‘The Value Question’ (Editorial, June 19)
Measuring the value of a college education remains important but can turn out to be a fool’s errand. Which outcome is more important, the benefit to the student or the benefit to society?
As your June 19 editorial stated, certain professions produce high social value despite modest salaries. Using the government’s proposed criteria, the engineering programs at the University of Maryland and Johns Hopkins would look just fine, while earnings benchmarks might disadvantage the Peabody Institute, Maryland Institute College of Art and St. John’s College. But think what society would be missing without graduates from these great schools. Although one can question the government’s use of economic outcomes to determine access to loans and grants, one can agree that it is in college applicants’ best interests to know which programs leave students with high debt, low earnings and frequent loan defaults. Too many graduates are now burdened with unsustainable student debt.
An ongoing challenge remains the high cost of a college education. Because of expanded regulatory requirements, administrative bloat, rising labor costs, and declining state and federal support, the annual in-state “sticker price” of attending a four-year school is around $30,000, and the cost of attending a private college ranges from $60,000 to $75,000, with some elite schools now at around $100,000. However, few students pay the sticker price, and, in recent years, inflation-adjusted net tuition costs have decreased. The U.S. is fortunate to attract international students, currently estimated at 1.1 million. Many pay full tuition which helps keep down the cost for U.S. students, but because of our current political uncertainty and changing visa requirements, international students are looking at other options.
One can hope that policy debate on the economic benefits of a college education will include a focus on value, both to the student and to society.
Beryl Rosenstein, Pikesville
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