From discussing the possibilities of making tertiary education more accessible, I now segue to the other side of the debate: Are there too many people getting university degrees, and are they worth it?
The issue is exacerbated in the US, where the stakes are so much higher. A college education not only incorporates all the learning during the years of your degree, but is also the quintessential cultural experience of every middle-class youth: from madly rushing fraternities, to playing beer pong at the pre-football match tailgate party, to sharing the best places on campus for an all-nighter before finals – there comes a time in every man’s life, and college is not that time. But behind all the fun are the hours spent working and the years of family planning to accumulate the college fund necessary to pay for the degree.
Peter Theil, American entrepreneur, venture capitalist, hedge fund manager, first outside investor in Facebook and all-round success-story offers his two cents:
“Education is a bubble in a classic sense…It’s basically extremely overpriced. People are not getting their money’s worth…And at the same time it is something that is incredibly intensely believed; there’s this sort of psycho-social component to people taking on these enormous debts when they go to college simply because that’s what everybody’s doing.”1