Halls of Learning by Josiah Mackenzie
One of my personal passions is to drastically improve our means of education. My initial focus is on college-level education, which represents the largest investment we make before we even enter the workforce. According to Forbes, the average public 4 year program costs $18,000 a year (for tuition, fees, and room and board), while private colleges average $37,000 a year, with elite schools costing $50,000 a year and up. This means you’ll need at least $70,000 for a 4 year program. That’s a lot of money.
So what do we get (or think we get) in return for becoming economic slaves? Let’s try to break-down the total received value from a typical 4-year college experience. Here’s my stab at a list:
1. Knowledge, information, and instruction (60%, ~$49K out of a $70K 4-year budget)
Not surprisingly, I'd expect that the main thing I'm paying for is education.
2. Certification (10%, ~$7K)
There's value in graduating from a known school vs. just reading a bunch of books. The school is saying "yes, we think this person is at a known ability level." By attending, you are in-effect buying lifetime membership in the school’s “brand”.
3. Living and social experiences (15%, ~$10K)
For most people, going to college is also learning to live by yourself for the first time, dealing with diverse people, and making important choices in a controlled environment.
4. Inspiration and motivation (5%, ~$3,500)
Having people who you can look up to, and who will motivate you is valuable. So is having a nice environment, the arts, and similarly motivated people around you.
Can any of these be cut or obtained much more cheaply? Could you obtain most of the knowledge for much less than $49K in much less than 4 years? I think the answer is yes, and we need revolutionary changes.
What do you think?