If I have engaged in overstatement, it’s not by much. I am not speaking out of any lack of appreciation for formal education. As I said, my family has already spent thousands of hours in various halls of academia and we are not nearly finished. I am speaking out of a concern for a Christian worldview that is more informed by biblical than conventional wisdom.

There are many, many assumptions in those economic models that you cite. I greatly appreciate some of the views that Charles Murray has articulated in his protests against the unjustifiably exalted views of a college degree that too many in our day hold. Marvin Olasky has an insightful interview with him here.

Owen, again, thanks for addressing this issue.

There’s definitely a balance here. Here’s my original statement: “It’s great to get a name-brand education, but if that’s going to set us tens of thousands of dollars in the hole, I would seriously question if that’s worth it.” I stand by this, though I’m certainly not saying I’m the authority or something silly like that.

I’m guessing that Tom is speaking out of his referenced experience. I think that there are certain degrees worth much investment and time, but I think what Tom is getting at is that the pendulum has swung way too far in the wrong direction. Many of us leverage ourselves to the hilt to get a fancy degree, only to find that we then have to work like mad for years just to climb out of the hole (let alone save!).

This is not a good situation, especially when it’s so widespread. We overvalue name-brand education today and undervalue financial solvency. With credit cards and loans at our fingertips (at least in past years), many of my generation haven’t thought twice about the choices they’re making, which will saddle them with loads of debt for years to come. This is by no means the only educational paradigm today, but it is an all-too-common one that very few people seem to think hard about.

It is interesting, in addition, to note that in various studies, including those of Fortune 500 CEOs, many of them did not go to big-name schools or possess big-time degrees. Tom is, I’m guessing, making this point. The actual windfall of an Ivy League education may be far less than one thinks, especially if one works hard and well. Much of our obsession with brand-name education comes from pride, not wisdom; self-regard, not familial care.

It’s one thing to get a prominent degree if it makes fiscal and personal sense; it’s another to do so out of a desperation for social status. I wouldn’t be in this PhD program if it affected my family negatively, or if my wife had to work; and I wouldn’t have gone to a school like Bowdoin College if it was going to sink me or my parents financially.

Some quick responses. Tom–thanks for your kind words, and for weighing in.

That’s a rather broad statement and I’m sure that lot’s of careful, conservative people will disagree with it, or at least some part of it. Putting words in his mouth, maybe what Tom meant was:

“I don’t know of an undergraduate education that is worth paying for totally by spending that will saddle most of your entire future with debt.”

First, for just the world’s view, many economic models show that a college education WILL pay for itself several times over during a person’s career. Particularly a professional degree (engineering, architecture, pharmacy, medicine, etc).

Second, I know many people who borrowed strictly for some or all of their educational expenses who quickly paid those loans off after becoming employed and who now enjoy very successful careers.

Third, I do know of people that tried to completely live off debt money (room, board, expenses, and education costs) for four years who are now saddled with debt which is a problem.

Debt is certainly a problem, and something to be avoided normally, but to relegate a young person to a career somewhat below their aspirations just to avoid all debt, seems a bit drastic.

Many young people work very hard to support themselves and are very careful borrowers for their educational expenses. I think these young people should be commended.

ta