Graduate degrees are very alluring to many Americans. Getting to add letters after your name (and maybe even calling yourself “doctor”) while supposedly qualifying for prestigious positions can be hard to resist. For decades, universities have peddled grad degrees on a “trust us, this will be good for you” basis. Students get the glitter but not much about the cost and their true prospects.
In today’s Martin Center article, Ashlynn Warta writes about this, focusing specifically on a recent survey of grad students:
In fact, a recent survey by the left-leaning think tank Third Way reveals that many graduate students are given very little useful data as they pursue further education. Using information from 1,000 current or recent graduate students, the survey found that few graduates felt they had a solid understanding of what to expect as far as the cost of their program, completion and employment rates, or the amount of debt they could expect to graduate with. The ultimate conclusion was that “students want more transparency” and “for schools to be held accountable for poor outcomes.”
This reflects the cluelessness of many young Americans when it comes to education. It also reflects the idiotic federal student-aid system, which makes money for grad school absurdly easy for almost anyone who wants to give it a shot.
Warta continues:
Considering that many students pursue graduate education as a method of furthering their careers and increasing their earning potential, it would presumably be quite helpful to know what to expect regarding earnings and debt loads. However, of the students surveyed, only 22 percent said they had “a lot” of information about debt loads compared to earnings, while 28 percent had “very little” or “none at all.”
Unfortunately, most people who read this survey will conclude that the government needs to do something. The right conclusion is that the government needs to stop doing something, namely, lending money for college.