founder and chairman of LinkedIn and a world-renowned entrepreneur. He says:

I think definitely a lot of people should go to college, but I think the thing is to be thoughtful about it.

Unlike Steve Jobs, Mark Zuckerberg and Bill Gates, he graduated with degrees from both Stanford and Oxford Universities. His advice is to treat your education like an investment and says it’s critical to consider the “ROI”, one will return on investment.

Hoffman says there are three things that college can be extremely good for:

1. A Vast Network. The network of your allies and the people who give you access to opportunities and all the rest is critical and college is actually a very good time for building that. I couldn’t agree more. All things equal-would you rather have your network of friends from Harvard of a community college….

2. Baseline Skills. These include communication, reading and writing, the ability to learn quickly, critical reasoning skills and how to use new technologies. Let me add another one: learning humility and discovering that you may not be the smartest person in the room 😉

3. Fallback Ammunition. If you get into hard time….the college degree is still useful when you are competing against people with GED’s!! Amen

Do you think college is worth the Cost? I personally think it can be a great tool but, there are those who take the most BS courses in college and wonder why they don’t have a marketable degree!!

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