↪ “Luxury” Schools Aren’t Worth the Expense
Is attending an expensive undergraduate school worth being buried in debt well into your thirties? From an economic benefit perspective, not likely, according to this article from the Wall Street Pit. The additional cost doesn’t necessarily result in higher earnings later on. Even though graduates from pricey schools sometimes do earn higher wages, they aren’t enough to offset the higher tuition costs.
Nonetheless, “[a]s a society, we have become convinced that, when it comes to education, more is more.”
The problem is that many people who cannot afford pricy educations buy them anyway. Because they are repeatedly encouraged to think of education as an investment, rather than as a form of consumption, people who would not max out a credit card to buy a Caribbean cruise are willing to take on massive amounts of debt to pay for luxury schools.