What would happen if students gave up the quest for elite college degrees and the high price tags that come with them? They might end up like Arthur Brooks, President of the American Enterprise Institute and a former tenured professor at Syracuse University. Brooks earned his college degree through correspondence courses that only cost him about $10,000. He spent about $5,000 on his Master’s before finishing a Ph.D. with a fellowship. He finished the whole process with no debt at the end. His career has shown that it really is possible to rub two sticks together to make fire, and that is exactly what he has done.
Brooks writes about his experience in a recent New York Times op-ed, and I recommend that you read “My Valuable, Cheap College Degree”. Two important take-aways from Brooks’ article: (1) The value of the college degree is going down, while its price has only gone up. (2) For this reason, students need to avoid student loan debt at all costs. Both of these points remind me of a helpful little video that I have pointed to before. It is as relevant as ever, and you can watch it below.
“…the borrower is the lender’s slave.” –Prov. 22:7