President Obama said in a speech at a college in Boca Raton, FL where he showcased his “Buffet Rule” to tax millionaires that college is the most important investment a young American can make. I suggest that parents and prospective college students think be a bit skeptical about that comment. There have been numerous recent reports with different conclusions. I’ll mention first a post from last year that had the title, “What are Young Americans Getting from College?” That posting documents studies that many college students haven’t improved their critical thinking or writing skills after four years in college. What they have done is rack up tens of thousands of dollars in student loan debt, and tuition rates are still increasing. Those who graduate with less “marketable” degrees often aren’t able to find a job with a salary that will pay both living expenses and the interest due on those loans. Those who have student loans and don’t finish their degree are in an even worse position.

Money Magazine had a short article by Ali Velshi in the March 2012 edition titled “It’s Time to Give College a Rethink.” He warns “Americans are too concerned with whether their kids are ‘finding themselves’—at an average yearly tab of $17,100 (public in-state) to $38,600 (private).” The costs are justifiable if the student graduates with a degree in engineering or sciences. They would seem not to be justifiable if the course of studies is early childhood education (average annual pay $36,000), counseling/psychology ($29,000) and probably a long list of liberal arts degrees. I liked his closing sentence, which points out quite nicely that not all degrees are equal when it comes to finding a job in the real world. “At the least, make sure your kid knows the highest-paid English majors aren’t poets; they’re technical writers.”

There were some interesting facts about student loan debt in an article by Kevin Simpson on the front page of the February 29, 2012 Denver Post titled “A degree in debt.” There is a warning that student loans can’t be wiped out by bankruptcy. “The joke is there’s treason, murder, kidnapping, and student loans—no statute of limitations.” The article suggests that students consider the less expensive option of getting an associate’s degree at a community college before transferring to a four-year institution. That would reduce the overall costs, and the student would at least have the associate’s degree if for some reason they can’t complete the full degree program.

There continue to be compelling reasons to go to college, and not the least is to learn the skills to do the work required in, for example, an engineering career. Another reason is described in an article in the April 1, 2012 Denver post written by Dave Maney titled, “College degrees, resumes so old-school.” The Supreme Court ruled in 1971 that employers are prohibited from giving prospective employees IQ tests. However, employers know that colleges determine whether someone is qualified to attend by their SAT and ACT scores. Attending and graduating therefore is important for employers who have to sort through the many candidates who applying for jobs. As a hiring manager I recognized for many positions a college degree was the ticket required to gain an interview.

The bottom line is that young people consider whether the degree program they want to pursue is marketable and whether the institutions being considered provide good value for the costs. In education as in everything else, it is advisable to be a smart consumer.