ELITE SCHOOLS AND MONEY
Aaron Haspel points to recent studies showing that students who graduate from elite colleges do not earn higher incomes than their peers who could have gone to those schools but chose instead to go to a less prestigious school. Craig Henry reacts thusly:
For at least a generation, college costs have risen faster than inflation. Students and parents spend savings and take on debt in order to attend expensive, elite colleges to get a leg up on the competition. Yet, it appears that elite colleges do not deliver that advantage.
If a private business acted this way, they would be in the sights of class-action lawyers and probably subject to congressional hearings. Certainly “60 Minutes” or “Dateline” would do their best to “investigate”.
Except that universities aren’t in the business of guaranteeing the incomes of its graduates. Indeed, aside from the more vocational-technical schools within these colleges (engineering, business, etc.), university education isn’t designed to train people for jobs. One could, in theory, graduate Harvard University and then make the economically irrational decision to intern for a low circulation magazine rather than become, say, a Wall Street trader. That wouldn’t be Harvard’s fault.